Sunlands Online provides status update under HFCAA

Sunlands Technology announced that that on May 4, the Securities and Exchange Commission provisionally listed the company as a "Commission-Identified Issuer" under the Holding Foreign Companies Accountable Act of the United States. This identification was expected by the company as a routine application procedure following the company's filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021 on April 27. This identification indicates that the SEC has determined the company used an auditor whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States, or PCAOB to issue the audit opinion for the company's financial statements for the fiscal year ended December 31, 2021. The HFCAA requires the SEC to prohibit the securities of a "Commission-Identified Issuer" from being traded on any of the U.S. securities exchanges if the auditor of the covered issuer's financial statements is not subject to inspection by the PCAOB for three consecutive years, beginning in 2021. Sunlands will continue to monitor developments and has been proactively exploring available options to protect the interest of its shareholders. Sunlands will continue to comply with applicable laws and regulations in both China and the United States, and strive to maintain its listing status on the New York Stock Exchange.