Century Golden Resources Services Group Co., Ltd. 世紀金源服務集團有限公司 (Incorporated in the Cayman Islands with Limited Liability)

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof.

Application Proof of Century Golden Resources Services Group Co., Ltd. 世紀金源服務集團有限公司 (Incorporated in the Cayman Islands with limited liability)

WARNING

The publication of this Application Proof is required by The Stock Exchange of Hong Kong Limited (the “Exchange”) and the Securities and Futures Commission (the “Commission”) solely for the purpose of providing information to the public in Hong Kong.

This Application Proof is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this document, you acknowledge, accept and agree with Century Golden Resources Services Group Co., Ltd. (the “Company”) and, any of its sponsor, advisers or member of the underwriting syndicate that:

(a) this document is only for the purpose of providing information about the Company to the public in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this document;

(b) the publication of this document or supplemental, revised or replacement pages on the Exchange’s website does not give rise to any obligation of the Company, any of its sponsor, advisers or underwriter(s) to proceed with an offering in Hong Kong or any other jurisdiction. There is no assurance that the Company will proceed with the offering;

(c) the contents of this document or supplemental, revised or replacement pages may or may not be replicated in full or in part in the actual final listing document;

(d) the Application Proof is not the final listing document and may be updated or revised by the Company from time to time in accordance with the Rules Governing the Listing of Securities on the Exchange;

(e) this document does not constitute a prospectus, offering circular, notice, circular, brochure or advertisement offering to sell any securities to the public in any jurisdiction, nor is it an invitation to the public to make offers to subscribe for or purchase any securities, nor is it calculated to invite offers by the public to subscribe for or purchase any securities;

(f) this document must not be regarded as an inducement to subscribe for or purchase any securities, and no such inducement is intended;

(g) neither the Company nor any of its affiliates, advisers or underwriter(s) is offering, or is soliciting offers to buy, any securities in any jurisdiction through the publication of this document;

(h) no application for the securities mentioned in this document should be made by any person nor would such application be accepted;

(i) the Company has not and will not register the securities referred to in this document under the United States Securities Act of 1933, as amended, or any state securities laws of the United States;

(j) as there may be legal restrictions on the distribution of this document or dissemination of any information contained in this document, you agree to inform yourself about and observe any such restrictions applicable to you; and

(k) the application to which this document relates has not been approved for listing and the Exchange and the Commission may accept, return or reject the application for the subject public offering and/or listing.

If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on the Company’s prospectus registered with the Registrar of Companies in Hong Kong, copies of which will be distributed to the public during the offer period. THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. IMPORTANT

IMPORTANT: If you are in any doubt about the contents of this document, you should seek independent professional advice.

Century Golden Resources Services Group Co., Ltd. 世紀金源服務集團有限公司 (Incorporated in the Cayman Islands with limited liability) [REDACTED] Number of [REDACTED] under the : [REDACTED] Shares (subject to the [REDACTED] [REDACTED]) Number of [REDACTED] : [REDACTED] Shares (subject to adjustment) Number of [REDACTED] : [REDACTED] Shares (subject to adjustment and the [REDACTED]) Maximum [REDACTED] : HK$[REDACTED] per [REDACTED] plus brokerage of 1.0%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Nominal value : US$0.00001 per Share Stock code : [REDACTED] Sole Sponsor

[REDACTED] and [REDACTED] [●]

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. A copy of this document, having attached thereto the documents specified in “Documents Delivered to the Registrar of Companies and Available for Inspection” in Appendix V to this document, has been registered by the Registrar of Companies in Hong Kong as required by Section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). The Securities and Futures Commission of Hong Kong and the Registrar of Companies in Hong Kong take no responsibility for the contents of this document or any of the other documents referred to above. The [REDACTED] is expected to be determined by agreement between us and the [REDACTED] (on behalf of the [REDACTED]) on or about [REDACTED] and, in any event, not later than [REDACTED]. The [REDACTED] will be not more than HK$[REDACTED] per [REDACTED] and is currently expected to be not less than HK$[REDACTED] per [REDACTED], unless otherwise announced. Investors applying for the Hong Kong [REDACTED] must pay, on application, the maximum [REDACTED] of HK$[REDACTED] per [REDACTED], together with brokerage of 1.0%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005%, subject to refund if the [REDACTED] is less than HK$[REDACTED] per [REDACTED]. If, for any reason, the [REDACTED] is not agreed between us and the [REDACTED] (on behalf of the [REDACTED]) on or before [REDACTED] (Hong Kong time), the [REDACTED] (including the Hong Kong [REDACTED]) will not proceed and will lapse. The [REDACTED] (on behalf of the [REDACTED]), with our consent, may reduce the indicative [REDACTED] stated in this document and/or reduce the number of [REDACTED] being offered pursuant to the [REDACTED] at any time on or prior to the morning of the last day for lodging applications under the [REDACTED]. In such a case, notices of the reduction of the indicative [REDACTED] and/or the number of [REDACTED] will be published on the website of the Hong Kong Stock Exchange at www.hkexnews.hk and on the website of our Company at www.icentown.com not later than the morning of the last day for lodging applications under the [REDACTED]. Further details are set out in “Structure of the [REDACTED] – Conditions of the [REDACTED]” and “How to Apply for the [REDACTED].” Prior to making an investment decision, prospective investors should consider carefully all of the information set out in this document, including the risk factors set out in “Risk Factors.” The obligations of the [REDACTED] under the [REDACTED] are subject to termination by the [REDACTED] (on behalf of the [REDACTED]) if certain grounds arise prior to 8:00 a.m. on the [REDACTED]. Such grounds are set out in “[REDACTED] – [REDACTED] Arrangements and Expenses – [REDACTED] – Grounds for Termination.” It is important that you refer to that section for further details. The [REDACTED] have not been and will not be registered under the US Securities Act or any state securities law in the United States and may not be offered, sold, pledged or transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The [REDACTED] are being offered and sold outside the United States in offshore transactions in accordance with Regulation S.

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[REDACTED] THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. IMPORTANT

[REDACTED]

–i– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. EXPECTED TIMETABLE(1)

[REDACTED]

–ii– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. EXPECTED TIMETABLE(1)

[REDACTED]

– iii – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. CONTENTS

IMPORTANT NOTICE TO INVESTORS

This document is issued by Century Golden Resources Services Group Co., Ltd. solely in connection with the [REDACTED] and the [REDACTED] and does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the [REDACTED] offered by this document pursuant to the [REDACTED]. This document may not be used for the purpose of, and does not constitute, an offer or invitation in any other jurisdiction or in any other circumstances. No action has been taken to permit a [REDACTED] of the [REDACTED] or the distribution of this document in any jurisdiction other than Hong Kong. The distribution of this document and the [REDACTED] and sale of the [REDACTED] in other jurisdictions are subject to restrictions and may not be made except as permitted under the applicable securities laws of such jurisdictions pursuant to registration with or authorization by the relevant securities regulatory authorities or an exemption therefrom.

You should rely on the information contained in this document to make your investment decision. We have not authorized anyone to provide you with information that is different from what is contained in this document. Any information or representation not made in this document must not be relied on by you as having been authorized by us, the Sole Sponsor, the [REDACTED], the [REDACTED], and the [REDACTED], the [REDACTED], any of our or their respective directors, officers or representatives or any other person involved in the [REDACTED]. Information contained in our website, located at www.icentown.com, does not form part of this document.

EXPECTED TIMETABLE...... i

CONTENTS ...... iv

SUMMARY ...... 1

DEFINITIONS ...... 27

GLOSSARY OF TECHNICAL TERMS ...... 37

FORWARD-LOOKING STATEMENTS ...... 40

RISK FACTORS ...... 42

WAIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES .... 77

INFORMATION ABOUT THIS DOCUMENT AND THE [REDACTED] ...... 80

DIRECTORS AND PARTIES INVOLVED IN THE [REDACTED]...... 83

CORPORATE INFORMATION ...... 87

–iv– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. CONTENTS

INDUSTRY OVERVIEW ...... 90

REGULATORY OVERVIEW ...... 103

HISTORY, REORGANIZATION AND CORPORATE STRUCTURE ...... 117

BUSINESS ...... 135

RELATIONSHIP WITH CONTROLLING SHAREHOLDERS ...... 206

CONNECTED TRANSACTIONS ...... 222

DIRECTORS AND SENIOR MANAGEMENT...... 238

SUBSTANTIAL SHAREHOLDERS...... 254

SHARE CAPITAL ...... 256

FINANCIAL INFORMATION...... 259

FUTURE PLANS AND USE OF [REDACTED]...... 319

[REDACTED]...... 330

STRUCTURE OF THE [REDACTED]...... 343

HOW TO APPLY FOR THE [REDACTED]...... 355

APPENDIX I ACCOUNTANTS’ REPORT ...... I-1

APPENDIX II UNAUDITED [REDACTED] FINANCIAL INFORMATION ...... II-1

APPENDIX III SUMMARY OF THE CONSTITUTION OF THE COMPANY AND CAYMAN COMPANIES ACT...... III-1

APPENDIX IV STATUTORY AND GENERAL INFORMATION ...... IV-1

APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES AND AVAILABLE FOR INSPECTION .... V-1

–v– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY

This summary aims to give you an overview of the information contained in this document. As this is a summary, it does not contain all the information that may be important to you. You should read the entire document before you decide to invest in the [REDACTED].

There are risks associated with any investment. Some of the risks in investing in the [REDACTED] are set out in “Risk Factors.” You should read that section carefully before you decide to invest in the [REDACTED].

OVERVIEW

We are an integrated property management service provider of large-scale properties in China, equipped with 29 years’ experience in providing comprehensive property management services. According to the Evaluation of 2020 Property Management Companies Comprehensive Strength jointly organized by China Property Management Institute (中國物業管理協會) and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center (上海易居房地產研究院中國房地產測評中心), we ranked 18th among China’s Top 500 Property Management Companies in terms of comprehensive strength in 2020 (2020中國物業服務企業綜合實力500強), and we were awarded the Leading Enterprise in Residential Property Management Services in 2020 (2020住宅物業服務領先企業). According to CPMRI, the total GFA and revenue of the PRC property management industry was 33.0 billion sq.m. as of December 31, 2020 and RMB1,180.0 billion in 2020, respectively. Accordingly, our market share of the PRC property management industry in terms of GFA under management and revenue was approximately 0.20% as of December 31, 2020 and 0.09% in 2020, respectively. As of April 30, 2021, our property management services covered 55 cities in 17 provinces, municipalities and autonomous regions, mainly located in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province.

We provide a wide range of property management services and value-added services to property owners, residents and property developers. The Centown projects under our management are well-known, landmark large-scale neighborhoods in various cities. These projects typically comprise large residential communities adjacent to or embedded with a large shopping mall of rich commercial resources, and such layout has allowed us to facilitate the interactions between the residential and commercial establishments and develop diversified value-added services, which together form an integrated living service ecosystem that brings about synergies between the large-scale residential communities and shopping malls. Moreover, our use of private domain traffic in operations has created distinctive edges for our value-added services.

–1– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY technology application have contributed to our outstanding ability in serving large-scale integrated properties, allowing us to achieve efficiency and quality services. According to CPMRI, in 2018, 2019 and 2020, the average gross profit margin of the top ten companies among the Top 100 Property Management Companies in the PRC was 23.4%, 22.2% and 23.7%, respectively, while in the same periods, our gross profit margin was 32.1%, 31.8% and 35.5%, respectively.

We operate under two sub-brands, namely “Centown Property Management” (世紀城物業管理) and “Century Life” (世紀生活), which respectively focus on property management services and community value-added services, and collectively create the image of “Century Golden Resources Service” (世紀金源服務). Our proven track record of business cooperation with Century Golden Resources Group, a leading comprehensive multi-business enterprise in China, has strengthened our position as a reputable and experienced property management service provider. We started managing Centown projects in 1993, and as of April 30, 2021, we managed all 12 Centown projects developed by Century Golden Resources Group, with total GFA under management of approximately 44.4 million sq.m., and average GFA under management of approximately 3.7 million sq.m., of which five projects had GFA under management of over 4.0 million sq.m. The diverse business sectors fueled by the “property+” strategy and the industry-leading position of Century Golden Resources Group have enriched our business portfolio, enhanced our service and marketing capabilities and allowed us to further diversify our service offerings.

We continually expand our property management services to properties developed by third-party developers, capitalizing on our well-established reputation in large-scale property management, our professional and strong business development efforts as well as the brand recognition of Century Golden Resources Group. During the Track Record Period, our contracted GFA of the properties developed by independent third-party property developers increased from 6.2 million sq.m. as of December 31, 2018 to 27.3 million sq.m. as of April 30, 2021. Meanwhile, we continue to enrich our property management portfolio and undertake property management services for high quality commercial properties, office buildings, government buildings, industrial parks, parks, schools and hospitals in addition to residential property projects. During the Track Record Period, our contracted GFA of non-residential properties increased from 2.4 million sq.m. as of December 31, 2018 to 7.5 million sq.m. as of April 30, 2021.

We have achieved high customer loyalty with cost-effective and people-oriented services. We have set up a specialized quality control center, and are committed to providing consistent, standardized, refined, customer-centric and smart quality property management services, leveraging advantages including effective management, information services and smart communities. We strive to provide brand new neighborhood experiences for property owners and residents through proactive and close interactions and organization of various social care activities, thereby creating a close, cordial and relaxed quality living environment.

–2– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY

During the Track Record Period, our commitment to quality services and continual efforts in business expansion have delivered solid results. Our total contracted GFA was approximately 50.8 million sq.m., 68.3 million sq.m., 75.7 million sq.m. and 77.9 million sq.m. as of December 31, 2018, 2019 and 2020 and April 30, 2021, respectively. Our total GFA under management was approximately 47.6 million sq.m., 58.7 million sq.m., 64.4 million sq.m. and 70.2 million sq.m. as of December 31, 2018, 2019 and 2020 and April 30, 2021, respectively. Our revenue from property management services was RMB690.4 million, RMB818.4 million, RMB1,022.9 million, RMB298.1 million and RMB448.1 million in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our revenue from value-added services was RMB232.1 million, RMB240.4 million, RMB266.1 million, RMB87.6 million and RMB124.3 million, respectively.

OUR BUSINESS MODEL

During the Track Record Period, we generated revenue from the following business lines:

• Property Management Services. We provide property owners, residents and property developers with a wide range of property management services including (i) customer services, cleaning, greening and gardening services, security services, and repair and maintenance services related to residential properties, and (ii) integrated non-residential property management services, repair and maintenance services, cleaning and greening services, security services, and additional customized services related to non-residential properties. We mainly charge property management fees on a lump sum basis; and

• Value-added Services. Our value-added services aim to satisfy property owners’ and residents’ pursuit of convenience, enhance their quality of life and increase their loyalty. We provide community living services, community space management services and community retail services, all of which are provided under the “Century Life” brand, and value-added services to non-property owners.

The table below sets forth a breakdown of our total revenue by business line for the periods indicated:

Total ...... 922,462 100.0 1,058,781 100.0 1,288,962 100.0 385,696 100.0 572,451 100.0

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Property Management Services

Types of Properties under Management

We manage a diversified portfolio of properties, comprising residential properties and non-residential properties. Non-residential properties include commercial properties and office buildings, and public facilities such as industrial parks, schools and hospitals. The table below sets forth a breakdown of our number of projects in relation to GFA under management and total GFA under management by type of property as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2020 2021

Number of GFA under Number of GFA under Number of GFA under Number of GFA under Number of GFA under projects management projects management projects management projects management projects management

(sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) Residential Properties ... 101 45,384 154 55,014 167 57,339 160 56,291 182 62,916 Non-residential Properties ... 21 2,218 40 3,693 65 7,052 42 3,536 70 7,282 Commercial properties and office buildings . 5 756 9 1,338 23 4,707 9 1,098 24 4,686 Public facilities . . 16 1,462 31 2,355 42 2,345 33 2,438 46 2,596 Total ...... 122 47,602 194 58,707 232 64,391 202 59,827 252 70,198

The table below sets forth a breakdown of our revenue generated from property management services by type of property for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (in thousands, except for percentages) Residential Properties ... 673,539 97.5 779,103 95.2 846,785 82.8 282,393 94.7 301,651 67.3 Non-residential Properties ... 16,838 2.5 39,263 4.8 176,097 17.2 15,749 5.3 146,455 32.7 Commercial properties and office buildings . 12,311 1.8 14,333 1.8 130,650 12.8 5,232 1.8 129,659 28.9 Public facilities . . 4,527 0.7 24,930 3.0 45,447 4.4 10,516 3.5 16,796 3.7 Total ...... 690,377 100.0 818,366 100.0 1,022,882 100.0 298,142 100.0 448,106 100.0

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The table below sets forth a breakdown of our number of projects in relation to contracted GFA and contracted GFA by type of property as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2020 2021

Number of Contracted Number of Contracted Number of Contracted Number of Contracted Number of Contracted projects GFA projects GFA projects GFA projects GFA projects GFA

(sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.)

(in thousands, except for number of projects) Residential properties . . . 112 48,408 188 64,324 213 68,280 191 65,288 224 70,339 Non-residential properties . . . 23 2,352 44 4,012 69 7,398 44 3,709 73 7,546 Commercial properties and office buildings . . 6 815 12 1,631 26 4,989 11 1,271 27 4,950 Public facilities . 17 1,537 32 2,381 43 2,409 33 2,438 46 2,596 Total ...... 135 50,760 232 68,336 282 75,678 235 68,997 297 77,885

The table below sets forth the gross profit and gross profit margin of property management services by type of property for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Gross Gross Gross Gross Gross Gross profit Gross profit Gross profit Gross profit Gross profit profit margin profit margin profit margin profit margin profit margin (RMB in thousands, except for percentages) Residential properties . . . 214,207 31.8% 243,057 31.2% 279,747 33.0% 110,188 39.0% 94,715 31.4% Non-residential properties . 6,220 36.9% 14,053 35.8% 70,758 40.2% 4,489 28.5% 57,806 39.5% Total ...... 220,426 31.9% 257,110 31.4% 350,505 34.3% 114,677 38.5% 152,520 34.0%

–5– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY

Our Geographic Presence

The table below sets forth a breakdown of our number of projects in relation to GFA under management and GFA under management by geographic region as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2020 2021

Number of GFA under Number of GFA under Number of GFA under Number of GFA under Number of GFA under projects management projects management projects management projects management projects management

(sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.)

(in thousands, except for number of projects) North China(1) . . 13 2,443 13 2,833 19 4,107 13 2,834 21 4,325 East China(2) . . . 46 26,600 79 33,385 98 35,593 86 33,973 105 37,432 Central China(3) . . 19 5,010 25 6,126 30 7,032 27 6,570 32 7,427 Southwest China(4) .... 44 13,549 77 16,363 85 17,659 76 16,450 94 21,014 Total ...... 122 47,602 194 58,707 232 64,391 202 59,827 252 70,198

The table below sets forth a breakdown of our revenue generated from property management services by geographic region for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (in thousands, except for percentages) North China(1) . . 70,138 10.2 82,293 11.3 127,745 12.5 30,882 10.4 71,551 16.0 East China(2) . . . 377,145 54.6 435,480 53.2 512,259 50.1 159,020 53.3 209,625 46.8 Central China(3) . . 54,529 7.9 63,228 7.7 91,199 8.9 25,372 8.5 37,091 8.3 Southwest China(4) .... 188,565 27.3 227,365 27.8 291,679 28.5 82,868 27.8 129,839 29.0 Total ...... 690,377 100.0 818,366 100.0 1,022,882 100.0 298,142 100.0 448,106 100.0

(1) North China includes Beijing, Hebei province and Inner Mongolia autonomous region. (2) East China includes Anhui province, Fujian province, Jiangsu province, Jiangxi province, Shandong province and Zhejiang province. (3) Central China includes Henan province, Hubei province and Hunan province. (4) Southwest China includes Guangxi autonomous region, Guizhou province, Yunnan province, Sichuan province and Chongqing.

–6– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY

The table below sets forth a breakdown of our number of projects in relation to contracted GFA and contracted GFA by geographic region as of the dates indicated:

As of December 31, As of April 30, 2018 2019 2020 2020 2021 Number of Contracted Number of Contracted Number of Contracted Number of Contracted Number of Contracted projects GFA projects GFA projects GFA projects GFA projects GFA (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) North China(1) . . 13 2,443 14 3,004 21 4,398 14 3,004 23 4,615 East China(2) . . . 55 28,685 89 36,191 114 39,056 93 36,553 122 40,769 Central China(3) . . 20 5,148 32 7,870 38 8,813 33 8,038 37 8,413 Southwest China(4) .... 47 14,484 97 21,271 109 23,411 95 21,422 115 24,088 Total ...... 135 50,760 232 68,336 282 75,678 235 68,997 297 77,885

(1) North China includes Beijing, Hebei province and Inner Mongolia autonomous region.

(2) East China includes Anhui province, Fujian province, Jiangsu province, Jiangxi province, Shandong province and Zhejiang province.

(3) Central China includes Henan province, Hubei province and Hunan province.

(4) Southwest China includes Guangxi autonomous region, Guizhou province, Yunnan province, Sichuan province and Chongqing.

The table below sets for the gross profit and gross profit margin of property management services by geographic region for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Gross Gross Gross Gross Gross Gross profit Gross profit Gross profit Gross profit Gross profit profit margin profit margin profit margin profit margin profit margin (RMB in thousands, except for percentages) North China(1) ...... 11,810 16.8% 26,702 28.9% 46,050 36.0% 10,786 34.9% 29,053 40.6% East China(2) ...... 146,729 38.9% 158,953 36.5% 182,974 35.7% 69,201 43.5% 72,225 34.5% Central China(3) ...... 22,082 40.5% 22,726 35.9% 35,934 39.4% 8,146 32.1% 11,058 29.8% Southwest China(4) ..... 39,806 21.1% 48,729 21.4% 85,547 29.3% 26,544 32.0% 40,184 30.9% Total ...... 220,427 31.9% 257,110 31.4% 350,505 34.3% 114,677 38.5% 152,520 34.0%

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The gross profit margin of property management services in North China increased in 2020 compared to 2019, mainly because we undertook shopping mall projects developed by Century Golden Resources Group in 2020, and the gross profit margin of the shopping mall in Beijing was relatively higher. Meanwhile, the decrease in the gross profit margin of property management services in East China in 2020 compared to 2019 was primarily because we had more projects developed by independent third-party property developers in this region, and such projects had relatively lower gross profit margins. The gross profit margin of property management services in East China was relatively higher in the four months ended April 30, 2020 compared to other periods of the Track Record Period, mainly attributable to deduction in, or exemption from, payment of social insurance contributions and the reduction of operating costs as a result of the COVID-19 outbreaks in the first four months of 2020. The gross profit margin of property management services in East China decreased in the four months ended April 30, 2021 compared to the same period of 2020, mainly because we undertook certain shopping mall projects in the second half of 2020, and the gross profit margin of such shopping mall projects in East China was relatively lower, and there was cancellation of deduction in, or exemption from, payment of social insurance contributions, which we enjoyed in the first four months of 2020.

Value-added Services

As an extension of property management services, we also provide community value- added services and value added services to non-property owners. The table below sets forth a breakdown of revenue generated from our value-added services by service type for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Amount % Amount % Amount % Amount % Amount % (RMB in thousands, except for percentages) Community value-added services ...... 231,701 99.8 237,655 98.9 258,663 97.2 87,508 99.9 115,364 92.8 Community-living services ...... 165,811 71.4 167,187 69.6 177,111 66.6 66,566 76.0 77,919 62.7 Community space management services . 65,275 28.1 67,338 28.0 63,459 23.8 18,948 21.6 21,635 17.4 Community retail services ...... 615 0.3 3,130 1.3 18,093 6.8 1,994 2.3 15,810 12.7 Value-added services to non-property owners .. 384 0.2 2,760 1.1 7,417 2.8 46 0.1 8,981 7.2 Total ...... 232,085 100.0 240,415 100.0 266,080 100.0 87,554 100.0 124,345 100.0

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RELATIONSHIP WITH CENTURY GOLDEN RESOURCES GROUP

We have a well-established and ongoing business relationship with Century Golden Resources Group since May 1993. Century Golden Resources, a member of our Controlling Shareholders Group, a leading comprehensive multi-business enterprise in China. Established in 1991, Century Golden Resources Group primarily conducts business in real-estate development, large shopping malls, star hotels and cultural tourism, general healthcare and education. Century Golden Resources Group has been listed among China’s Top 500 Enterprises 13 times since its inception.

The following table sets forth a breakdown of our contracted GFA and GFA under management by property developer and type of property as of the dates and for the periods indicated:

As of December 31, As of April 30, 2018 2019 2020 2020 2021 Contracted GFA under Contracted GFA under Contracted GFA under Contracted GFA under Contracted GFA under GFA management GFA management GFA management GFA management GFA management (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands) Properties developed by: Century Golden Resources Group – Residential properties ...... 43,764 42,551 45,261 43,334 46,164 43,512 45,503 43,678 46,158 43,908 – Non-residential properties(1).... 756 756 756 756 4,383 4,273 756 756 4,393 4,283 Subtotal ...... 44,520 43,307 46,017 44,090 50,547 47,785 46,259 44,434 50,551 48,191 Independent third-party property developers – Residential properties ...... 4,644 2,833 19,063 11,680 22,115 13,827 19,785 12,613 24,181 19,008 – Non-residential properties .... 1,596 1,462 3,256 2,937 3,016 2,779 2,953 2,780 3,153 2,999 Subtotal ...... 6,240 4,295 22,320 14,617 25,131 16,606 22,738 15,393 27,334 22,007 Total ...... 50,760 47,602 68,336 58,707 75,678 64,391 68,997 59,826 77,885 70,198

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The table below sets forth a breakdown of our revenue generated from property management services by property developer type and type of property for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%)

(in thousands, except for percentages) Properties developed by: Century Golden Resources Group – Residential Properties . . . 662,147 95.8 716,986 87.6 722,584 70.7 242,514 81.3 251,365 56.1 – Non-residential Properties . . . 12,311 1.8 13,608 1.7 128,349 12.5 4,828 1.6 127,769 28.5

Subtotal ..... 674,458 97.6 730,594 89.3 850,933 83.2 247,342 82.9 379,134 84.6 Independent third-party property developers – Residential Properties . . . 11,392 1.7 62,118 7.6 124,201 12.1 39,879 13.4 50,286 11.2 – Non-residential Properties . . . 4,527 0.7 25,654 3.1 47,748 4.7 10,920 3.7 18,686 4.2 Subtotal ..... 15,919 2.4 87,772 10.7 171,949 16.8 50,799 17.1 68,972 15.4 Total ...... 690,377 100.0 818,366 100.0 1,022,882 100.0 298,142 100.0 448,106 100.0

(1) The significant increase in the property management services revenue generated from non-residential properties developed by Century Golden Resources Group was mainly attributable to ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in 2020.

The revenue from non-residential properties developed by independent third-party property developers increased while the corresponding GFA under management decreased in 2020 compared to 2019, mainly because we started managing many of the property management projects in the second half of 2019, and we provided property management services for some public facilities projects with relatively large GFA but low revenue contribution in 2020.

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The table below sets for the gross profit and gross profit margin of property management services by type of property developer for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021 Gross Gross Gross Gross Gross Gross profit Gross profit Gross profit Gross profit Gross profit profit margin profit margin profit margin profit margin profit margin

(RMB in thousands, except for percentages)

Properties developed by: Century Golden Resources Group . . . 218,070 32.3% 235,028 32.2% 307,279 36.1% 100,864 40.8% 136,880 36.1% Independent third-party property developers . . 2,357 14.8% 22,082 25.2% 43,226 25.1% 19,813 27.2% 15,640 22.7%

Total ...... 220,427 31.9% 257,110 31.4% 350,505 34.3% 114,677 38.5% 152,520 34.0%

The gross profit margin for the properties developed by Century Golden Resources Group increased in 2020 compared to 2019, primarily attributable to the ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in the second half of 2020, which have relatively higher gross profit margin. The gross profit margin for the properties developed by independent third-party property developers increased in 2019 compared to 2018, primarily because we started managing properties developed by independent third-party property developers in 2018 and many of such projects commenced in the second half of the same year; and in 2019, as we managed more properties developed by independent third-party property developers with increased GFA under management, we achieved economies of scale that led to increases in both revenue and gross profit of such projects. Our gross profit margin of property management services provided to Century Golden Resources Group and Independent third-party property developers both decreased in the four months ended April 30, 2021 compared to the same period of 2020, primarily due to the cancellation of deduction in, or exemption from, payment of social insurance contributions, which we enjoyed in the first four months of 2020.

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The table below sets forth the average property management fees by type of property and property developer for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 (RMB per sq.m. per month) Residential properties Century Golden Resources Group 1.57 1.57 1.57 1.57 1.57 Independent third-party property developers ...... 1.19 1.07 1.20 1.14 1.27 Non-residential properties Century Golden Resources Group 2.95 2.95 8.78 3.19 8.89 Independent third-party property developers ...... 0.66 1.12 1.66 1.26 1.60

The increase in the average property management fees for non-residential properties developed by Century Golden Resources Group in 2020 compared to 2019 was primarily attributable to the increase in GFA under management of our commercial properties, including the ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in the second half of 2020, which generally have higher property management fee rates. In 2018 and 2019, the average property management fees for properties developed by Century Golden Resources Group were higher than those of properties developed by independent third-party property developers, primarily because the properties developed by independent third-party property developers that we managed were usually located in close suburbs of cities, which had relatively lower fee rates. In 2020, the average property management fee for properties developed by independent third-party property developers increased as compared to 2019, as we obtained certain public facility projects with a relatively higher fee rate in 2020. The increase in average property management fees for non-residential properties developed by Century Golden Resources Group in the four months ended April 30, 2021 compared to the same period in 2020 was primarily attributable to the increase in GFA under management of our commercial properties, including ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in the second half of 2020, which generally have higher property management fee rates. The increase in average property management fees for non-residential properties developed by independent third-party property developers in the four months ended April 30, 2021 compared to the same period in 2020 was mainly because we undertook certain non-residential projects developed by independent third-party property developers with relatively higher average property management fees after April 2020.

We believe our ongoing business relationship with Century Golden Resources Group is both mutually beneficial and complementary. Over years of cooperation, we have developed an in-depth understanding of Century Golden Resources Group’s stringent demands and requirements for property management services, allowing us to constantly provide high quality services to property owners and residents, which can in turn add value to the marketability of the properties developed by Century Golden Resources Group. Considering that we have been managing substantially all of the residential and commercial properties developed by Century Golden Resources Group and the amount of time and efforts required to identify and engage a new service provider with comparable experience and ability to provide services of comparable standard and scope, our Directors are of the view that our mutually beneficial and

–12– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY complementary relationship with Century Golden Resources Group will continue to enable us to secure future engagements from Century Golden Resources Group, and it would be difficult for Century Golden Resources Group to select and engage a new service provider to replace us.

We expect our reliance on Century Golden Resources Group to continue after the [REDACTED]. In particular, we expect our revenue of value-added services generated from Century Golden Resources Group to substantially increase. Going forward, we intend to reduce our reliance on Century Golden Resources Group through further organic growth by expanding our business operations with and service offerings to third parties, and identify strategic investment and acquisition opportunities that may complement our business model and help us grow our business coverage and market share. For details, see “Business – Our Strategies – Enrich property management portfolio through organic growth and acquisition.” We believe the increases in percentage of total GFA under management and the revenue generated from our property management services for properties developed by independent third-party property developers reflect the recognition of our quality services. We aim to further expand our portfolio of properties under management developed by independent third-party property developers by (i) seeking other market opportunities through participation in biddings organized by independent third-party property developers and (ii) forming strategic partnership or joint ventures with independent third-party property developers. Meanwhile, we expect to continue to provide property management services and value-added services to the properties developed by Century Golden Resources Group which is mutually beneficial and complementary, and we do not expect our relationship with Century Golden Resources Group to materially and adversely change. For details of our continuing connected transactions with Century Golden Resources Group, see “Connected Transactions.”

PRE-[REDACTED] INVESTMENT

On September 25, 2020, Flourishing Age Limited, Century Life Property Group, Mr. HUANG Tao, Mr. HUANG Shiying, and Qushui Baiying Enterprise Management Co., Ltd. entered into a share subscription agreement, pursuant to which Century Life Property Group agreed to issue, and Flourishing Age Limited agreed to subscribe, the 8% of the equity interest (on a fully diluted basis) in Century Life Property Group at a consideration of HK$25,525,000. On December 11, 2020, the Company further entered into a share swap agreement with Forward Fame Limited and Flourishing Age Limited, pursuant to which the Company agreed to acquire 100% equity interest of Flourishing Age Limited from Forward Fame Limited at a consideration of 800 newly issued Shares, representing 8% of the equity interest of the Company on a fully diluted basis. For details, see “History – Reorganization and Corporate Structure – Pre-[REDACTED] Investment.”

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OUR STRENGTHS

We believe that the following strengths contribute to our leading market position, ensure our success and distinguish us from our competitors: (i) integrated property management service provider of large-scale properties in China that developed an integrated living service ecosystem; (ii) strong cost control ability and high profitability empowered by efficient and unique large-scale integrated property management operation model and technological knowhow; (iii) widely recognized leading brands with strong support from Century Golden Resources Group; (iv) outstanding business development capabilities and continually enriched property management portfolio; (v) high customer loyalty achieved through cost-effective and people-oriented services; and (vi) professional and devoted management team supported by advanced and well-established talent development system and efficient and caring corporate culture. See “Business – Our Strengths.”

OUR STRATEGIES

In order to achieve our goals, we have formulated the following strategies: (i) strengthen our position as a property management service provider benefited from technology application; (ii) enrich property management portfolio through organic growth and acquisition; (iii) diversify quality value-added services and enhance profitability; and (iv) further improve training, recruitment and incentive programs of human resources to support long-term business development. See “Business – Our Strategies.”

OUR CUSTOMERS AND SUPPLIERS

Our customers primarily consist of property owners, residents and property developers. In 2018, 2019 and 2020 and the four months ended April 30, 2021, revenue derived from sales to our five largest customers was RMB20.7 million, RMB31.5 million, RMB145.1 million and RMB143.0 million, respectively, accounting for approximately 2.2%, 3.0%, 11.2% and 25.0%, respectively, of our total revenue.

Our major suppliers mainly consist of Century Golden Resources Group providing services such as heating, and subcontractors providing security, cleaning, greening, gardening, fire suppression system maintenance services and home-renovation services, suppliers for retail products, advertising operators and vendors providing IT support. In 2018, 2019, 2020 and the four months ended April 30, 2021, purchases from our five largest suppliers was RMB56.0 million, RMB64.9 million, RMB89.4 million and RMB48.1 million, respectively, accounting for approximately 20.8%, 20.1%, 20.0% and 19.2%, respectively, of our total purchases. During the Track Record Period, our largest supplier, Century Golden Resources Group was also our largest customer. See “Connected Transactions – Summary of Our Connected Transactions”

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OUR CONTROLLING SHAREHOLDERS

Immediately following the completion of the [REDACTED] (assuming the [REDACTED] is not exercised), Mr. HUANG Tao, Mr. HUANG Shiying, Platinum Wish Limited, Joy Deep Limited, Lead Tide Limited, Prime Elegance Limited, View Max Limited, Joy Riding Limited, Source Coast Limited and Leisure Light Limited will continue to be the group of our Controlling Shareholders. Mr. HUANG Tao and Mr. HUANG Shiying have jointly invested in the Group for several years and reached consensus on key decisions, and usually had unanimous voting patterns. Therefore, although Mr. HUANG Tao and Mr. HUANG Shiying have not entered into any acting in concert agreement, they should still be regarded as acting in concert and a group of our Controlling Shareholders.

Save as disclosed in “Relationship with Controlling Shareholders,” none of our Controlling Shareholders has any interest in any business, other than our Group’s business, which competes or is likely to compete, either directly or indirectly, with our Group’s business. To ensure that competition will not exist in the future, each of our Controlling Shareholders has entered into Non-competition Undertaking in favor of our Group. For details, see “Relationship with Controlling Shareholders – Delineation of Business and Competition – Non-competition Undertaking.”

CONTINUING CONNECTED TRANSACTIONS

We have entered into and are expected to continue with certain transactions after the [REDACTED] which will constitute our non-exempt continuing connected transactions under Chapter 14A of Listing Rules upon [REDACTED]. See “Connected Transactions” and “Waivers from Strict Compliance with the Listing Rules – Waiver in Relation to Non-exempt Continuing Connected Transactions.”

SUMMARY OF HISTORICAL FINANCIAL INFORMATION

The following tables present our summary consolidated financial information for the periods or as of the dates indicated. This summary has been derived from our consolidated financial information set forth in Accountants’ Report in Appendix I to this document. The summary consolidated financial data set forth below should be read together with, and is qualified in its entirety by reference to, the consolidated financial information included in Accountants’ Report in Appendix I to this document, including the accompanying notes, and the information set forth in “Financial Information.” Our consolidated financial information was prepared in accordance with IFRSs.

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Summary Consolidated Statements of Profit or Loss

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(RMB in thousands) Revenue ...... 922,462 1,058,781 1,288,962 385,696 572,451 Cost of sales ...... (626,641) (721,894) (830,962) (239,585) (376,976)

Gross profit ...... 295,821 336,887 458,000 146,111 195,475

Other income(1) ...... 90,689 34,136 34,216 13,383 6,193 Selling expenses(2) ...... (1,324) (5,559) (12,014) (2,605) (4,245) Administrative expenses ...... (100,123) (126,702) (158,234) (43,182) (45,917) Expected credit losses on trade and other receivables ...... (5,567) (7,618) (7,670) (4,797) (7,858)

Profit from operations ...... 279,496 231,144 314,298 108,910 143,648

Finance cost ...... (354) (272) (196) (72) (48) Share of losses of an associate. . . – – – – (295) Profit before taxation ...... 279,142 230,872 314,102 108,838 143,305 Income tax ...... (60,966) (49,952) (65,411) (22,677) (31,711) Profit for the year/period ..... 218,176 180,920 248,691 86,161 111,594

Attributable to: Equity shareholders of the Company...... 218,396 180,854 248,455 86,043 111,471 Non-controlling interests .... (220) 66 236 118 123

(1) The significant amount of other income in 2018 was mainly attributable to the interest income gained from our loans lent to related parties, which we no longer received such interest income from the second half of 2019. This has also contributed to a decrease in our net profit in 2019 compared to 2018. See “Risk Factors – Risks Relating to Our Business and Industry – We historically received certain non-recurring interest income.”

(2) Our selling expenses were relatively small in 2018 but increased in 2019 and 2020, mainly as a result of the increase of properties under our management developed by independent third-party property developers and our enhanced sales efforts in obtaining property management service contracts for such properties.

During the Track Record Period, both our property management services and value-added services experienced continual growth, leading to a continual increase in our total revenue.

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The following table sets forth our gross profit and gross profit margin by business line for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021 Gross Gross Gross Gross Gross Gross Profit Gross Profit Gross Profit Gross Profit Gross Profit Profit Margin Profit Margin Profit Margin Profit Margin Profit Margin

(RMB in thousands, except for percentages) Property management services ...... 220,426 31.9% 257,110 31.4% 350,505 34.3% 114,677 38.5% 152,520 34.0% Value-added services . . . 75,395 32.5% 79,777 33.2% 107,495 40.4% 31,434 35.9% 42,955 34.5%

Total ...... 295,821 32.1% 336,887 31.8% 458,000 35.5% 146,111 37.9% 195,475 34.1%

Summary Consolidated Statements of Financial Position

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Non-current assets ...... 28,395 28,231 67,073 67,390 Current assets ...... 964,773 955,919 1,028,146 1,118,839 Total assets ...... 993,168 984,150 1,095,219 1,186,229 Non-current liabilities ...... 4,550 2,813 1,398 742 Current liabilities...... 755,548 670,191 842,368 822,747 Total liabilities ...... 760,098 673,004 843,766 823,489 Net current assets ...... 209,225 285,728 185,778 296,092 Total equity ...... 233,070 311,146 251,453 362,740

We recorded net current assets as of December 31, 2018, 2019 and 2020 and April 30, 2021. The decrease in our net current assets as of December 31, 2020 compared to December 31, 2019 was primarily because the increase in our current liabilities was greater than that in our current assets. The increase in our current liabilities was primarily due to increases in (i) our contract liabilities, mainly reflecting our business expansion, and (ii) our trade and other payables, mainly resulting from an increase in our accrued payroll and other benefits, due to a staff increase and improved compensation for employees.

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The following table sets forth the components of our current assets and liabilities as of the dates indicated: As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Current assets Inventories ...... 6,399 7,655 8,394 9,184 Loans and interest receivables due from a related party ...... 18,372 – – – Contract assets ...... – – – 1,686 Trade and other receivables ...... 119,191 166,582 218,990 331,573 Financial assets measured at fair value through profit or loss...... 543,740 – – – Cash and cash equivalents ...... 277,071 781,682 800,762 776,396 Total current assets...... 964,773 955,919 1,028,146 1,118,839 Current liabilities Trade and other payables ...... 426,409 351,398 423,761 383,008 Contract liabilities ...... 293,562 304,426 393,550 428,777 Lease liabilities ...... 1,986 1,958 2,130 572 Current taxation ...... 33,591 12,409 22,927 10,390 Total current liabilities ...... 755,548 670,191 842,368 822,747 Net current assets...... 209,225 285,728 185,778 296,092

Consolidated Statements of Cash Flows

Four months ended Year ended December 31, April 30, 2018 2019 2020 2020 2021 (RMB in thousands) Net cash generated from/(used in) operating activities ...... 190,041 123,779 356,800 25,828 (14,923) Net cash generated from/(used in) investing activities ...... 717,494 585,713 (25,803) (11,659) 1,160 Net cash used in financing activities ...... (902,037) (204,881) (311,917) (681) (10,603) Net increase/(decrease) in cash and cash equivalents ...... 5,498 504,611 19,080 13,488 (24,366) Cash and cash equivalents at the beginning of the year/period . . 271,573 277,071 781,682 781,682 800,762 Cash and cash equivalents at the end of the year/period ... 277,071 781,682 800,762 795,170 776,396

We had net cash generated from operating activities in 2018, 2019 and 2020 and net cash used in operating activities in the four months ended April 30, 2021, mainly due to an increase in trade and other receivables, primarily our property management fees receivable from our customers, as they typically have patterns of payment to settle the property management fees by the end of a year.

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We mainly fund our operating activities through cash generated from our business activities. We believe our working capital will be sufficient in the near future, considering (i) the measures we have been taking to improve our collection of property management fees and advances of property management fees from our customers, for more details regarding our property management fee collection, see “Business – Property Management Services – Payment Terms and Credit Terms,” and (ii) the [REDACTED] we expect to receive from the [REDACTED].

KEY FINANCIAL RATIOS

The table below sets forth our key financial ratios as of the dates and for the periods indicated:

As of or for the period ended As of or for the year ended December 31, April 30, 2018 2019 2020 2021 (%) Current ratio(1) ...... 127.7 142.6 122.1 136.0 Liabilities to assets ratio(1) ...... 76.5 68.4 77.0 69.4 Return on assets(1) ...... 16.5 18.3 23.9 29.3 Return on equity(1)...... 35.0 66.5 88.4 109.0

(1) For details of the definition, see “Financial Information – Summary of Key Financial Ratios.”

Our liabilities to assets ratio decreased from 76.5% as of December 31, 2018 to 68.4% as of December 31, 2019 primarily due to a decrease in our total liabilities. Our liabilities to assets ratio increased from 68.4% as of December 31, 2019 to 77.0% as of December 31, 2020 primarily due to an increase of our current liabilities. Our liabilities to assets ratio decreased from 77.0% as of December 31, 2020 to 69.4% as of April 30, 2021, primarily due to a decrease of our current liabilities and an increase of our current assets.

Our current ratio increased from 127.7% as of December 31, 2018 to 142.6% as of December 31, 2019 primarily due to a decrease of our current liabilities. The decrease in our current liabilities was primarily due to a decrease in our trade and other payables, mainly reflecting a decrease in our dividends payable. Our current ratio decreased from 142.6% as of December 31, 2019 to 122.1% as of December 31, 2020 primarily due to an increase of our current liabilities. The increase in our current liabilities was primarily due to increases in (i) our contract liabilities, mainly reflecting our business expansion, and (ii) our trade and other payables, mainly reflecting an increase in our accrued payroll and other benefits. Our current ratio increased from 122.1% as of December 31, 2020 to 136.0% as of April 30, 2021, primarily due to a decrease of our current liabilities. The decrease in our current liabilities was primarily due to a decrease in our other payables, as a result of our payment of the accrued payroll and other benefits to employees in January 2021, and a decrease in our current taxation, as we had less taxable income in the first four months of 2021 than in 2020.

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Our return on assets increased from 16.5% in 2018 to 18.3% in 2019, primarily due to a considerable decrease in our assets as of December 31, 2018 compared with January 1, 2018 as a result of the declaration of dividends to shareholders. Our return on assets increased from 18.3% in 2019 to 23.9% in 2020, primarily due to an increase in our net profit in 2020 as compared to 2019. Our return on assets increased from 23.9% in 2020 to 29.3% in the four months ended April 30, 2021, primarily because the growth of our annualized net profit outpaced that of our average total assets.

Our return on equity increased from 35.0% in 2018 to 66.5% in 2019, primarily due to a considerable decrease in our equity as of December 31, 2018 compared with January 1, 2018 as a result of the declaration of dividends to shareholders. Our return on equity increased from 66.5% in 2019 to 88.4% in 2020, primarily due to an increase in our net profit in 2020 as compared to 2019. Our return on equity increased from 88.4% in 2020 to 109.0% in the four months ended April 30, 2021, primarily because the growth of our annualized net profit outpaced that of our average total equity.

RISK FACTORS

Our business and the [REDACTED] involve certain risks as set out in “Risk Factors.” You should carefully read that section in its entirety before you decide to invest in our [REDACTED]. Some of the major risks we face include: (i) our future growth may not materialize as planned, and our future business expansion into new geographic regions may subject us to new rules and regulations which may have material adverse effect on our business, financial condition and results of operations; (ii) our business, financial condition and results of operations may be affected by any adverse change in geographic regions in which we have a substantial business presence and operations; (iii) our business, financial condition and results of operations may be materially and adversely affected if we are unable to continue to be engaged by Century Golden Resources Group; (iv) our business, financial condition and results of operations may be adversely affected if we fail to control our costs in providing our property management services on a lump-sum basis; and (v) our business, financial condition, results of operations and future growth prospects may be adversely affected by our failure to control or reduce operating costs, including labor and subcontracting costs.

DIVIDEND AND DISTRIBUTABLE RESERVES

No dividends have been paid by our Company during the Track Record Period. In 2018, 2019 and 2020 and the four months ended April 30, 2021, our operating entity, Century Life Property Group, declared dividends of RMB1,000.0 million, RMB190.3 million, RMB330.0 million and nil, respectively, and paid RMB900.0 million, RMB290.3 million, RMB230.0 million and nil, respectively, to its then shareholders. See Note 22(c) of Accountants’ Report in Appendix I to this document. Our dividend distribution record, if any, in the past may not be used as a reference or basis to determine the level of dividends that may be declared or paid by us in the future.

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USE OF [REDACTED]

We estimate that we will receive net [REDACTED] of approximately HK$[REDACTED] from the [REDACTED], after deducting the [REDACTED] and [REDACTED] and estimated expenses payable by us in connection with the [REDACTED], assuming the [REDACTED] of HK$[REDACTED] per [REDACTED] (being the mid-point of the indicative [REDACTED] stated in this document) and assuming that the [REDACTED] is not exercised. We intend to use the net [REDACTED] from the [REDACTED] for the following purposes:

• approximately 65.0% of the net [REDACTED] (approximately HK$[REDACTED]) will be used to expand our property management service business; • approximately 15.0% of the net [REDACTED] (approximately HK$[REDACTED]) will be used for value-added services and strategic investment in upstream and downstream industrial chain of such services; • approximately 7.0% of the net [REDACTED] (approximately HK$[REDACTED]) will be used for information system optimization; • approximately 3.0% of the net [REDACTED] (approximately HK$[REDACTED]) will be used to recruit talents and improve employee training and employee welfare system; and • approximately 10.0% of the net [REDACTED] (approximately HK$[REDACTED]) will be used for working capital and general corporate purposes.

For details, see “Future Plans and Use of [REDACTED] – Use of [REDACTED].”

As of the Latest Practicable Date, we have not identified any potential investment acquisition target or entered into any definite investment or acquisition agreement. As many of our peers listed on the Stock Exchange are also identifying potential investment or acquisition targets, we may not be able to successfully materialize our plans for strategic investment or acquisition in China. See “Risk Factors – Risks Relating to Our Business and Industry – We may not be able to successfully complete or realize expected benefits from our future investments or acquisitions.”

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RECENT DEVELOPMENTS

Since April 30, 2021, we have been continually growing our property management services business and value-added services business. After April 30, 2021 and up to the Latest Practicable Date, we had obtained eight residential projects with contracted GFA of 1.1 million sq.m. and 13 non-residential projects with contracted GFA of 2.6 million sq.m., which were all developed by independent third-party property developers. As of the Latest Practicable Date, we had 232 residential projects with contracted GFA of 71.4 million sq.m. and 86 non-residential projects with contracted GFA of 10.2 million sq.m. In particular, as of May 31, 2021, Century Golden Resources Group had 15 projects under development with total GFA of approximately 5.3 million sq.m. and three projects held for future development with total GFA of approximately 1.7 million sq.m. As of the same date, we contracted with Century Golden Resources Group to provide property management services for ten such projects under development with total GFA of approximately 2.5 million sq.m.. In general, we are unable to ascertain the delivery schedule for Century Golden Resources Group or independent third-party property developers, since such schedule is subject to a variety of factors beyond our control. We expect our gross profit margin in 2021 to be substantially less than that of 2020, primarily because (i) we expect our costs of sales to increase in 2021, as we no longer received relief from social security payments from local governments in response to the COVID-19 pandemic from the beginning of 2021, and (ii) we expect to experience increased revenue contribution from businesses with relatively lower gross profit margin, such as community retail services.

In December 2020, our subsidiary, Beijing Yizhai Technology Co., Ltd., acquired 25% equity interests in Changsha Wanwei Robot Co., Ltd. (“Wanwei Robot”) by way of capital injection for a consideration of RMB40.0 million. Wanwei Robot was founded in 2018. The main business of Wanwei Robot is research and development, production, sales and technology support of mobile robot chassis and control modules, security operational systems and security robots. We plan to apply its robot products to our property management services. The founder of Wanwei Robot had years of development and management experience in the robotics industry. The management team of Wanwei Robot is well equipped with robotics algorithms and engineering skills. Despite its increasing revenue in 2018, 2019 and 2020, Wanwei Robot was loss-making during the Track Record Period, mainly due to its significant research and development expenses. The consideration paid by us was determined after arm’s length negotiations between Wanwei Robot and us with reference to, among other things: (i) the fair value of the 100% equity interests of Wanwei Robot of RMB121 million as of October 31, 2020 by an independent valuer using the income approach based on the discounted cash flow method; (ii) the historical financial performance of Wanwei Robot; and (iii) the business development and the prospects of Wanwei Robot. In particular, we expect technological advancements to further reduce the labor intensiveness of the property management sector. See “Industry Overview – Trends in the Property Management Industry in the PRC – Accelerating Digitization Processes.” Wanwei Robot has focused on robot product development since 2018 and achieved revenue growth in 2019 and 2020. Its products have been piloted or utilized in sectors such as surveillance and security, fire protection, medical services and public services. Accordingly, we believe Wanwei Robot has the necessary expertise to provide fundamental

–22– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. SUMMARY technological support to the development of robot products for property management services. In January 2021, we entered into a cooperative framework agreement with Wanwei Robot, pursuant to which Wanwei Robot shall develop for us a comprehensive smart security platform, integrating access control, carpark management, perimeter security, and video surveillance and alarm systems as well as security robots, to further enhance the security of the properties under our management.

Our Directors confirm that there have been no material adverse changes in our financial or trading position or prospects since April 30, 2021 (being the date of our latest consolidated reviewed financial statements), and there has been no event since April 30, 2021 which would materially affect the information shown in Accountants’ Report set out in Appendix I to this document.

COVID-19 IMPACTS

In December 2019, COVID-19 was first identified and reported. On January 30, 2020, the World Health Organization (“WHO”) declared that the COVID-19 outbreaks constituted a public health emergency of international concern, explaining that its decision was based on the possible effects that the pathogen could have if it spreads to countries with weaker healthcare infrastructures. On March 12, 2020, WHO declared the COVID-19 outbreaks a pandemic.

We operate property management services and value-added services in China. Accordingly, the responses and measures taken by the PRC government and society as a whole in response to the COVID-19 pandemic affected our results of operations. Measures to contain the spread of COVID-19 such as lockdowns and mandatory or voluntary social distancing have led to lower levels of consumption and business activities in China. General concerns and uncertainty about the pandemic and the economy, as well as the general reduction in household income, also weighed on consumption. In early 2020, the PRC government issued implementation opinions on the promotion of consumption. In addition, various local governments have implemented relief measures such as granting relief from social security payments and subsidies for employment support to enterprises to different degrees. The foregoing factors affected our results of operations and plans for future development in 2020 in the following ways:

• Restrictions on moving of personnel and lower levels of consumption have adversely affected (i) our overall property management services; (ii) operations of certain value-added services; and (iii) our future business expansion. For example, in the first quarter of 2020, certain employees and subcontracting workers were not able to return to workplaces after the Chinese New Year holidays due to lockdowns or travel restrictions imposed by the PRC government. Accordingly, we had to reallocate human resources and pay necessary overtime allowances. We incurred expenses of RMB0.5 million in 2020 for such overtime allowances. In addition, to maintain a safe and hygienic environment for both (a) residents at properties that we manage and (b) our staff, we also purchased disinfection and protective supplies. In addition, due to the social distancing requirements amid the COVID-19 pandemics,

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we had to decrease the frequency of our community benefit activities such as “Yuan Gong Yi” (源公益) and other activities that provide social care services to property owners and residents. We also reduced our business development activities amid the COVID-19 pandemic, as there were less tendering opportunities available in the market in the first half of 2020.

• We received government relief from social security payments for employment support relating to the COVID-19 pandemic, thereby reducing our staff costs, which amounted to RMB40.3 million in 2020.

To prevent the transmission of COVID-19 within the communities under management, we have promptly formed a special leadership committee on the prevention of COVID-19 and taken enhanced hygienic and precautionary measures, including adoption of closed-off management over communities, distributing protective masks and other equipment to our on-site employees, temperature screening at entry points to communities, hand and desk sanitizing, disinfecting common areas and keeping records of employees’ travel history. We may continue to purchase medical and cleaning supplies in the future to ensure the safety of our employees. The costs associated with the enhanced measures were approximately RMB2.2 million in 2020, which we believe did not have a significant impact on our financial results in 2020, and we did not incur such costs in the four months ended April 30, 2021. Furthermore, since the outbreaks of COVID-19 and up to the Latest Practicable Date, none of the projects that were contracted to us for property management services experienced delays in delivery.

According to CPMRI, the COVID-19 outbreaks have caused a slowdown in business activity and the overall economy in China since December 2019, but the spread of COVID-19 in China and its impact on the economy has been effectively contained. China’s economy has gradually begun to recover. According to the National Bureau of Statistics, GDP grew by 2.3% year-on-year in 2020. The short-term impact of COVID-19 on the property management industry was mainly the increase in operating costs and the delayed delivery of projects. On one hand, at the peak of the COVID-19 outbreaks, the government imposed various quarantine measures, while property management companies were on the frontline in ensuring the hygiene of each property to protect the health of residents. As a result, property management companies had to incur additional expenses, especially for the purchase of relevant anti-pandemic materials (such as masks, gloves, disinfectants, among other things). In addition, as the COVID-19 pandemic broke out during the Chinese New Year of 2020, property management companies have to pay additional overtime allowances to their staff (such as cleaners and security guards). On the other hand, the general slowdown of development and sales of real estates in general, combined with measures such as the closure of offline property sales offices and delayed resumption of operations of real estate companies during the outbreak of the pandemic, has increased the probability of the delayed delivery of projects. However, according to the Disease Control Bureau of the National Health Commission, the impact of the COVID-19 outbreaks on the PRC property management industry is expected to be limited, as the epidemic is largely under control in China and social activities and economic operations have gradually resumed.

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Since the second quarter of 2020, as many of the restrictions on movement within China in relation to the COVID-19 pandemic have been relaxed, our property management services, value-added services and business expansion have also gradually recovered. Meanwhile, government relief from social security payments for employment support relating to the COVID-19 pandemic has been gradually suspended from January 2021.

Assuming the worst-case scenario of the COVID-19 outbreaks, in which we:

• will not generate any revenue or income due to suspension of business;

• make payments for overall operating and administrative expenses and estimated monthly fixed costs to maintain our operations incurred at a minimum level (including labor costs and other miscellaneous expenses);

• would only use the immediate cash and deposits available, including, among other things, cash and cash equivalents as of May 31, 2021, and receive no further internal or external financing from Shareholders or other financial institutions;

• settle our outstanding trade receivables and payables, taking into account the historical settlement pattern; and

• use 10% of the estimated net [REDACTED] from the [REDACTED]asour working capital, we would have sufficient cashflow for our business to remain financially viable for at least 13 months from May 31, 2021 onwards, assuming there are no material changes in the near future that would significantly affect the foregoing key assumptions.

[REDACTED] STATISTICS

All statistics in the following table are based on the assumptions that (i) the [REDACTED] has been completed and [REDACTED] Shares are issued pursuant to the [REDACTED], (ii) [REDACTED] Shares are issued and outstanding following the completion of the [REDACTED], and (iii) the [REDACTED] is not exercised.

Based on an Based on an [REDACTED] of [REDACTED] of HK$[REDACTED] HK$[REDACTED] per Share per Share

Market capitalization of our Shares ...... HK$[REDACTED] HK$[REDACTED] Unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of the Company per Share(1)...... HK$[REDACTED] HK$[REDACTED]

(1) The unaudited [REDACTED] adjusted net tangible assets per Share as of April 30, 2021 is calculated after making the adjustments referred to in Appendix II to this document and on the basis that [REDACTED] Shares are expected to be in issue immediately upon completion of the [REDACTED].

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[REDACTED] EXPENSES

[REDACTED] expenses represent professional fees, [REDACTED] and other fees (such as the discretionary incentive fee) incurred in connection with the [REDACTED]. We estimate that our [REDACTED] expenses will be approximately RMB[REDACTED] (or HK$[REDACTED], representing [REDACTED] of the gross [REDACTED] from the [REDACTED]) (assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the mid-point of the indicative [REDACTED]) and no exercise of the [REDACTED]), of which (i) approximately RMB[REDACTED], directly attributable to the issue of our [REDACTED], will be subsequently charged to equity upon completion of the proposed [REDACTED], (ii) approximately RMB[REDACTED] and RMB[REDACTED], respectively, has been expensed in our consolidated statements of profit or loss and other comprehensive income for the year ended December 31, 2020 and the four months ended April 30, 2021, and (iii) approximately RMB[REDACTED] is expected to be expensed in our consolidated statements of profit or loss and other comprehensive income for the year ending December 31, 2021. Our Directors do not expect such expenses to materially impact our results of operations for the year ending December 31, 2021.

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In this document, unless the context otherwise requires, the following terms shall have the meanings set out below.

“Accountants’ Report” the report of our Company’s reporting accountants, KPMG, the text of which is set out in Appendix I to this document

“affiliate(s)” any other person(s), directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified person(s)

“Articles” or “Articles of the articles of association of our Company (as amended Association” from time to time), conditionally adopted on [●], 2021, a summary of which is set out in Appendix III to this document

“Board” or “Board of Directors” the board of Directors

“business day” any day (other than a Saturday, Sunday or public holiday) on which banks in the relevant jurisdictions are generally open for business, as the context may require

“BVI” the British Virgin Islands

“CAGR” compound annual growth rate

“Capitalization Issue” the issuance of Shares to be made upon the capitalization of certain sums standing to the credit of the share premium account of our Company, as further described in “Statutory and General Information – A. Further Information about our Group – 4. Resolutions of the Shareholders of Our Company dated [●]” in Appendix IV

“Cayman Companies Act” or the Companies Act (2018 Revision) of the Cayman “Companies Act” Islands, Cap. 22 (Law 3 of 1961), as amended or supplemented or otherwise modified from time to time

“CCASS” the Central Clearing and Settlement System established and operated by HKSCC

“CCASS Clearing Participant” a person admitted to participate in CCASS as a direct participant or a general clearing participant

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“CCASS Custodian Participant” a person admitted to participate in CCASS as a custodian participant

[REDACTED]

“CCASS Investor Participant” a person admitted to participate in CCASS as an investor participant who may be an individual or joint individuals or a corporation

“CCASS Participant” a CCASS Clearing Participant, a CCASS Custodian Participant or a CCASS Investor Participant

“Centown project” a project composed of several adjacent projects developed by Century Golden Resources Group (as defined below) and managed by us as a single large-scale project to increase efficiency

“Century Golden Resources” Century Golden Resources Investment Group Co., Ltd. (世紀金源投資集團有限公司), a company with the limited liability incorporated in the PRC on July 11, 2001, which was held by Mr. HUANG Tao and Mr. HUANG Shiying as to 60% and 40% respectively as at the Latest Practicable Date

“Century Golden Resources Century Golden Resources and its subsidiaries and their Group” respective associates

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“Century Life Property Group” Century Life Property Services Group Co., Ltd. (世紀生活物業服務集團有限公司, formerly known as Beijing Hanrui Tianhe Co., Ltd., 北京翰瑞天闔投資有限公司), a company with the limited liability incorporated in the PRC on January 27, 2011, and our indirect wholly-owned subsidiary

“Beijing Century Yongying” Beijing Century Yongying Property Services Co., Ltd. (北京世紀永盈物業服務有限責任公司), a company with the limited liability incorporated in the PRC on October 14, 2020, which is our indirect wholly-owned subsidiary

“China” or “the PRC” the People’s Republic of China excluding, for the purpose of this document, Hong Kong, Macau Special Administrative Region and Taiwan

“Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended or supplemented from time to time

“Companies (Winding Up and the Companies (Winding Up and Miscellaneous Miscellaneous Provisions) Provisions) Ordinance (Chapter 32 of the Laws of Hong Ordinance” Kong), as amended or supplemented from time to time

“Company” or “our Company” Century Golden Resources Services Group Co., Ltd. (世紀金源服務集團有限公司), a company incorporated in the Cayman Islands with limited liability on August 24, 2020

“Controlling Shareholder(s)” Mr. HUANG Tao and Mr. HUANG Shiying (being siblings), Platinum Wish Limited, Joy Deep Limited, Lead Tide Limited, Prime Elegance Limited, View Max Limited, Joy Riding Limited, Source Coast Limited and Leisure Light Limited

“Controlling Shareholders Group” Mr. HUANG Tao, Mr. HUANG Shiying and the companies controlled by them, excluding our Group

“COVID-19” a viral respiratory disease caused by the severe acute respiratory syndrome coronavirus 2, believed to have first emerged in late 2019

“CPMRI” the independent third party industry expert, CPMRI Information Technology Co. Ltd, Beijing

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“CSRC” China Securities Regulatory Commission (中國證券監督管理委員會), a regulatory body responsible for the supervision and regulation of the PRC national securities markets

“Director(s)” the director(s) of our Company

“EIT Law” the PRC Enterprise Income Tax Law (中華人民共和國企業所得稅法), which came into effect on January 1, 2008 and was last revised on December 29, 2018

“Extreme Conditions” any extreme conditions or events, the occurrence of which will cause interruption to the ordinary course of business operations in Hong Kong and/or that may affect the [REDACTED]orthe[REDACTED]

[REDACTED]

“Group,” “our Group,” “we” our Company and our subsidiaries and, in respect of the or “us” period before we became the holding company of our present subsidiaries, the businesses operated by such subsidiaries or their predecessors (as the case may be)

“HK$” or “Hong Kong dollar(s)” Hong Kong dollars, the lawful currency of Hong Kong or “cent”

“HKSCC” Hong Kong Securities Clearing Company Limited

“HKSCC Nominees” HKSCC Nominees Limited, a wholly-owned subsidiary of HKSCC

“Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC

[REDACTED]

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[REDACTED]

“Hong Kong Share Registrar” [REDACTED]

“Hong Kong Stock Exchange” or The Stock Exchange of Hong Kong Limited “Stock Exchange”

“Hong Kong Takeovers Code” or the Code on Takeovers and Mergers and Share Buy-backs “Takeovers Codes” issued by the SFC, as amended, supplemented or otherwise modified from time to time

[REDACTED]

“IFRS” the International Financial Reporting Standards

“Independent Third Party(ies)” any entity(ies) or person(s) which or who are not the connected person(s) of our Company within the meaning ascribed thereto under the Listing Rules

[REDACTED]

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[REDACTED]

“Longwin Global Limited” Longwin Global Limited, a company with limited liability incorporated in Republic of Seychelles on December 16, 2013, which is wholly-owned by Mr. MA Tao, an Independent Third Party of our Company

“Latest Practicable Date” July 16, 2021, being the latest practicable date prior to the printing of this document for the purpose of ascertaining certain information contained in this document

[REDACTED]

“Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time

“M&A Rules” the Rules on the Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (關於外國投資者併購境內企業的規定), jointly issued by the State-owned Assets Supervision and Administration Commission of the State Council (國務院國有資產監督管理委員會), MOFCOM, SAT, SAMR, CSRC and SAFE on August 8, 2006 and re-issued by MOFCOM on June 22, 2009

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“Main Board” the stock market (excluding the option market) operated by the Hong Kong Stock Exchange which is independent from and operated in parallel with the GEM of the Hong Kong Stock Exchange

“Memorandum” or the memorandum and articles of association of our “Memorandum of Association” Company (as amended from time to time), conditionally adopted on [●], 2021, a summary of which is set out in Appendix III to this document

“MOF” the Ministry of Finance of the PRC (中華人民共和國財政部)

“MOFCOM” the Ministry of Commerce of the PRC (中華人民共和國商務部)

“NDRC” the National Development and Reform Commission of the PRC (中華人民共和國國家發展和改革委員會)

[REDACTED]

“PBOC” People’s Bank of China, the central bank of the PRC

“PRC government” or “State” the central government of the PRC, including all political subdivisions (including provincial, municipal and other regional or local government entities) and its organs or, as the context requires, any of them

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[REDACTED]

“province” each being a province or, where the context requires, a provincial level autonomous region or municipality under the direct supervision of the central government of the PRC

“Regulation S” Regulation S under the US Securities Act

“Reorganization” the corporate reorganization undergone by our Group in preparation for the [REDACTED] as described in “History, Reorganization and Corporate Structure – Reorganization”

“RMB” Renminbi, the lawful currency of the PRC

“SAFE” State Administration of Foreign Exchange of the PRC (中華人民共和國國家外匯管理局)

“SAMR” the State Administration for Market Regulation of the PRC (中華人民共和國國家市場監督管理總局), formerly known as the “State Administration for Industry and Commerce of the PRC”

“SAT” the State Administration of Taxation of the PRC (中華人民共和國國家稅務總局)

“SFC” the Securities and Futures Commission of Hong Kong

“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time

“Share(s)” ordinary share(s) in the capital of our Company with nominal value of US$0.00001 each

“Shareholder(s)” holder(s) of Shares

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“Sole Sponsor” Huatai Financial Holdings (Hong Kong) Limited

[REDACTED]

“State Council” the PRC State Council (中華人民共和國國務院)

[REDACTED]

“Track Record Period” the period comprising the years ended December 31, 2018, 2019 and 2020 and the four months ended April 30, 2021

[REDACTED]

“US$” US dollars, the lawful currency of the United States of America

“US” or “United States” the United States of America

“US Securities Act” the United States Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder

“WFOE” the wholly foreign owned entity

[REDACTED]

In this document, the terms “associate,” “close associate,” “connected person,” “core connected person,” “connected transaction,” “controlling shareholder,” “subsidiary” and “substantial shareholder” shall have the meanings given to such terms in the Listing Rules, unless the context otherwise requires.

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The English translation of the PRC entities, enterprises, nationals, facilities, regulations in Chinese or another language included in this document is for identification purposes only. To the extent there is any inconsistency between the Chinese names of the PRC entities, enterprises, nationals, facilities, regulations and their English translations, the Chinese names shall prevail.

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This glossary of technical terms contains explanations of certain technical terms used in this document. As such, these terms and their meanings may not correspond to standard industry meanings or usage of these terms.

“average property management revenue generated from property management services of fee” the last month of a period divided by the GFA based on which we charge property management fee as of the end of the same period

“Central China” a geographical region of China, consisting of Henan province, Hubei province and Hunan province for purposes of this document

“China’s Top 500 Enterprises” the annual review and rankings jointly compiled and released by the China Enterprise Confederation and the China Enterprise Directors Association

“collection rate” the property management fees collected by the end of the relevant period (including any such fees received for previous period(s) and any prepaid fees received for future period(s)) divided by the corresponding total property management fees receivable for the same period

“commission basis” a revenue-generating model whereby property management companies collect service fees in the proportion or amount as agreed from the property management income in advance, the rest of which shall be exclusively used on items as stipulated in the property management service contracts, and property owners shall enjoy or assume the surplus or deficit

“common area” or “communal common areas in residential properties, including parking area” lots, swimming pools, advertisement bulletin boards, and club houses

“contracted GFA” GFA managed or to be managed by our Group for which we have entered into property management service and/or other relevant service contracts, respectively

“East China” a geographical region of China, consisting of Anhui province, Fujian province, Jiangsu province, Jiangxi province, Shandong province and Zhejiang province for purposes of this document

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“ECL” expected credit loss

“first-tier cities” Beijing, Shanghai, Guangzhou and Shenzhen according to the National Bureau of Statistics of the PRC

“GDP” acronym for “gross domestic product,” a monetary measure of the market value of all the final goods and services produced in a period of time, often annually

“GFA” gross floor area

“GFA under management” GFA of properties for which we are collecting property management and/or other service fees in relation to contractual obligations to provide our services

“IoT” Internet of Things, the network of physical devices with information-sensing capabilities to realize intelligent identification, positioning, tracking, monitoring and management

“large-scale property management refer to residential property projects each of which has projects” GFA under management of 200,000 sq.m. or above for purposes of this document

“lump sum basis” a revenue-generating model whereby property owners are required to pay fixed property management fees and allowing property management companies to enjoy or assume the surplus or deficit

“MOHURD” the Ministry of Housing and Urban-Rural Development of the PRC (中華人民共和國住房和城鄉建設部)

“North China” a geographical region of China, consisting of Beijing, Hebei province and Inner Mongolia autonomous region for purposes of this document

“private domain traffic” private online and offline channels that allow business operators to connect with their customers

“residential communities” or properties which are purely residential or mixed-use “residential properties” properties containing residential units and ancillary facilities that are non-residential in nature such as commercial or office units but excluding pure commercial properties

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“retention rate” the number of property management service contracts effective at the end of a year, being the number of contracts that existed less the number of contracts terminated and the number of contracts that expired and were not renewed during the period divided by the number of property management service contracts that existed during the same year less the number of contracts voluntarily terminated by us

“sq.m.” square meter

“Southwest China” a geographical region of China, consisting of Guangxi autonomous region, Guizhou province, Yunnan province, Sichuan province and Chongqing for purposes of this document

“tender success rate” a percentage calculated as the number of bids won over the number of bids placed multiplied by 100%

“Top 100 Property Management an annual evaluation and ranking of China-based Companies” property management companies jointly conducted by China Property Management Institute and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center. It primarily evaluates property management companies that at least have gained revenue of RMB60 million or have GFA under management of three million sq.m. or above based on several key indicators, including management scale, operational performance and social responsibility. The ranking in 2018, 2019 and 2020 included 100, 100, and 103 companies, respectively.

–39– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FORWARD-LOOKING STATEMENTS

We have included in this document forward-looking statements. Statements that are not historical facts, including statements about our intentions, beliefs, expectations or predictions for the future, are forward-looking statements.

This document contains certain forward-looking statements and information relating to us and our subsidiaries that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this document, the words “aim,” “anticipate,” “believe,” “could,” “expect,” “going forward,” “intend,” “may,” “ought to,” “plan,” “project,” “seek,” “should,” “will,” “would” “vision,” “aspire,” “target,” “schedules” and the negative of these words and other similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. Such statements reflect the current views of our management with respect to future events, operations, liquidity and capital resources, some of which may not materialize or may change. These statements are subject to certain risks, uncertainties and assumptions, including the risk factors as described in this document. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. The risks and uncertainties facing us which could affect the accuracy of forward-looking statements include, but are not limited to, the following:

• our business prospects; • our ability to maintain relationship with, and the actions and developments affecting, our major customers and suppliers; • future developments, trends and conditions in the industries and markets in which we operate; • general economic, political and business conditions in the markets in which we operate; • changes to the regulatory environment in the industries and markets in which we operate; • the ability of third parties to perform in accordance with contractual terms and specifications; • our ability to retain senior management and key personnel, and recruit qualified staff; • our business strategies and plans to achieve these strategies, including our expansion plans; • the actions of and developments affecting our competitors; • our ability to reduce costs and offer competitive prices; • our ability to defend our intellectual rights and protect confidentiality; • change or volatility in interest rates, foreign exchange rates, equity prices, trading volumes, commodity prices and overall market trends;

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• capital market developments; and • our dividend policy.

By their nature, certain disclosures relating to these and other risks are only estimates and should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated or projected, as well as from historical results. Specifically but without limitation, sales could decrease, costs could increase, capital costs could increase, capital investment could be delayed and anticipated improvements in performance might not be fully realized.

Subject to the requirements of applicable laws, rules and regulations, we do not have any and undertake no obligation to update or otherwise revise the forward-looking statements in this document, whether as a result of new information, future events or otherwise. As a result of these and other risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this document might not occur in the way we expect or at all. Accordingly, you should not place undue reliance on any forward-looking information. All forward-looking statements in this document are qualified by reference to the cautionary statements in this section.

In this document, statements of or references to our intentions or those of the Directors are made as of the date of this document. Any such information may change in light of future developments.

All forward-looking statements contained in this document are qualified by reference to the cautionary statements set out in this section.

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You should carefully consider all of the information in this document including the risks and uncertainties described below before making an investment in our Shares. Our business, financial condition and results of operations could be materially and adversely affected by any of these risks and uncertainties. The trading price of our Shares could decline due to any of these risks, and you may lose all or part of your investment.

RISKS RELATING TO OUR BUSINESS AND INDUSTRY

Our business, financial condition and results of operations may be materially and adversely affected if we are unable to continue to be engaged by Century Golden Resources Group.

During the Track Record Period, a significant portion of our property management services were provided to properties developed by Century Golden Resources Group. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, revenue generated from property management services to properties developed by Century Golden Resources Group represented 97.6%, 89.3%, 83.2%, 82.9% and 84.6%, respectively, of our total revenue of property management services. As we do not have control over the business strategies of Century Golden Resources Group, nor the macroeconomic or other factors that may affect their business operations, any adverse development in the operations of Century Golden Resources Group or their ability to develop new properties may affect our ability to procure new property management services contracts from them.

As the selection of a property management company depends on a number of factors, including but not limited to the quality of services, the level of pricing and the operating history of the property management companies, there can be no assurance that Century Golden Resources Group will continue to engage us as their property management company for any property they develop. If we are not able to continue to be engaged as Century Golden Resources Group’s property management company for properties they develop, or to procure new property management service contracts on commercially acceptable terms for properties developed by third-party property developers in a timely manner if we are not to be so engaged, our business, financial condition and results of operations may be adversely affected.

Our future growth may not materialize as planned, and our future business expansions into new geographic regions may subject us to new rules and regulations which may have material adverse effect on our business, financial condition and results of operations.

We have been continuously seek to expand our business through organic growth as well as acquisitions of other property management companies and expand our cooperation with independent third-party property developers. As of December 31, 2018, 2019 and 2020 and April 30, 2021, our total contracted GFA was 50.8 million sq.m., 68.3 million sq.m., 75.7 million sq.m. and 77.9 million sq.m., respectively. We seek to continue to increase our total contracted GFA and the number of projects in existing and new markets. However, our

–42– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS expansion plans are based upon our assessment of market prospects. We cannot assure you that our assessment will prove to be correct or that we can grow our business as planned. Our expansion plans may be affected by a number of factors, most of which are beyond our control. Such factors include:

• changes in China’s economic condition in general and the real estate market in particular;

• changes in disposable personal income in the PRC;

• changes in government regulations or policies;

• changes in the supply of and demand for property management services and value-added services;

• our ability to develop and strengthen collaborative relationship with property developers and property owners;

• our ability to generate sufficient liquidity internally and obtain external financing;

• our ability to recruit and train competent employees;

• our ability to select and work with suitable subcontractors and suppliers;

• our ability to understand the needs of residents in the properties to which we provide property management services;

• our ability to diversify our services;

• our ability to adapt to new markets where we have no prior experience including our ability to adapt to the administrative, regulatory and tax environments in such markets;

• our ability to solidify our market position in existing market and our ability to leverage our brand names and to compete successfully in new markets, particularly against the incumbent players in such markets who might have more resources and experience than us; and

• our ability to improve our administrative, technical, operational and financial infrastructure.

We cannot assure you that our future growth will materialize or that we will be able to manage our future growth effectively, and failure to do so may have a material adverse effect on our business, financial condition and results of operations.

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Our business, financial condition and results of operations may be affected by any adverse change in geographic regions in which we have a substantial business presence and operations.

As of April 30, 2021, our property management services covered 55 cities in 17 provinces, with a substantial business presence and operations in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province. As of December 31, 2018, 2019 and 2020 and April 30, 2021, we had total contracted GFA of 39.4 million sq.m., 51.9 million sq.m, 56.1 million sq.m. and 58.7 million sq.m., and total GFA under management of 37.7 million sq.m., 44.8 million sq.m., 48.2 million sq.m. and 53.6 million sq.m. in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province, respectively, comprising 81.5%, 80.0%, 76.9% and 76.7%, respectively, of the revenue of our property management services as of the same dates.

We expect that the services provided in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province will continue to account for a significant portion of our operations in the near future. As such, any adverse development in government policies or the business environment in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province, including economic downturn, natural disaster, contagious disease outbreak, terrorist attack, or adoption of regulations imposing burdens on us or the property management industry in general, could materially and adversely affect our business, financial condition and results of operations.

Our business, financial condition and results of operations may be adversely affected if we fail to control our costs in providing our property management services on a lump-sum basis.

Almost all of our revenue from property management services in 2018, 2019 and 2020 and the four months ended April 30, 2021 was generated on a lump-sum basis.

In general, on a lump-sum basis, we charge a pre-determined property management fee per sq.m. of GFA under management on a monthly basis, which represents “all-inclusive” fees for all of the property management services provided by us and our subcontractors as agreed in each property management service contract. If any excessive expenditure is incurred, we are not entitled to request payment from our property owners for the shortfall. Hence, on a lump-sum basis, our cost saving ability, through the course of our provision of property management services, has a positive correlation to our profitability. For more information, see “Business – Property Management Fees – Property Management Fees Charged on a Lump-Sum Basis” and “Financial Information – Significant Accounting Policies and Critical Accounting Judgments and Estimates – Revenue Recognition.” In the event that the amount of property management fees that we charge is insufficient to cover all the costs incurred for the property management services, we are not entitled to collect the shortfall from the relevant property owners or property developers. As a result, we may suffer losses and our business, financial

–44– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS condition and results of operations may be adversely affected. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we incurred losses of RMB3.7 million, RMB2.4 million, RMB0.9 million, RMB0.3 million and RMB0.2 million, respectively, arising from projects managed under a lump sum basis.

If we are unable to raise property management fee rates and there is a shortfall in working capital after deducting the property management costs, we would seek to cut costs with a view to reducing the shortfall. However, our ability to mitigate against such losses through cost-saving initiatives may not be successful, and our cost-saving efforts may negatively affect the quality of our property management services, which in turn would further reduce the property owners’ willingness to pay us the property management fees and adversely affect our business, financial condition and results of operations.

Our business, financial condition, results of operations and future growth prospects may be adversely affected by our failure to control or reduce operating costs, including labor and subcontracting costs.

The property management industry is labor intensive. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our labor cost accounted for 34.1%, 35.8%, 29.3%, 31.3% and 28.9%, respectively, of our revenue. During the same periods, our subcontracting costs accounted for 13.2%, 14.1%, 17.2%, 14.0% and 15.4%, respectively, of our revenue. To maintain and improve our profit margins, it is critical for us to control and reduce our labor and subcontracting costs as well as other operating costs. We face pressure from rising labor and subcontracting costs due to various factors, including but not limited to:

• Increases in minimum wages. The minimum wage in the regions where we operate has increased substantially in recent years, directly affecting our direct labor costs as well as the fees we pay to our third-party subcontractors.

• Increases in headcount of our employees and number of subcontractors.Aswe expand our operations, the headcount of our property management staff, sales and marketing staff and administrative staff will continue to grow. We also need to retain and continually recruit qualified employees to meet our growing demand for talent. Moreover, as we continue to expand our business, our operations may require more subcontractors and, as a result, our subcontracting costs may increase. We may also face increases of associated costs such as training, employee welfare and quality control measures.

• Delay in implementing. Usually, there is a time gap between our commencement of property management services for a particular property and implementation of our systems to that property to reduce labor costs.

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Our ability to maintain and improve our current profit margins depends upon whether we can control and reduce our operating costs as our business expands, and replicate the same cost model across different properties under our management. We cannot assure you that we will be able to control our operating costs, or successfully pass the cost impact to the property management fees charged by us so as to maintain our profit margins. If we cannot achieve these goals, our business, financial condition, results of operations and prospects may be materially and adversely affected.

Our business, financial condition and results of operations may be adversely affected by termination or non-renewal of our property management service contracts for a significant number of properties.

We generate a substantial part of our revenue from property management services performed under our property management service contracts. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, revenue generated from our property management services accounted for 74.8%, 77.3%, 79.4%, 77.3% and 78.3% of our total revenue, respectively. Our preliminary property management service contracts usually expire at the time when (i) the property owners’ association is established, and (ii) property management service contracts signed by the property owners’ association go into force. The property management service contracts we entered into with property owners’ associations generally have a fixed term, which will need to be renewed upon expiry. See “Business – Property Management Services – Our Property Management Service Contracts.” There can be no assurance that our services can be provided at a satisfactory level for us to be selected by the relevant property owners to enter into subsequent property management service contracts or the relevant subsequent property management service contracts can be renewed when their terms expire. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our retention rate for property management service contracts was 100.0%, 99.6%, 97.2%, 99.2% and 96.7%, respectively. Nevertheless, there can be no assurance that we will be able to maintain or improve such rates in the future. Termination or non-renewal of a significant number of our property management service contracts could have a material and adverse impact on our revenue of property management services, and may be detrimental to our reputation and brand value. Failure to cultivate our brand value may diminish our competitiveness within the industry and adversely affect our business, financial condition and results of operations.

Furthermore, the performance and development of our value-added services, including community living services, community space management services and community retail services, to a large extent, rely upon the residents in the properties we manage for our property management services business. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, revenue generated from our value added services accounted for 25.2%, 22.7%, 20.6%, 22.7% and 21.7% of our total revenue, respectively. Therefore, any failure to renew our property management service contracts or termination of such contracts could also adversely affect the performance of our value-added services business, financial condition and results of operations.

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Our business, financial condition and results of operations may be adversely affected if we fail to collect property management fees from property owners, tenants, residents, property developers and property occupants, which may result in impairment losses on receivables.

We may encounter difficulties when collecting property management fees from property owners, tenants, residents, property developers and property occupants. Even though we seek to collect property management fees through a number of collection measures, we cannot assure you that such measures will be effective or enable us to accurately predict our future collection rate. Although our management’s estimates and related assumptions were made in accordance with information available to us, such estimates or assumptions may need to be adjusted if new information becomes known.

As of December 31, 2018, 2019 and 2020 and April 30, 2021, our allowance for trade receivables was RMB11.2 million, RMB17.4 million, RMB24.0 million and RMB30.6 million, respectively. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our collection rate for property management fees, calculated as the property management fees collected by the end of the relevant period (including any such fees received for previous period(s) and any prepaid fees received for future period(s)) divided by the corresponding total property management fees receivable for the same period, was 99.1%, 95.3%, 105.2%, 114.6% and 98.0%, respectively. There can be no assurance that we will not have bad debts in the future. In the event that actual recoverability is lower than expected, we may need to make provision for impairment of trade receivables, which could in turn adversely affect our business, financial condition and results of operations.

Our business, financial condition, results of operations and prospects may be adversely affected if we are unable to compete effectively against existing and new competitors.

The PRC property management industry is highly competitive and fragmented. See “Industry Overview – Competitive Landscape.” Our major competitors include large national, regional and local property management companies. Competition may intensify as our competitors expand their service offerings, or as new competitors enter our existing or new markets. We believe that we compete with our competitors on a number of factors, primarily including property management portfolio, brand recognition, capital resources, pricing and service quality. Our competitors may have better track records, longer operating histories, greater financial, technical, sales, marketing, distribution and other resources, better name recognition and larger customer bases. As a result, these competitors may be able to devote more resources to the development, promotion, sales and support of their services. In addition to competition from established companies, emerging companies may enter our existing or new markets. We cannot assure you that we could maintain or grow our current property management services and property management portfolio as planned, and we may not be able to recover the relevant costs. Furthermore, our value-added services business faces competition from other companies providing similar services. We cannot assure you that we will be able to continue to compete effectively or maintain or improve our market position, and such failure could have a material adverse effect on our business, financial condition and results of operations.

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Our business, financial condition and results of operations may be adversely affected if we are unable to grow our property management portfolio as planned.

We have experienced stable growth and expanded our business in recent years. Our total GFA under management increased from approximately 47.6 million sq.m. as of December 31, 2018 to approximately 58.7 million sq.m. as of December 31, 2019 and 64.4 million sq.m. as of December 31, 2020, which further increased to 70.2 million sq.m. as of April 30, 2021. We seek to continue to grow our property management portfolio in respect of residential and non-residential properties from both Century Golden Resources Group and third-party developers, and we also seek to grow our property management portfolio in existing and new markets.

However, our expansion is based on our forward-looking assessment of the property management market. There can be no assurance that our assessment will always turn out to be correct or we can grow our property management portfolio as planned. Our growth may be affected by a number of factors beyond our control, such as the economic condition in the PRC, developments in the real estate market, supply and demand of the property management services and community value-added services, changes in government regulations and our ability to obtain adequate financing. There is also a time gap between our commencement of property management services for a particular property and the implementation of our systems to that property to reduce costs and to generate profits. In circumstances where we expand into a new market, we may have limited knowledge of the local property management service market, which could be substantially different from our existing markets. We may not have established relationships with local subcontractors, suppliers and other business partners as we do in our established markets. We may not be able to leverage our goodwill in a new market as we have done so in our established markets, and may face intense competition from the local property management companies which might have more resources and experience than we do.

To accomplish our strategies and manage the future growth of our operations, we will be required to enhance our service quality, improve our operational and financial systems and hire, train, retain and manage our growing employee base and to maintain and expand our relationships with our customers, subcontractors, suppliers, business partners and other third parties, the failure of which may adversely affect our ability to grow our property management portfolio as planned or manage our future growth effectively. As a result, we may not be able to take advantage of market opportunities, which may have a material adverse effect on our business, financial condition and results of operations.

We may not be able to maintain or grow our value-added services business.

Some of our value-added services, including our community retail services and home furnishing services as part of our community living services, have a relatively short operating history compared to our property management services business. There can be no assurance that we could maintain or grow our current value-added services as planned, and our related costs may not be recovered. The development of value-added services relies on our ability to

–48– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS retain and continually recruit qualified employees with relevant experience, tap our existing customer base from our managed properties, and identify and explore business partners to offer suitable products and services for our value-added services, and there can be no assurance we will be able to continue to do so. However, our current plans for value-added services are subject to changes or certain value-added services that we plan to offer may not be realized due to changes in customer demand and market trends. If our value-added services fail to attract new customers, tailor to their needs or prove to be otherwise unsatisfactory, we may fail to maintain or grow our value-added business as planned and, as a result, our business, results of operations and prospects could be adversely affected.

We may be subject to product liability claims for products offered in our community retail services.

We may be subject to product liability arising from products offered in our community retail services under the relevant PRC laws and regulations. Any product liability claim or governmental regulatory action could be costly and time-consuming. We could be required to pay substantial damages as a result of such claim or action. A material design, manufacturing or quality failure in these products, safety issues or heightened regulatory scrutiny could each result in a product recall and increased product liability claims. All of these events could materially harm our brand and reputation and marketability of such products, cause us to lose our existing customers and divert our management’s attention.

We may not be able to successfully complete or realize expected benefits from our future investments or acquisitions.

We plan to continue to selectively pursue strategic investment, cooperation and acquisition opportunities involving other property management companies or other businesses that are supplementary to our existing business and integrate their operations into our business. However, our endeavors to make investments or acquisitions may involve significant risks and uncertainties, including distraction of management from existing operations, inability to identify suitable opportunities, greater than expected liabilities and expenses, and unidentified issues not discovered in our due diligence, or we may not be able to identify suitable opportunities for strategic investments or acquisitions as we anticipated. Even if we manage to identify suitable opportunities, we may not be able to complete the transactions on terms commercially favorable or acceptable to us, or may not be able to obtain relevant licenses or approvals of the acquired businesses, in a timely manner, or at all. The inability to identify suitable opportunities or complete such transactions successfully could adversely affect our competitiveness and results of operations.

Furthermore, even if we successfully complete an acquisition, we may fail to achieve the desired benefits from such transaction. In general, upon completion of an acquisition, we may allocate significant resources to the integration of the new business into our existing business. The integration process involves certain risks and uncertainties, some of which are beyond our control. Our ability to manage the acquired business may be affected by a number of factors,

–49– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS including, but not limited to, the nature and size of the acquired business, the risks of operating in new markets, difference in corporate cultures, inability to retain the personnel of the acquired business, inability to obtain approval from relevant government authorities as well as hidden costs associated with such acquisitions. If we cannot achieve the desired benefits from the acquisitions, our business, financial condition, results of operations and prospects may be adversely affected.

Our business may be adversely affected by substandard services to our customers by third-party subcontractors whom we rely on to perform certain property management services.

We delegate certain property management services, primarily security services, cleaning, greening and gardening services and maintenance services, to third-party subcontractors. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our subcontracting costs were RMB121.6 million, RMB149.8 million, RMB221.8 million, RMB54.0 million and RMB88.2 million, respectively, representing approximately 13.2%, 14.1%, 17.2%, 14.0% and 15.4%, respectively, of our revenue. Although we have adopted supervision policies with regard to the services provided by third-party subcontractors, we may not be able to monitor such third-party subcontractors as directly and efficiently as with our own employees. They may take actions contrary to our or our customers’ instructions or requests, or be unable or unwilling to fulfill their obligations. As a result, we may have disputes with our subcontractors, or may be held responsible for their actions, either of which could lead to damages to our reputation, additional expenses and business disruption and potentially expose us to litigation and damage claims. There can be no assurance that we will be able to recover from a third-party subcontractor the amounts we are required to pay to customers due to the third-party subcontractor’s failure to fulfill its obligations.

Also, we cannot assure you that, upon the expiration of our agreements with our current third-party subcontractors, we will be able to renew such agreements or find suitable replacements in a timely manner, on terms acceptable to us, or at all. In addition, if our third-party subcontractors fail to maintain a stable team of qualified personnel or do not have easy access to stable supply of qualified personnel or fail to perform their obligations properly or in a timely manner, the work process may be interrupted. Any interruption to the third-party subcontractors’ work process may potentially result in a breach of the agreement between our customers and us. Any such event could materially and adversely affect our service quality and reputation, as well as our business, financial condition and results of operations.

Our success depends upon the retention of our directors and senior management and key employees, as well as our ability to attract and retain qualified and experienced employees or a sufficient workforce.

Our continued success is highly dependent upon the efforts of our directors and senior management. For details, see “Directors and Senior Management.” If any of them leaves and we are unable to promptly hire a qualified replacement, our business, financial condition and results of operations may be materially and adversely affected. In addition, the future growth

–50– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS of our business will depend in part on our ability to attract and retain qualified personnel in all aspects of our business, including property management and value-added services. If we are unable to attract and retain these qualified personnel, our growth may be limited and our business, financial condition and results of operations could be materially and adversely affected.

Additionally, the future growth of our business will partially depend on our ability to attract and retain qualified and experienced employees to operate our business. We may need to compete with the other property management companies in the industry or even property developers for qualified and experienced employees in the PRC. If we are unable to attract and retain such qualified and experienced employees, our growth may be limited and our business and results of operations may be materially and adversely affected.

Our business, financial condition and results of operations may be adversely affected by damages to the communal areas of the properties we manage as a result of any natural disasters, residents intended or unintended actions or other events.

The communal areas of the properties we manage may suffer damage as a result of occurrences beyond our control, including but not limited to natural disasters, residents’ intended or unintended actions or other events. Although Measures for the Management of Special Maintenance Funds for Residential Buildings (《住宅專項維修資金管理辦法》) mandate that each residential community establish a special fund to pay the repair and maintenance costs of communal areas and communal facilities and equipment, there can be no assurance that there will be sufficient sums in those special funds. Where the damage is caused by natural disasters such as earthquakes, floods or typhoons, or accidents or intentional harm such as fires, the damage caused may be extensive. At times, additional resources may have to be allocated to assist police and other governmental authorities in investigating criminal actions that may have been involved.

As the property management service provider, we may be viewed as responsible for restoring the communal areas and assisting any investigative efforts. In the event that there is any shortfall in the special funds necessary to cover all the costs involved, we may have to compensate for the difference with our own resources first. We would need to collect the amount of the shortfall from the property owners later. To the extent that our attempts are unsuccessful, we may experience material adverse effects on our business, financial position and results of operations. As we intend to continue growing our business, the likelihood of such occurrences may rise as the number of our managed properties increases. Moreover, we may expand into markets that are geographically located in areas susceptible to natural disasters such as earthquakes or typhoons. Although none of our assets, business, results of operations and financial condition was materially affected during the Track Record Period, we continue to be exposed to such risks that a material number of properties under our management may suffer damage due to reasons such as natural disasters, residents’ intended or unintended actions and other events.

–51– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

We may be subject to liability and reputational risks as a result of accidents occurring during the course of our business.

Accidents may occur during the course of our business. We provide services such as repair and maintenance services and security services to property developers and residents of the properties we manage through our own employees and third-party subcontractors. Repair and maintenance services such as elevator maintenance involve the operation of heavy machinery, and are subject to risks of accidents. Likewise, security services are subject to similar risks. These occurrences could result in damage to, or destruction of, properties of the communities, personal injury or death and legal liability. Working in a dangerous environment presents risks to our employees and third-party subcontractors. In addition, we are exposed to claims that may arise due to employees’ or third-party subcontractors’ negligence or recklessness when performing repair and maintenance services. We may be held liable for the injuries or deaths of employees, subcontractors, residents or others. We may also experience interruptions to our business and may be required to change the manner we operate as a result of governmental investigations or the implementation of safety measures upon occurrence of accidents. Any of the abovementioned could adversely affect our reputation, business, financial condition and results of operations.

Our business and reputation may be adversely affected by negative publicity, including adverse information on the internet, about us, our Shareholders and affiliates, our brand, management, suppliers and products.

Negative publicity about us, our Shareholders and affiliates, the properties we manage, our brand, management and other aspects of our business operations may arise from time to time. They may appear in the form of comments on internet postings and other media sources, and we cannot assure you that other types of negative publicity will not arise in the future. For example, in the event that we fail to meet our customers’ expectations as to our service quality, our customers may disseminate negative comments on social media platforms. Our subcontractors may also become the subject of negative publicity for various reasons, such as customer complaints about the quality of their services.

In particular, we noticed that Century Golden Resources Group was alluded in a news article on an incident of Mr. BAI Enpei, former vice chairman of the National People’s Congress Environment Protection and Resources Conservation Committee. According to the article, Mr. Bai allegedly took advantage of his position to illegally receive money from several companies (including Century Golden Resources Group) and individuals during 2000 to 2013. As confirmed by our Directors, (i) such alleged incident is not related to our Group; and (ii) our Group and its existing Shareholders, Directors and senior management were not involved in the alleged incident, nor were they subject to any investigation or litigation in connection with the alleged incident.

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Nevertheless, such occurrences may damage our reputation and we may lose customer confidence. In the long term, this would affect our future ability to attract and retain new customers and employees. We may suffer material adverse effects to our business and brand that in turn would diminish our competitive position.

We may not be able to detect, deter and prevent fraud, negligence, theft or other misconduct by our employees, subcontractors, agents, customers or other third parties.

We are exposed to fraud or other misconduct committed by our employees, subcontractors, agents, customers or other third parties that could subject us to financial losses and sanctions imposed by governmental authorities as well as seriously harm our reputation. Our information systems and internal control procedures are designed to monitor our operations and overall compliance. However, they may be unable to identify noncompliance and/or suspicious transactions in a timely manner, or at all. Furthermore, it is not always possible to detect and prevent fraud and other misconduct, and the precautions we take to prevent and detect such activities may not be effective, and our business, financial condition, results of operations and reputation may suffer as a result.

Although we have limited control over the behavior of any of these parties, we may be viewed as at least partially responsible for their conduct on contractual or tortious grounds. We may become, or be joined as, a defendant in litigation or other administrative or investigative proceedings and be held accountable for injuries or damages sustained by such parties. To the extent that we cannot recover related costs from the employees, subcontractors, agents, customers or other third parties involved, we may experience material adverse effects on our business, financial condition and results of operations. We may also attract negative publicity, damaging our reputation and brand value.

We may be unable to protect our intellectual property rights and we may be involved in intellectual property disputes and claims and, as a result, our business and our ability to compete effectively may be adversely affected.

We have registered and are in the process of registering a number of intellectual property rights in the PRC. We consider these intellectual properties crucial business assets and key to customer loyalty and essential to our future growth. The success of our business depends substantially upon our continued ability to use our brand, trade names and trademarks to increase brand recognition and to further develop our brand. The unauthorized reproduction of our trade names or trademarks could diminish the value of our brand and our market reputation and competitive advantages. We are also in the process of applying for certain trademark registrations. For details, see “Business – Intellectual Property.” In particular, prior to the completion of the registration, as the case may be, our rights in these trademarks may not be fully and adequately protected in the PRC. We may not be able to take action as a registered owner or user of these trademarks to protect them, and may need to seek alternative causes of action available under PRC law, which may or may not be successful. In addition, we cannot

–53– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS assure you that the registrations will be completed on a timely basis or at all. If we do not complete the trademark registrations as anticipated, we may lose our right to continue to use or exclusively use the relevant trademarks, which may materially and adversely affect our business and operations.

Our measures to protect intellectual property rights may afford limited protection and policing unauthorized use of proprietary information can be difficult and expensive. In addition, enforceability, scope and validity of laws governing intellectual property rights in the PRC are uncertain and still evolving, and could involve substantial risks to us. If we were unable to detect unauthorized use of, or take appropriate steps to enforce, our intellectual property rights, it could have an adverse effect on our business and our competitiveness.

We may be subject to claims from competitors or third parties alleging intellectual property infringement in our ordinary course of business from time to time. Any claims or legal proceedings brought against us in relation to such issues, with or without merit, could result in substantial costs and divert capital resources and management’s attention. In the event of an adverse determination, we may be compelled to pay substantial damages or to seek licenses from third parties and pay ongoing royalties on terms unfavorable to us. In addition, regardless of whether we prevail, intellectual property disputes may damage our brand value and reputation in the eyes of current and potential customers and within our industry. As a result, our business, financial condition and results of operations could be materially and adversely affected.

Some of our PRC subsidiaries and branch offices did not make full contributions to social insurance and housing provident funds in a timely manner during the Track Record Period and, as a result, we may be subject to administrative penalties.

In accordance with applicable PRC laws and regulations, we are obliged to contribute to social insurance and housing provident fund contributions for our employees. During the Track Record Period, some of our PRC subsidiaries and branch offices did not make full contribution to the social insurance and housing provident funds for certain employees in a timely manner. According to Regulations on Management of Housing Provident Fund (《住房公積金管理條例》), (i) for housing provident fund registrations that we fail to complete before the prescribed deadlines, we may be subject to a fine ranging from RMB10,000 to RMB50,000, and (ii) for housing provident fund contributions that we fail to pay within the prescribed deadlines, we may be subject to any order by the relevant people’s court to make such payments. According to Social Insurance Law of the PRC (《中華人民共和國社會保險法》), for outstanding social insurance fund contributions that we did not fully pay within the prescribed deadlines, we may be subject to a penalty rate of 0.05% compounded daily from the date the relevant contributions became payable. If payment is not made within the prescribed period, we may be liable to a fine of one to three times the outstanding contribution amount. See “Business – Employees – Social Insurance and Housing Provident Fund Contributions.”

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We are subject to risks of increased operational costs since our insurance may not sufficiently cover, or may not cover at all, losses and liabilities that we may encounter.

We cannot assure you that our insurance coverage will be sufficient or available to cover damages, liabilities or losses we may incur in the course of our business. Moreover, there are certain losses for which insurance is not available in the PRC on commercially practicable terms, such as losses suffered due to business interruptions, earthquakes, typhoons, floods, war or civil disorder. If we are held responsible for any such damages, liabilities or losses and our insurance coverage is insufficient or unavailable, there could be a material adverse effect on our business, financial condition and results of operations. See “Business – Insurance.”

Our business, reputation, financial condition and results of operations may be adversely affected and we may be subject to risks of litigation and damage claims if our information technology systems, or any third party information technology systems that we utilize, experience disruptions, security breaches, identity theft or data security issues.

We utilize a third-party comprehensive internal management system where information related to human resources and financials is processed automatically. If the third parties are unable to detect any system errors, continue to upgrade their information technology systems and network infrastructure and take other steps to improve the efficiency of their information technology systems, there may be system interruptions or delays, which could adversely affect our operating results. In addition, we may experience occasional system interruptions and delays to our service platform that make our services unavailable or difficult to access, and prevent us from promptly responding or providing services to our customers. This may reduce the attractiveness of our service platform, may incur losses to our customers, and lead to legal proceedings against us.

Moreover, transactions in relation to our community retail services are conducted through a third-party retail technology platforms. In these transactions, secured transmission of confidential information, such as customers’ personal and billing information, over public networks is essential to maintaining consumer confidence. As our community retail services grow, associated cybercrimes are likely to increase as well.

Although we have implemented a series of measures to protect us against security breaches, our current security measures and those of the third-party platform service provider may not be adequate. Enhancing our security measures and efforts may lead to additional costs and expenses, but may not guarantee complete safety. In addition, we do not have control over the security measures of such third-party service provider. Security breaches of the third-party platform that we use could expose us to litigation and possible liability for failing to secure confidential user information and could, among other things, damage our reputation.

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Furthermore, even if a security breach did not occur on the third-party platform that we use, if an internet or mobile network security breach were to occur, the perceived security of such platform in general may be adversely affected and discourage users from using our community retail services. Any leakage of confidential information or data, breach of network security or other misappropriation or misuse of personal information could cause interruptions to our business operations and may subject us to increased costs, litigation and other liabilities, which could materially and adversely affect our reputation, business, financial condition and results of operations.

Our Controlling Shareholders have substantial control over our Company and their interests may not be aligned with those of the other Shareholders.

Prior to and immediately following the completion of the [REDACTED], our Controlling Shareholders will continue to have substantial control over our Company. Subject to the Articles, the Cayman Companies Act and the Listing Rules, the Controlling Shareholders, by virtue of their controlling beneficial ownership of the share capital of our Company, will be able to exercise significant control and exert significant influence over our business or otherwise on matters of significance to us or other Shareholders by voting at the general meeting of the Shareholders and at Board meetings.

The interests of the Controlling Shareholders may differ from those of the other Shareholders, and the Shareholders are free to exercise their votes according to their interest. To the extent that the interests of the Controlling Shareholders conflict with those of the other Shareholders, the interests of such Shareholders can be disadvantaged and harmed.

We may be involved in legal and other disputes and claims from time to time arising from our operations.

We may, from time to time, be involved in disputes with and subject to claims by property developers, property owners, residents or tenants to whom we provide property management and value-added services. Disputes may also arise if they are dissatisfied with our services. In addition, property owners may take legal actions against us if they perceive that our services are inconsistent with the prescribed service standards contained in the relevant property management service contracts. Furthermore, we may from time to time be involved in disputes with and subject to claims by other parties involved in our business, including our employees, third-party subcontractors, suppliers and other third parties who sustain injuries or damages while visiting properties under our management. All of these disputes and claims may lead to legal or other proceedings or cause negative publicity against us, thereby resulting in damages to our reputation, substantial costs and diversion of resources and management’s attention from our business activities, which may in turn have a material adverse effect on our business, financial condition and results of operations.

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We are exposed to fair value changes in financial assets measured at fair value through profit or loss and valuation uncertainty due to the use of unobservable inputs that require judgment and assumptions which are inherently uncertain.

To manage our short-term liquidity, we purchased and redeemed wealth management products issued by large reputable commercial banks. As of December 31, 2018, 2019 and 2020 and April 30, 2021, we had investments in wealth management products, recognized as financial assets measured at fair value through profit or loss in our consolidated statement of financial position of approximately RMB543.7 million, nil, nil, and nil, respectively. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we recognized fair value gains on our financial assets measured at fair value through profit or loss of approximately RMB9.2 million, RMB13.3 million, RMB2.4 million, RMB0.7 million and nil, respectively. All of these wealth management products are floating rates based and the principals of most of these wealth management products are not protected or guaranteed by the issuing banks. We face exposure to fair value change for the financial assets measured at fair value through profit or loss. We cannot assure you that we can recognize comparable fair value gains in the future, and we may recognize fair value losses which would affect our result of operations for future periods. In addition, the valuation of fair value changes of financial assets measured at fair value through profit or loss is subject to uncertainties in estimations. Such estimated changes in fair value involve the exercise of professional judgment and the use of certain bases, assumptions and unobservable inputs, which, by their nature, are subjective and uncertain. See “Financial Information – Significant Accounting Policies and Critical Accounting Judgments and Estimates – Fair Value Measurement.” As such, the valuation of our financial assets measured at fair value through profit or loss has been, and will continue to be, subject to uncertainties in estimations, which may not reflect the actual fair value of these financial assets and result in significant fluctuations in profit or loss from period to period.

We may require additional funding to finance our operations and future acquisitions, which may not be available on terms acceptable to us or at all.

Taking into account cash and cash equivalents on hand, our operating cash flows, and the estimated [REDACTED] available to us from the [REDACTED], our Directors believe that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document. We may, however, require additional cash resources to finance our continued growth or other future developments, including any investments or acquisitions we may decide to pursue. To the extent that our funding requirements exceed our financial resources, we will be required to seek additional financing or to defer planned expenditures. We cannot assure you that we can obtain additional funds on terms acceptable to us, or at all. In addition, our ability to raise additional funds in the future is subject to a variety of uncertainties, including but not limited to: (i) our future financial condition, results of operations and cash flows; (ii) general market conditions for capital raising and debt financing activities; and (iii) economic, political and other conditions in the PRC and elsewhere. Furthermore, if we raise additional funds through equity or equity-linked financings, your equity interest in our Company may be diluted. Alternatively, if we raise additional funds by

–57– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS incurring debt obligations, we may be subject to various covenants under the relevant debt instruments that may, among other things, restrict our ability to pay dividends or obtain additional financing. Fulfilling such debt obligations could also be burdensome to our operations. If we fail to fulfill such debt obligations or are unable to comply with any of these covenants, we could be in default under such debt obligations and our liquidity and financial position could be adversely affected.

Some of our property management service contracts may be obtained without going through the required tender and bidding process.

Under the Regulations on Property Management (《物業管理條例》) a residential property developer shall hire qualified property management companies to provide preliminary property management services by going through a tender and bidding process. When the number of bidders is likely to be fewer than three or the total GFA is relatively small, and in either case with the approval of the relevant authority according to the PRC laws, property developers may go through the process of appointment through agreement. A residential property developer may be required to take rectification measures within a prescribed period and pay fines of up to RMB100,000 if it fails to comply with such tender and bidding requirement. During the Track Record Period, we were selected by a number of property developers to provide preliminary property management services for 44 properties without going through the required tender and bidding process, and such properties had aggregate contracted GFA of approximately 4.5 million sq.m. The revenue from our property management services provided to such properties without going through the required tender and bidding process was approximately RMB3.3 million, RMB16.1 million, RMB21.6 million, RMB3.2 million and RMB9.6 million, respectively, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, accounting for approximately 0.5%, 2.0%, 2.1%, 1.1% and 2.1%, respectively, of our total revenue from property management services for the same periods.

If the local government requires the relevant property developer to take rectification measures within a prescribed period, the relevant property developer may need to organize a tender and bidding process to select a property management company for properties developed by it. Nevertheless, there is a risk that our preliminary property management agreements may be (i) terminated if the relevant property developer is requested to organize a tender and bidding process to select a property management company for projects it developed under relevant PRC laws, or (ii) determined as invalid by local judicial authorities if the relevant property developer remains non-compliant with the tender and bidding process requirement. In the case that we do not win the bid in such tender and bidding process, we may not continue to provide property management services for the relevant properties and, as a result, our business and results of operations may be adversely affected. For more details, see “Business – Property Management Services – Process of Obtaining Property Management Projects.”

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Some of our lease agreements have not been filed with the relevant PRC authorities and, as a result, we may be subject to administrative penalties.

According to applicable PRC administrative regulations, the lessor and the lessee to a lease agreement are required to file the lease agreement with relevant governmental authorities within 30 days after the execution of the lease agreement. If the filing is not made, the governmental authorities may require that the filing be made within a stated period of time, failing which, they may impose a fine ranging from RMB1,000 to RMB10,000 for each agreement that has not been properly filed.

As of the Latest Practicable Date, we had not filed 60 lease agreements for the properties we leased with the local housing administration authorities as required under PRC laws and regulations, primarily due to (i) the lack of cooperation of the relevant landlords at the time of filing of the relevant lease agreements; and (ii) inability to file the lease agreements in accordance with the relevant laws and regulations due to the nature the leased properties. Lessors to the related leases need to provide us with certain documents (such as their business licenses or personal identification information) in order to complete the administrative filing. There can be no assurance that the lessors of our leased properties will be cooperative in the process of completing the filings. As advised by our PRC legal advisor, we might be ordered to rectify by competent authorities and, if we fail to rectify within a prescribed period, a penalty of RMB1,000 to RMB10,000 per agreement may be imposed on us as a result of such non-filing. As such, the estimated maximum amount of penalty for our failure to file these lease agreements is RMB600,000. For details, see “Business – Properties.”

In the event that we fail to complete the filings within the prescribed period and relevant administrative authorities determine that we shall be liable for failing to complete such filings, we may be subject to fines for the failure to register the lease agreements, which could harm our financial condition and results of operations.

Our business, financial condition, results of operations and prospects may be affected by the relevant PRC regulations.

The PRC property management industry and our operations are affected by the relevant regulatory environment and measures. In particular, the fees that property management companies may charge in connection with property management services are strictly regulated and supervised by relevant PRC authorities. We seek to comply with the regulatory regime of the property management services in conducting our business. In December 2014, the NDRC issued the Opinion of the National Development and Reform Commission on the Opening Fees in Certain Services (《國家發展改革委關於放開部分服務價格意見的通知》)(發改價格[2014]2755 號), which requires the relevant provincial authorities to relax the price control policies in relation to the property management services for non-affordable housing. Property management fees for affordable housing, housing-reform properties and properties in old residential communities and management fees under preliminary property management service agreements remain subject to price guidance imposed by provincial level price administration

–59– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS departments and the administrative departments of housing and urban-rural development. The PRC government may also promulgate new laws and regulations in relation to property management fees and other matters from time to time. For further details on the laws and regulations applicable to our business, see “Regulatory Overview – Legal Supervision Over Property Management Services.”

We generated most of our revenue from property management services during the Track Record Period. The performance of our property management services business is primarily dependent on the total GFA and number of residential communities we manage. As such, our growth in the property management services business is, and will likely continue to be, affected by the PRC government regulations on the real estate industries.

In particular, the PRC government has continued to introduce various restrictive measures to discourage speculation in the property development market. The PRC government exerts considerable direct and indirect influence on the development of the PRC real estate industry by imposing industry policies and other economic measures, such as control over the supply of land for property development and control of foreign exchange, property financing, taxation and foreign investment. Through these policies and measures, the PRC government may restrict or reduce property development activities, place limitations on the ability of commercial banks to make loans to property purchasers, impose additional taxes and levies on property sales and affect the delivery schedule and occupancy rates of the properties we service. Any such governmental regulations and measures may affect the PRC property management industry, thereby limiting our business growth and resulting in a material adverse effect on our business, financial condition and results of operations.

In particular, the PRC government may introduce new initiatives to set caps on certain debt ratios of property development companies, with a view to controlling the increase of the debt levels in the real estate sector. Such potential initiatives or measures, once in place, may further limit property developers’ access to capital and slow down the overall growth of the real estate sector and revenue expansion of property developers, which may, in turn, adversely impact the growth of the PRC property management industry and the supply of new properties for management by property management companies like us. In the event that Century Golden Resources Group fails to obtain sufficient financing and such financial difficulties result in delays in completion of its projects in the future, the growth of our GFA under management may be affected, which may, in turn, adversely affect the growth of our property management services and value-added services.

Furthermore, in 2018 and 2019, we recorded interest from loans to related parties amounting to RMB72.4 million and RMB9.2 million, respectively, and interest from associates of related parties amounting to RMB2.3 million in 2018. The General Lending Provisions (《貸款通則》) promulgated by the PBOC prohibited companies that are not financial institutions from conducting financial business such as deposit-taking and lending. The PBOC may impose penalties on the lender equivalent to one to five times of the illegal income (being interest charged). However, according to the Provisions of the Supreme People’s Court on Several Issues concerning the Application of Law in the Trial of Private Lending Cases (《最

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高人民法院關於審理民間借貸案件適用法律若干問題的規定》), or the Provisions, which became effective on September 1, 2015, and was amended on December 29, 2020, the Supreme People’s Court would admit the validity and legality of civil lending contracts among companies if they are made for the needs of production or business operation, while not disobeying the mandatory terms of the Civil Code (《民法典》) or other such stipulations. PRC courts will also support a company’s claim for agreed interest rate not more than four times of the loan prime rate, or the LPR for one-year loan, at the time of the establishment of the contract. As of the Latest Practicable Date, we had not received any notice of claim or been subject to any investigation or penalty relating to the loans we provided to related parties during the Track Record Period. Our Directors confirm that all borrowings between the related parties and us had been fully settled as of the Latest Practicable Date. On this basis, our PRC Legal Advisor is of the view that the risk of us being penalized for the above mentioned borrowings is remote.

We may be subject to risks of non-compliance with rules and regulations issued by government authorities at provincial and local levels in the course of our business expansion.

As we expand our business operations into new geographic regions and broaden the range of services we perform, we are subject to an increasing number of provincial and local rules and regulations. In addition, due to the significant increase in size and scope of our business during the Track Record Period, the difficulty in ensuring compliance with the various local property management regulations and the potential for loss resulting from non-compliance have increased. If we fail to comply with applicable local rules and regulations, we may be subject to penalties by the competent authorities. The rules and regulations applicable to our business, whether national, provincial or local, may also change in ways that materially increase our costs of compliance, and any failure to comply could result in significant financial penalties which could have a material adverse effect on our business, financial condition and results of operations.

The preferential income tax treatment and government grants that we enjoy in the PRC may be altered or terminated.

Certain of our subsidiaries in the PRC are located in western cities are subject to a preferential income tax rate of 15% in certain years, as opposed to the statutory corporate income tax rate in the PRC of 25%. Meanwhile, certain subsidiaries have been approved as Small Low-profit Enterprises, which are subject to a preferential income tax rate of 5% or 10% in certain years. For details, see “Financial Information – Description of Certain Consolidated Statement of Profit or Loss Items – Income Tax Expenses” and Note 7 of Accountants’ Report in Appendix I to this document. Meanwhile, we enjoy financial support received from local governments relating to business operations as an incentive for business development. Our government grants were RMB3.8 million, RMB6.7 million, RMB16.3 million, RMB7.2 million and RMB2.8 million, respectively, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021. In 2020, we also received relief of social security payments relating to the COVID-19 pandemic, which amounted to RMB40.3 million.

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There can be no assurance that the policies on preferential tax treatment or government grants will not change or that any preferential tax treatment or government grants we enjoy or will be entitled to enjoy will not be terminated. If any change or termination of preferential tax treatment or government grants occurs, the increase in our tax charge or any other related tax liabilities or decrease in our other income could adversely affect our results of operations and financial condition.

Our business may be materially and adversely affected if we fail to obtain or renew required approvals, permits, licenses or certificates necessary for our operations.

We are required to obtain and maintain certain approvals, permits, licenses or certificates in order to provide property management and certain other services that we currently offer. We must meet various specific conditions in order for the government authorities to issue or renew any such approval, permit, license or certificate. We cannot assure you that we will be able to adapt to new rules and regulations that may come into effect from time to time with respect to our services, or that we will not encounter material delays or difficulties in fulfilling the necessary conditions to obtain or renew all necessary approvals, permits, licenses or certificates for our operations in a timely manner, or at all, in the future. Therefore, in the event that we fail to obtain or renew, or encounter significant delays in obtaining or renewing, the necessary government approvals, permits, licenses or certificates for any of our operations, we will not be able to continue with our development plans, and our business, financial condition and results of operations may be adversely affected.

Our business, financial condition and results of operations may be influenced by various factors affecting our industry and the general economic conditions in the PRC.

Our business, financial condition and results of operations are and will continue to be dependent on various factors affecting the property management industry and general economic conditions in the PRC, most of which are beyond our control. For example, limited flexibility in charging property management fees can adversely affect our profit margins in the event of rising labor costs. Furthermore, any economic slowdown, recession or other developments in the PRC social, political, economic or legal environment could result in fewer new property development projects, or a decline in the purchasing power of residents living in the communities we manage or provide consultancy services to, resulting in lower demand for our services and thereby adversely affecting our revenue. As such, our business, financial condition and results of operations would be materially and adversely affected.

We may not be able to recover our deferred tax assets.

As of December 31, 2018 and 2019 and 2020 and April 30, 2021, we had deferred tax assets of RMB4.0 million, RMB5.6 million, RMB8.0 million and RMB10.5 million, respectively. In the application of our accounting policies, our management is required to make judgments, estimates and assumptions about the carrying amounts of certain assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore, actual results may differ from these accounting estimates.

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Based on our accounting policies, we recognize deferred tax assets relating to certain deductible temporary differences and tax losses when our management considers it is probable that future taxable profit will be available and as a result, the deductible temporary differences or tax losses can be utilized. The outcome of the actual utilization of such deductible temporary differences or tax losses may be different. If there is a significant adverse change in our performance, some or all of the relevant deferred tax assets may need to be written-off and charged to profit or loss, which could have an adverse effect on our financial results. Moreover, utilization of deferred tax assets significantly depends on our management’s judgment as to whether sufficient taxable profit will be available in the future.

Our results of operations may be affected by the share of results of an associate.

In December 2020, we acquired 25% equity interests in Changsha Wanwei Robot Co., Ltd. (“Wanwei Robot”) by way of capital injection for a consideration of RMB40.0 million through our subsidiary. Accordingly, Wanwei Robot was our associate as of December 31, 2020 and our share of its results has been reflected in our consolidated statements of profit or loss and other comprehensive income for the four months ended April 30, 2021. Despite its increasing revenue in 2018, 2019 and 2020, Wanwei Robot was loss-making during the Track Record Period, mainly due to its significant research and development expenses. Wanwei Robot may continue to be loss-making going forward. In addition, there can be no assurance that we would receive any dividend from such associate in the future or at all. This may adversely affect our liquidity position.

We historically received certain non-recurring interest income.

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our interest income was RMB75.6 million, RMB10.6 million, RMB13.0 million, RMB4.7 million and RMB2.5 million, respectively. The significant decrease of interest income from in 2019 compared to 2018 was primarily due to our reduction of loans to related parties and the decrease in the corresponding interest income from related parties. In 2018 and 2019, we recorded interest from loans to related parties amounting to RMB72.4 million and RMB9.2 million, respectively. In 2020 and the four months ended April 30, 2021, we recorded no interest from loans to related parties. Our Directors confirm that all borrowings between the related parties and us had been fully settled as of the Latest Practicable Date. Accordingly, the interest income relating to our loans to related parties was non-recurring in nature.

If we fail to fulfill our obligations under our contracts with customers, our results of operations and financial condition may be adversely affected.

As of December 31, 2018 and 2019 and 2020 and April 30, 2021, we had contract liabilities of RMB293.6 million, RMB304.4 million, RMB393.6 million, and RMB428.8 million, respectively, which primarily represent advance payments received from customers of our property management services while the underlying services have yet to be provided by us. See “Financial Information – Description of Certain Consolidated Statement of Financial Position Items – Contract Liabilities.”

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If we fail to fulfill our obligations under our contracts with customers, we may not be able to convert such contract liabilities into revenue, and our customers may also require us to refund the property management fees we have received, which may adversely affect our cash flow and liquidity condition, our ability to meet our working capital requirements and our results of operations and financial condition. In addition, if we fail to fulfill our obligations under our contracts with customers, our relationship with such customers may worsen, which may also affect our reputation and results of operations in the future.

Our business, financial condition and results of operations may be materially and adversely affected by natural disasters, acts of terrorism, acts of war, occurrence of pandemics or epidemics, and other catastrophes in the PRC and globally.

Any occurrence in the PRC of force majeure events, acts of war, terrorist attacks, political unrest, social and economic chaos, natural disasters such as earthquakes, typhoons, floods, tsunamis, snowstorms, sandstorms, droughts and extreme and adverse bad weather conditions, or widespread public health problems such as outbreaks of pandemics or epidemics, including avian influenza, swine influenza, severe acute respiratory syndrome, COVID-19 or other health problems with similar magnitude or effects which are out of control, may adversely affect the PRC economy, slow down business activities and disrupt our ordinary business operations. As a result, our business, financial condition and financial performance may be adversely affected.

Since December 2019, the outbreaks of COVID-19 in the PRC and globally has resulted in various degrees of disruptions to business activities. To deal with the COVID-19 outbreak, the PRC government has imposed measures including varied degrees of lockdown and travel restrictions across the PRC, adjustment of workday and business hour arrangements and quarantine arrangements for affected individuals. Such measures have led to lower levels of consumption and business activities in China and also have adversely affected our overall property management services, operations of certain value-added services and our future business expansion. For example, in the first quarter of 2020, certain employees and subcontracting workers were not able to return to workplaces after the Chinese New Year holidays due to lockdowns or travel restrictions imposed by the PRC government. Accordingly, we had to reallocate human resources and pay necessary overtime allowances. We also incurred extra costs in relation to our precautionary measures and disinfection works. Besides, the COVID-19 outbreaks has had an adverse effect on the global economy. The PRC’s real GDP shrank for the first time since 1992 by 6.8% in the first quarter of 2020, before returning to an increase by 2.3% in 2020, respectively. National or international economic downturn resulting from the COVID-19 outbreaks may adversely affect economic development, which may in turn have a negative impact on our business, financial condition and results of operations. See “Business – COVID-19 Impacts.” While there has been improvement in the COVID-19 situation in the PRC where we operate, there remains uncertainty with regard to the continued development of the COVID-19 pandemic and its implications, which could materially and adversely affect our business and results of operations.

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RISKS RELATING TO CONDUCTING BUSINESS IN THE PRC

Our business and results of operations may be affected by any material and adverse changes in the economic, political and social conditions and government policies in the PRC.

During the Track Record Period, all of our revenue was derived from the PRC. Accordingly, our financial condition, results of operations and prospects are, to a material extent, subject to economic, political and legal developments in the PRC. The PRC economy differs from the economies of developed countries in many respects, including, among other things: structure; the degree of government involvement; control of investment; level of economic development; growth rate; foreign exchange; and controls and resource allocation.

Although the PRC economy has transitioned from a planned economy to a more market-oriented economy and has grown significantly in recent decades, the PRC government exercises significant control over the economic growth of the PRC through allocating resources, controlling payments of foreign currency-denominated obligations, setting monetary policies and providing preferential treatment to particular industries or companies. In recent years, the PRC government has implemented measures emphasizing the utilization of market forces in economic reform, the reduction of state ownership of productive assets and the establishment of sound corporate governance practices in business enterprises. We may not in all cases be able to capitalize on such measures, and our business and results of operations may be adversely affected in some cases. In addition, demand for our services and our business and results of operations may also be adversely affected by:

• political instability or changes in the social conditions in the PRC;

• changes in laws, regulations or policies or the interpretation of laws, regulations or policies;

• measures which may be introduced to control inflation or deflation;

• changes in the rate or method of taxation; and

• imposition of additional restrictions on currency conversion and remittances abroad.

Our ability to use capital effectively may be limited by governmental control of foreign currency conversion.

The PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of the PRC. See “Regulatory Overview – Regulations relating to Foreign Exchange.” We receive substantially all of our revenue in Renminbi. Under our current structure, our income is primarily derived from dividend payments from our PRC subsidiaries. The foreign exchange control system may prevent us from obtaining sufficient foreign currency to satisfy our currency demands. Shortages in the availability of foreign currency may restrict our ability to remit sufficient foreign currency to pay dividends or other payments to shareholders, or otherwise satisfy our foreign currency denominated obligations, if any.

–65– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

The PRC government may also at its discretion restrict access in the future to foreign currencies for current account transactions. Under existing PRC foreign exchange regulations, payments of certain current account items can be made in foreign currencies without prior approval from the local branch of the SAFE by complying with certain procedural requirements. However, approval from appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of PRC to pay capital expenses, such as the repayment of indebtedness denominated in foreign currencies. The restrictions on foreign exchange transactions under capital accounts could also affect our ability to obtain foreign exchange through debt or equity financing, including by means of loans or capital contribution from us, and therefore limit our ability to use capital effectively.

Inflation in the PRC could negatively affect our profitability and growth.

Economic growth in the PRC has, in the past, been accompanied by periods of high inflation. In response, the PRC government has implemented policies from time to time to control inflation, such as restricting the availability of credit by imposing tighter bank lending policies or higher interest rates. The PRC government may take similar measures in response to future inflationary pressures. Rampant inflation without the PRC government’s mitigation policies would likely increase our costs, thereby materially reducing our profitability. There can be no assurance that we will be able to pass any additional costs to our customers. On the other hand, such control measures may also lead to slower economic activity and we may see reduced demand for our services.

Our business and results of operations may be adversely affected by fluctuations in exchange rates.

The value of Renminbi against US dollar, Hong Kong dollar and other currencies may be affected by changes in the PRC’s policies and international economic and political developments. As a result of these and any future changes in currency policies, the exchange rates may fluctuate, and Renminbi may be revalued further, which may result in an appreciation or depreciation in the value of Renminbi against US dollar, Hong Kong dollar or other currencies. Fluctuations in exchange rates may adversely affect the value, translated or converted into US dollars or Hong Kong dollars (which are pegged to US dollars), of our cash flows, revenues, earnings and financial condition, and any dividends payable to us by our PRC subsidiaries. It is difficult to predict how market forces and the PRC government’s policies will continue to impact Renminbi exchange rates going forward. In light of the trend towards Renminbi internationalization, the PRC government may announce further changes to the exchange rate system, and there can be no assurance that the Renminbi will not appreciate or depreciate significantly in value against US dollar, Hong Kong dollar or other foreign currencies.

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Substantially all of our revenue and operating expenses are denominated in Renminbi. In addition, the [REDACTED] from the [REDACTED] will be received in Hong Kong dollars. As a result, any appreciation of Renminbi against US dollar, Hong Kong dollar or any other foreign currencies may result in a decrease in the value of our foreign currency denominated assets and our [REDACTED] from the [REDACTED]. Conversely, any depreciation of Renminbi may adversely affect the value of, and any dividends payable on, our Shares in foreign currency. In addition, there are limited instruments available for us to reduce our foreign currency risk exposure at reasonable costs. We cannot assure you that we will be able to reduce our foreign currency risk exposure in relation to our foreign currency-denominated assets. All of these factors could materially and adversely affect our business, financial condition and results of operations, and could reduce the value of, and dividends payable on, our Shares in foreign currency.

Our operations are subject to the uncertainties and particularities associated with the PRC legal system, such as interpretation and enforcement of the PRC laws, rules and regulations, which could limit the legal protection available to us or potential investors.

As we conduct all of our business operations in the PRC, we are principally governed by PRC laws, rules and regulations. The PRC legal system is based on the civil law system. Unlike the common law system, the civil law system is established on the written statutes and their interpretation by the Supreme People’s Court (最高人民法院), while prior legal decisions and judgments have limited significance as precedent. Additionally, such PRC written statutes are often principle-oriented and require detailed interpretations by the enforcement bodies for further application and enforcement. The legal system in the PRC has inherent uncertainties that could limit the legal protection available to our Shareholders.

The PRC government has made significant progress in promulgating laws and regulations related to economic affairs and matters, such as corporate organization and governance, foreign investments, commerce, taxation and trade. However, many of these laws and regulations are relatively new and there is a limited volume of published decisions. Therefore, there are uncertainties involved in their implementation and interpretation, which might not be as consistent and predictable as in other jurisdictions. In addition, the PRC legal system is based in part on government policies and administrative rules that may have retroactive effect. Consequently, we may not be aware of any violation of these policies and rules until sometime after such violation has occurred. Furthermore, the legal protection available to you under these laws, rules and regulations may be limited. Any litigation or regulatory enforcement action in the PRC may be protracted, and could result in substantial costs and diversion of resources and management’s attention.

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Our Shareholders may face difficulties in making service of process on our Directors or executive officers who reside in the PRC and there are restrictions and limitations with respect to the recognition and enforcement of judgments in the PRC against us, our Directors or executive officers.

Our Company is incorporated in the Cayman Islands. Substantially all of our assets are located in the PRC and our Directors and senior management reside in the PRC. Therefore, it may be difficult for investors to effect service of process upon those persons inside the PRC or to enforce against us or them in the PRC any judgments obtained from non-PRC courts. Moreover, the PRC has not entered into treaties for the reciprocal recognition and enforcement of court judgments with the United States, the United Kingdom, Japan and many other countries. As a result, recognition and enforcement in the PRC of a court judgment obtained in other jurisdictions may be difficult or even impossible.

In addition, on July 14, 2006, mainland China and Hong Kong signed the Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region Pursuant to Choice of Court Agreements between Parties Concerned (《關於內地與香港特別行政區法院相互認可和執行當事人協議管轄的民商事案件判決的安排》) (the “2006 Arrangement”). Pursuant to the 2006 Arrangement, a party with a final court judgment rendered by a Hong Kong court requiring payment of money in a civil and commercial case pursuant to a choice of court agreement in writing may apply for recognition and enforcement of the judgment in mainland China. Similarly, a party with a final judgment rendered by a PRC court requiring payment of money in a civil and commercial case pursuant to a choice of court agreement in writing may apply for recognition and enforcement of such judgment in Hong Kong. A choice of court agreement in writing is defined as any agreement in writing entered into between the parties after the effective date of the arrangement in which a Hong Kong or PRC court is expressly designated as the court having sole jurisdiction for the dispute. Therefore, it may not be possible to enforce a judgment rendered by a Hong Kong court in mainland China if the parties in dispute do not agree to enter into a choice of court agreement in writing. It may be difficult or impossible for investors to enforce a Hong Kong court judgment against our assets or our Directors or senior management in mainland China.

On January 18, 2019, the Supreme People’s Court of the PRC and the government of the Hong Kong Special Administrative Region entered into the Arrangement on Reciprocal Recognition and Enforcement of Judgements in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region (《關於內地與香港特別行政區法院相互認可和執行民商事案件判決的安排》) (the “2019 Arrangement”). Although the 2019 Arrangement has been signed, it remains unclear when it will come into effect. When the 2019 Arrangement becomes effective, it will supersede the 2006 Arrangement and any party concerned may apply to the relevant PRC court or Hong Kong High Court for recognition and enforcement of the effective judgments in civil and commercial cases under the 2019 Arrangement, but will be subject to the conditions set forth in the 2019 Arrangement.

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Therefore, the outcome and effectiveness of any action brought under the 2019 Arrangement is still uncertain. We cannot assure you that an effective judgment that complies with the 2019 Arrangement can be recognized and enforced in a PRC court.

PRC regulations of loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the [REDACTED] of the [REDACTED] to make loans or additional capital contributions to our PRC subsidiaries.

As an offshore holding company of our PRC subsidiaries, we may make loans to our PRC subsidiaries, or we may make additional capital contributions to our PRC subsidiaries. Any loans to our PRC subsidiaries are subject to PRC laws and regulations. For example, our loans to our PRC subsidiaries to finance their activities cannot exceed statutory limits and must be registered or filed on record. We may also decide to finance our PRC subsidiaries by means of capital contributions. These capital contributions must be filed with MOFCOM through the national enterprise credit information publicity system. There can be no assurance that we can complete the filing on a timely basis, if at all, with respect to future loans or capital contributions by us to finance our PRC subsidiaries. If we fail to complete the filings or receive relevant registrations, our ability to use the [REDACTED]ofthe[REDACTED] and to capitalize our PRC operations may be adversely affected, which may materially and adversely affect our liquidity and ability to expand our business.

Regulations relating to offshore investment activities by PRC residents may subject us to fines or sanctions imposed by the PRC government, including restrictions on the ability of our PRC subsidiaries to pay dividends or make distributions to us and our ability to increase our investment in our PRC subsidiaries.

The SAFE promulgated Circular 37 in July 2014, which abolished and superseded the Circular on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents to Engage in Financing and Round Trip Investment via Overseas Special Purpose Vehicles (《關於境內居民通過境外特殊目的公司融資及返程投資外匯管理有關問題的通知》). Pursuant to Circular 37 and its implementation rules, PRC residents, including PRC institutions and individuals, must register with local branches of the SAFE in connection with their direct or indirect offshore investments in an overseas special purpose vehicle, or SPV, directly established or indirectly controlled by PRC residents for the purposes of offshore investment and financing with their legally owned assets or interests in domestic enterprises, or their legally owned offshore assets or interests or any inbound investment through special purpose vehicles. Such PRC residents are also required to amend their registrations with the SAFE when there is change to the required information of the registered SPV, such as changes to its PRC resident individual shareholder, name, operation period or other basic information, or the PRC individual resident’s increase or decrease in its capital contribution in the SPV, or any share transfer or exchange, merger or division of the SPV. In accordance with the Notice of the SAFE on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment (《國家外匯管理局關於進一步簡化和改進直接投資外匯管理政策的通知》), the foreign exchange registration aforesaid has been directly reviewed and

–69– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS handled by banks since June 1, 2015, and the SAFE and its branches perform indirect regulation over such foreign exchange registration through local banks. Under this regulation, failure to comply with the registration procedures set forth in Circular 37 may result in restrictions being imposed on the foreign exchange activities of our PRC subsidiaries, including the payment of dividends and other distributions to their offshore parent or affiliate, the capital inflow from the offshore entities and its settlement of foreign exchange capital, and may also subject the relevant onshore company or PRC residents to penalties under PRC foreign exchange administration regulations. For details, see “Regulatory Overview – Regulations Relating to Foreign Exchange.”

We have requested the PRC residents that to our knowledge hold direct or indirect interest in our Company to make the necessary applications, filings and amendments as required by applicable foreign exchange regulations. Each of our individual beneficial owners who is required to complete the registration under Circular 37 has duly completed the foreign exchange registrations in relation to his offshore investments as a PRC resident. Any future failure by any of our Shareholders who is a PRC resident, or controlled by a PRC resident, to comply with relevant requirements under this regulation could subject us to penalties or sanctions imposed by the PRC government. However, we may not at all times be fully aware or informed of the identities of all of our Shareholders who are PRC residents, and we may not always be able to timely compel our Shareholders to comply with the requirements of Circular 37. Moreover, there can be no assurance that the PRC government will not have a different interpretation of the requirements of Circular 37 in the future.

PRC laws and regulations establish more complex procedures for some acquisitions of PRC companies by foreign investors, which could make it difficult for us to pursue growth through acquisitions in the PRC.

A number of PRC laws and regulations, including the M&A Rules, the Anti-Monopoly Law (《反壟斷法》) and the Rules of MOFCOM on Implementation of Security Review System of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《商務部實施外國投資者併購境內企業安全審查制度的規定》) promulgated by MOFCOM on August 25, 2011 and effective from September 1, 2011, or the Security Review Rules, have established procedures and requirements that are expected to make the review of certain merger and acquisition activities by foreign investors in the PRC more time-consuming and complex. These include requirements in some instances to notify MOFCOM in advance of any transaction in which foreign investors take control of a PRC domestic enterprise, or to obtain approval from MOFCOM before overseas companies established or controlled by PRC enterprises or residents acquire affiliated domestic companies. PRC laws and regulations also require certain merger and acquisition transactions to be subject to merger control or security review. Complying with the requirements of the relevant regulations to complete such transactions could be time-consuming, and any required approval processes, including approval from MOFCOM, may delay or inhibit our ability to complete such transactions, thus affecting our ability to expand our business.

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There are significant uncertainties under the EIT Law with respect to our PRC enterprise income tax liabilities and with respect to possible PRC withholding tax imposed upon our Shareholders.

Pursuant to the EIT Law, which came into effect on January 1, 2008 and was amended on February 24, 2017 and December 29, 2018, an enterprise established outside mainland China whose “de facto management body” is located in mainland China is considered a “PRC resident enterprise” and will generally be subject to the uniform enterprise income tax rate, or EIT rate, of 25% on its global income. Under the implementation rules of the EIT Law, “de facto management body” is defined as the organizational body that effectively exercises management and control over such aspects as the business operations, personnel, accounting and properties of the enterprise. In April 2009 and July 2011, the SAT issued several circulars to clarify certain criteria for the determination of the “de facto management bodies” for foreign enterprises controlled by the PRC enterprises. However, no official implementation rules have been issued regarding the determination of the “de facto management bodies” for foreign enterprises that are not controlled by the PRC enterprises. All members of our senior management are currently based in mainland China; if we are deemed a PRC resident enterprise, the EIT rate of 25% on our global taxable income may reduce capital we could otherwise divert to our business operations.

You may be subject to PRC income tax on dividends from us or on any gain realized on the transfer of our Shares under PRC laws.

Under the EIT Law and its implementation rules, subject to any applicable tax treaty or similar arrangement between the PRC and your jurisdiction of residence that provides for a different income tax arrangement, PRC withholding tax at the rate of 10% is normally applicable to dividends from PRC sources payable to investors that are non-PRC resident enterprises, which do not have an establishment or place of business in the PRC, or which have such establishment or place of business if the relevant income is not effectively connected with the establishment or place of business. Any gains realized on the transfer of shares by such investors are subject to a 10% PRC income tax rate if such gains are regarded as income from sources within the PRC, unless a treaty or similar arrangement provides otherwise. Under the PRC Individual Income Tax Law (《中華人民共和國個人所得稅法》) and its implementation rules, dividends from sources within the PRC paid to foreign individual investors who are not PRC residents are generally subject to a PRC withholding tax at a rate of 20%, and gains from PRC sources realized by such investors on the transfer of shares are generally subject to a 20% PRC income tax rate, in each case, subject to any reduction or exemption set forth in applicable tax treaties and PRC laws. For details, see “Regulatory Overview – Legal Supervision over The Tax in the PRC.”

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Although we conduct all of our business operations in the PRC, it is unclear whether dividends we pay with respect to our Shares, or the gain realized from the transfer of our Shares, would be treated as income from sources within the PRC and as a result be subject to PRC income tax if we are considered a PRC resident enterprise. If PRC income tax is imposed on gains realized from the transfer of our Shares or on dividends paid to our non-PRC resident investors, the value of your investment in our Shares may be materially and adversely affected. Furthermore, our Shareholders whose jurisdictions of residence have tax treaties or arrangements with the PRC may not qualify for benefits under such tax treaties or arrangements.

Our business, reputation, financial condition and results of operations may be adversely affected if we failed to meet certain national health and safety standards imposed by the PRC government.

We are required to adhere to certain national health and safety standards imposed by the PRC government. We cannot assure you that our internal policies, procedures and training will be completely effective in meeting all relevant health and safety requirements. Any failure to meet the relevant government requirements could occur in our business operations or in the operations of our subcontractors, which would result in fines, suspension of operations, loss of permits, and, in more extreme cases, criminal proceedings against our Company and/or our management. Moreover, negative publicity could result from false or unfounded liability claims. Any of these failures or occurrences could adversely affect our business, reputation, financial condition and results of operations.

RISKS RELATING TO THE [REDACTED]

There has been no prior public market for our Shares. The liquidity, trading volume and market price of our Shares may be volatile.

Prior to the [REDACTED], there has been no public market for our Shares. The initial [REDACTED] for our Shares was the result of negotiations between our Company and [the [REDACTED] (for itself and on behalf of the [REDACTED])] and the [REDACTED] may differ significantly from the market price for our Shares following the [REDACTED]. We have applied for [REDACTED] of and permission to [REDACTED]. There can be no assurance that the [REDACTED] will result in the development of an active, liquid public trading market for our Shares.

In addition, the Hong Kong Stock Exchange has from time to time experienced significant price and volume fluctuations that have affected the market prices for the securities of companies quoted on the Hong Kong Stock Exchange. As a result, investors in our Shares may experience volatility in the market price of their Shares and a decrease in the value of their Shares regardless of our operating performance or prospects.

–72– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

Purchasers of our Shares in the [REDACTED] will experience immediate dilution and may experience further dilution if we issue additional Shares in the future.

The [REDACTED] of our Shares is higher than the consolidated net tangible assets per Share immediately prior to the [REDACTED]. Therefore, purchasers of our Shares in the [REDACTED] will experience an immediate dilution.

In order to expand our business, we may consider [REDACTED] and [REDACTED] additional Shares in the future. Purchasers of our Shares may experience dilution in the net tangible assets value per Share of their investments in the Shares if we issue additional Shares in the future at a price which is lower than the net tangible asset value per Share prior to the issuance of such additional Shares.

The actual or perceived sale or availability of sale of substantial amounts of our Shares, especially by our Directors, executive officers and Shareholders, could adversely affect the market price of our Shares.

Future sales of a substantial number of our Shares, especially by our Directors, executive officers and Shareholders, or the perception or anticipation of such sales, could adversely impact the [REDACTED] of our Shares in Hong Kong and our ability to raise equity capital in the future at a time and price that we deem appropriate.

While we currently are not aware of any intention of Shareholders to dispose of significant amounts of their Shares, we cannot assure you that they will not dispose of any Shares they may own now or in the future.

Since there will be a gap of several days between pricing and trading of our Shares, holders of our Shares are subject to the risk that the price of our Shares could fall when the trading of our Shares begins.

The [REDACTED] of our Shares is expected to be determined on the [REDACTED]. However, our Shares will not commence [REDACTED] on the Hong Kong Stock Exchange until they are delivered, which is expected to be several business days after [REDACTED]. As a result, investors may not be able to sell or deal in our Shares during that period. Accordingly, holders of our Shares are subject to the risk that the price of our Shares could fall before [REDACTED] begins as a result of adverse market conditions or other adverse developments that could occur between the time of sale and the time [REDACTED] begins.

–73– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

Investors may experience difficulties in enforcing their Shareholder rights because we are incorporated in the Cayman Islands, and the protection afforded to minority Shareholders under Cayman Islands law may be different from that under the laws of Hong Kong or other jurisdictions.

The Company is incorporated in the Cayman Islands and its affairs are governed by its Memorandum and Articles, the Cayman Companies Act and the common law of the Cayman Islands.

The rights of our Shareholders to take action against our Directors, the rights of minority shareholders to instigate actions and the fiduciary responsibilities of our Directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The laws of the Cayman Islands relating to the protection of the interest of minority shareholders may differ from those of Hong Kong or those of other jurisdictions where investors may be located. As a result, minority Shareholders may not enjoy the same rights as those afforded under the laws of Hong Kong or in other jurisdictions. For details, see “Appendix III – Summary of the Constitution of the Company and the Cayman Islands Companies Act – Summary of Cayman Islands Company Law and Taxation.”

We may not be able to distribute dividends to our Shareholders, and payment of dividends is subject to restrictions under PRC laws.

We do not currently have a dividend policy. We cannot assure you when and in what form dividends will be paid on our Shares after the [REDACTED]. The declaration and distribution of dividends is at the discretion of the Board, and our ability to pay dividends or make other distributions to our Shareholders is subject to various factors, including our business and financial performance, capital and regulatory requirements and general business conditions. We may not be able to have sufficient or any profits to enable us to make dividend distributions to our Shareholders in the future, even if our financial statements indicate that our operations have been profitable. As a result of the above, we cannot assure you that we will make dividend payments on our Shares in the future. See “Financial Information – Dividend and Distributable Reserves.”

Under PRC laws and the constitutional documents of our PRC subsidiaries, dividends may be paid only out of distributable profits, which refers to after tax profits as determined under PRC GAAP less any recovery of accumulated losses and required allocations to statutory capital reserve funds. Any distributable profits that are not distributed in a given year are retained and become available for distribution in subsequent years. The calculation of our distributable profits under PRC GAAP differs in many aspects from the calculation under IFRS. As a result, our PRC subsidiaries may not be able to pay a dividend in a given year if they do not have distributable profits as determined under PRC GAAP, even if they have profits as determined under IFRS. Accordingly, since our Company derives substantially all of our earnings and cash flows from dividends paid to us by our PRC subsidiaries, we may not have sufficient distributable profits to pay dividends to our Shareholders.

–74– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

Waivers have been granted from compliance with certain requirements of the Listing Rules, and Shareholders will not have the benefit of the Listing Rules that are so waived. These waivers could be revoked, exposing us and our Shareholders to additional legal and compliance obligations.

We have applied for, and the Hong Kong Stock Exchange and SFC has granted to us, a number of waivers from strict compliance with the Listing Rules. See “Waivers from Strict Compliance with the Listing Rules.” There can be no assurance that the Hong Kong Stock Exchange or SFC will not revoke any of these waivers granted or impose certain conditions on any of these waivers. If any of these waivers were to be revoked or to be subject to certain conditions, we may be subject to additional compliance obligations, incur additional compliance costs and face uncertainties arising from issues of multijurisdictional compliance, all of which could materially and adversely affect us and our Shareholders.

There can be no assurance of the accuracy or completeness of certain facts, forecasts and other statistics obtained from various publicly available official sources and various independent third-party sources, including the industry expert reports, contained in this document.

This document, particularly “Business” and “Industry Overview,” contains information and statistics relating to the property management market. Such information and statistics have been derived from a third-party report commissioned by us and publicly available sources. We believe that the sources of the information are appropriate sources for such information, and we have taken reasonable care in extracting and reproducing such information. However, we cannot assure you the quality or reliability of such source materials. The information has not been independently verified by us, [the [REDACTED]], the Sole Sponsor, the [REDACTED], the [REDACTED], the [REDACTED] or any other party involved in the [REDACTED], and no representation is given as to its accuracy. Collection methods of such information may be flawed or ineffective, or there may be discrepancies between published information and market practice, which may result in the statistics included in this document being inaccurate or not comparable to statistics produced for other economies. You should therefore not place undue reliance on such information. In addition, we cannot assure you that such information is stated or compiled on the same basis or with the same degree of accuracy as similar statistics presented elsewhere. You should consider carefully the importance placed on such information or statistics.

Forward-looking statements contained in this document may be subject to risks and uncertainties.

This document contains certain forward-looking statements and uses forward-looking words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “going forward,” “intend,” “may,” “ought to,” “plan,”“project,” “seek,” “should,” “will,” “would” “vision,” “aspire,” “target,” “schedules.” Such statements reflect the current views of our management with respect to future events, operations, liquidity and capital resources, some of which may not materialize or may change.

–75– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RISK FACTORS

Subscribers of our [REDACTED] are cautioned that reliance on any forward-looking statement involves risks and uncertainties, and that any or all of those assumptions could prove to be inaccurate, and thus the forward-looking statements which are based on those assumptions could be incorrect. The uncertainties in this regard include those that are specified in the risk factors discussed above. In light of these and other uncertainties, the inclusion of forward-looking statements in this document should not be regarded as representations or warranties by us that our plans and targets will be achieved. The forward-looking statements should be considered in light of various factors that are worth noting, including the factors mentioned above. We do not intend to update these forward-looking statements in addition to our on-going disclosure obligations pursuant to the Listing Rules or other requirements of the Stock Exchange. Investors should not place undue reliance on such forward-looking statements. For details, see “Forward-looking Statements.”

You should read this entire document carefully, and we strongly caution you not to place any reliance on any information contained in press articles or other media regarding us or the [REDACTED].

There may be, subsequent to the date of this document but prior to the completion of the [REDACTED], press and media coverage regarding us and the [REDACTED], which contains, among other things, certain financial information, projections, valuations and other forward-looking information about us and the [REDACTED]. We have not authorized the disclosure of any such information in the press or other media and do not accept responsibility for the accuracy or completeness of such press articles or other media coverage. We make no representation as to the appropriateness, accuracy, completeness or reliability of any of the projections, valuations or other forward-looking information about us. To the extent such statements are inconsistent with, or conflict with, the information contained in this document, we disclaim responsibility for them. Accordingly, prospective investors are cautioned to make their investment decisions on the basis of the information contained in this document only and should not rely on any other information.

You should rely solely upon the information contained in this document and any formal announcements made by us in Hong Kong in making your investment decision regarding our Shares. We do not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions expressed by the press or other media regarding our Shares, the [REDACTED] or us. We make no representation as to the appropriateness, accuracy, completeness or reliability of any such data or publication. Accordingly, prospective investors should not rely on any such information, reports or publications in making their decisions as to whether to invest in our [REDACTED]. By applying to purchase our Shares in the [REDACTED], you will be deemed to have agreed that you will not rely on any information other than that contained in this document.

–76– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. WAIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES

In preparation for the [REDACTED], we have sought the following waivers from strict compliance with certain provisions of the Listing Rules.

WAIVER IN RELATION TO MANAGEMENT PRESENCE IN HONG KONG

Pursuant to Rule 8.12 of the Listing Rules, we must have sufficient management presence in Hong Kong. This normally means that at least two of the executive Directors must be ordinarily resident in Hong Kong. Since we have our headquarters and principal operations in the PRC, the executive Directors have been and are expected to continue to be based in the PRC.

Accordingly, we have applied to the Hong Kong Stock Exchange for, and the Hong Kong Stock Exchange [has agreed] to grant, a waiver from strict compliance with the requirements under Rule 8.12 of the Listing Rules. In order to maintain effective communication with the Hong Kong Stock Exchange, we will put in place the following measures in order to ensure that regular communication is maintained between the Hong Kong Stock Exchange and us:

(a) we have appointed two authorized representatives pursuant to Rule 3.05 of the Listing Rules, who will act as our principal channel of communication with the Hong Kong Stock Exchange. The two authorized representatives are Mr. LIU Zhanjun and Mr. WONG Yu Kit;

(b) each of the authorized representatives will have all necessary means to contact all the Directors promptly at all times, as and when the Hong Kong Stock Exchange wishes to contact the Directors on any matters;

(c) all the Directors who are not ordinarily resident in Hong Kong have or can apply for valid travel documents to visit Hong Kong for business purposes and would be able to meet with the Hong Kong Stock Exchange upon reasonable notice;

(d) our Company will retain a Hong Kong legal advisor to advise on matters relating to the [REDACTED] of the Listing Rules and other applicable Hong Kong laws and regulations after [REDACTED];

(e) Red Solar Capital Limited, our compliance advisor, will act as an additional channel of communication with the Hong Kong Stock Exchange; and

(f) each Director will provide his or her mobile phone number, office phone number, e-mail address and fax number to the Hong Kong Stock Exchange.

See “Directors and Parties Involved in the [REDACTED]” for further details about other channels of communication with the Hong Kong Stock Exchange.

–77– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. WAIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES

WAIVER IN RELATION TO JOINT COMPANY SECRETARIES

Pursuant to Rules 3.28 and 8.17 of the Listing Rules, the company secretary must be an individual who, by virtue of his/her academic or professional qualifications or relevant experience, is, in the opinion of the Hong Kong Stock Exchange, capable of discharging the functions of the company secretary. The Hong Kong Stock Exchange considers the following academic or professional qualifications to be acceptable: (i) a member of The Hong Kong Institute of Chartered Secretaries; (ii) a solicitor or barrister (as defined in the Legal Practitioners Ordinance (Chapter 159 of the Laws of Hong Kong)); and (iii) a certified public accountant (as defined in the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong)).

In assessing “relevant experience,” the Hong Kong Stock Exchange will consider the individual’s: (i) length of employment with the issuer and other listed companies and the roles he/she played, (ii) familiarity with the Listing Rules and other relevant law and regulations including the SFO, the Companies Ordinance, the Companies (Winding Up and Miscellaneous Provisions) Ordinance and the Takeovers Code, (iii) relevant training taken and/or to be taken in addition to the minimum requirement of taking not less than fifteen hours of relevant professional training in each financial year under Rule 3.29 of the Listing Rules, and (iv) professional qualifications in other jurisdictions.

We have appointed Mr. LI Xiaoming and Mr. WONG Yu Kit as our joint company secretaries. Mr. WONG Yu Kit is an associate member of The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute (formerly known as The Institute of Chartered Secretaries and Administrators) and therefore meets the qualification requirements under Note 1 to Rule 3.28 of the Listing Rules and is in compliance with Rule 8.17 of the Listing Rules.

Mr. LI has served as the investment, merger and acquisition general manager of our Company since June 2021. Through his previous experience, Mr. Li has gained a thorough understanding of the business operation and corporate governance. See “Directors and Senior Management – Joint Company Secretary” for details. By virtue of Mr. LI Xiaoming’s financing profession, seniority and corporate governance experience, our Company believes Mr. LI Xiaoming is capable of discharging the duties as a joint company secretary of our Company and is a suitable person to act as a joint company secretary of our Company. Further, given that our main operation is in the PRC, we believe that it would be in the best interests of our Company and our corporate governance to have Mr. LI Xiaoming with the relevant background and experience in the PRC to act as our joint company secretary.

–78– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. WAIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES

Since Mr. LI Xiaoming does not possess the academic and professional qualifications required of a company secretary under Note 1 to Rule 3.28 of the Listing Rules, we have sought and obtained from the Hong Kong Stock Exchange a waiver from strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules such that Mr. LI Xiaoming may be appointed as our joint company secretary. The waiver [has been granted] for a three-year period on the condition that we engage Mr. WONG Yu Kit as a joint company secretary to assist Mr. LI Xiaoming in discharging his duties and responsibilities as a joint company secretary of a Hong Kong listed company and in gaining the relevant experience as required under Rule 3.28 of the Listing Rules. Such waiver will be revoked immediately if and when Mr. WONG Yu Kit ceases to provide such assistance for the three-year period after the [REDACTED] and can be revoked if there are material breaches of the Listing Rules by the issuer. In addition, Mr. LI Xiaoming will comply with the annual professional training requirement under Rule 3.29 of the Listing Rules and will enhance his knowledge of the Listing Rules during the three-year period from the [REDACTED]. Our Company will further ensure that Mr. LI Xiaoming has access to the relevant training and support that would enhance his understanding of the Listing Rules and the duties of a company secretary of an issuer listed on the Hong Kong Stock Exchange. Prior to the end of the three-year period, we must liaise with the Hong Kong Stock Exchange which will re-visit the situation in the expectation that we should then be able to demonstrate to the satisfaction of the Hong Kong Stock Exchange that Mr. LI Xiaoming, having had the benefit of Mr. WONG Yu Kit’s assistance for three years, would have acquired relevant experience within the meaning of Rule 3.28 of the Listing Rules so that a further waiver would not be necessary.

WAIVER IN RELATION TO NON-EXEMPT CONTINUING CONNECTED TRANSACTIONS

We have entered into and are expected to continue with certain transactions after the [REDACTED] which will constitute our non-exempt continuing connected transactions under Chapter 14A of Listing Rules upon [REDACTED]. Accordingly, we have applied to the Stock Exchange for, and the Stock Exchange [has granted] us waivers in relation to certain continuing connected transactions between us and certain connected persons under Chapter 14A of the Listing Rules. See “Connected Transactions – Non-exempt Continuing Connected Transactions.”

–79– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INFORMATION ABOUT THIS DOCUMENT AND THE [REDACTED]

[REDACTED]

–80– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INFORMATION ABOUT THIS DOCUMENT AND THE [REDACTED]

[REDACTED]

–81– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INFORMATION ABOUT THIS DOCUMENT AND THE [REDACTED]

[REDACTED]

–82– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS AND PARTIES INVOLVED IN THE [REDACTED]

For further information on our Directors, see “Directors and Senior Management – Directors” of this document.

DIRECTORS

Name Address Nationality

Executive Directors

Mr. ZHAI Bingquan (翟兵權) 15D, 12th Floor, Unit 3, Tower 1, Chinese Qingbo Garden, Landian Factory Haidian District Beijing PRC

Mr. YU Guangfeng (俞廣峰) Room 1801, Building 16, Chinese Zhenhui Yuan Binhu Centown Binhu New District, Hefei Anhui PRC

Mr. LIU Zhanjun (劉佔軍) B1B, Unit 2, Building 11 Chinese Shiyu Garden Haidian District Beijing PRC

Non-executive Directors

Mr. BIAN Sifang (邊四方) Room 501, Building D Chinese Shuangxi Garden, Phase I Shekou Wanghai Road Nanshan District, Shenzhen Guangdong PRC

Mr. LIN Zhonghua (林中華) No. 1208, Building 1 Chinese No. 7 Beisan Street, Fucheng Road Haidian District Beijing PRC

–83– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS AND PARTIES INVOLVED IN THE [REDACTED]

Name Address Nationality

Mr. JIANG Jianguo (姜建國) B1A, Building 44, District No. 5 Chinese Centown Haidian District Beijing PRC

Independent non-executive Directors

Mr. ZHU Keshi (朱克實) Room 602, Unit 3 Chinese Building 55, Huayan Beili Chaoyang District Beijing PRC

Mr. HONG Deli (洪德利) Room 902, Building 8 Chinese Wuyuan Dongqili Huli District, Xiamen Fujian PRC

Ms. ZHANG Yunyan (張雲燕) 12-204, No. 305 Chinese Changjiang West Road Shushan District Hefei City Anhui PRC

–84– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS AND PARTIES INVOLVED IN THE [REDACTED]

PARTIES INVOLVED IN THE [REDACTED]

Sole Sponsor Huatai Financial Holdings (Hong Kong) Limited 62/F, The Center 99 Queen’s Road Central Hong Kong

[REDACTED]

Auditor and Reporting Accountants KPMG Certified Public Accountants 8/F, Prince’s Building 10 Chater Road, Central Hong Kong

Legal Advisors to the Company As to Hong Kong law: Clifford Chance 27/F Jardine House One Connaught Place Central Hong Kong

As to PRC law: Commerce & Finance Law Offices 12-14th Floor, China World Office 2 No. 1 Jianguomenwai Avenue Chaoyang District Beijing PRC

As to Cayman Islands law: Campbells Floor 35, Rm 3507, Edinburgh Tower The Landmark 15 Queen’s Road Central Hong Kong

–85– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS AND PARTIES INVOLVED IN THE [REDACTED]

Legal Advisors to the Sole Sponsor and As to Hong Kong law: the [REDACTED] Jingtian & Gongcheng LLP Suites 3203-3207, 32/F Edinburgh Tower The Landmark 15 Queen’s Road Central Hong Kong

As to PRC law: Jingtian & Gongcheng 34/F, Tower 3, China Central Place 77 Jianguo Road Chaoyang District Beijing PRC

Industry Consultant CPMRI Information Technology Co. Ltd, Beijing 7/F, Building Ganjiakou No. 17 Sanlihe Road Haidian District Beijing PRC

Receiving Banks [REDACTED]

–86– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. CORPORATE INFORMATION

Registered Office Vistra (Cayman) Limited P. O. Box 31119 Grand Pavilion Hibiscus Way, 802 West Bay Road Grand Cayman, KY1-1205 Cayman Islands

Head Office and Principal Place of Property Office, Culture Center Business in China Guanshanyuan, Haidian District Beijing PRC

Principal Place of Business in 40/F, Dah Sing Financial Centre, 248 Queen’s Hong Kong Road East Wanchai Hong Kong

Company’s Website www.icentown.com (The content on this website does not form part of this document)

Joint Company Secretaries Mr. LI Xiaoming (李曉銘先生) No. 607, Block 10 Century City Shiyu Garden Haidian District Beijing PRC

Mr. WONG Yu Kit (黃儒傑先生) Associate member of The Hong Kong Chartered Governance Institute 40/F, Dah Sing Financial Centre, 248 Queen’s Road East Wanchai Hong Kong

Authorised Representatives Mr. LIU Zhanjun (劉佔軍先生) B1B, Unit 2, Building 11, Shiyu Garden Haidian District Beijing PRC

–87– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. CORPORATE INFORMATION

Mr. WONG Yu Kit (黃儒傑先生) Associate member of The Hong Kong Institute of Chartered Secretaries and the Chartered Governance Institute 40/F, Dah Sing Financial Centre, 248 Queen’s Road East Wanchai Hong Kong

Audit Committee Mr. ZHU Keshi (朱克實先生) (Chairman) Mr. JIANG Jianguo (姜建國先生) Mr. HONG Deli (洪德利先生)

Nomination Committee Mr. ZHAI Bingquan (翟兵權先生) (Chairman) Mr. HONG Deli (洪德利先生) Ms. ZHANG Yunyan (張雲燕女士)

Remuneration Committee Mr. HONG Deli (洪德利先生) (Chairman) Mr. YU Guangfeng (俞廣峰先生) Ms. ZHANG Yunyan (張雲燕女士)

Compliance Adviser Red Solar Capital Limited Unit 402B, 4/F China Insurance Group Building No. 141 Des Voeux Road Central Central Hong Kong

Hong Kong Share Registrar [REDACTED]

Cayman Islands Principal Share Registrar and Transfer Office [REDACTED]

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Principal Bankers Industrial and Commercial Bank of China Limited, Beijing Century Golden Resources Sub-Branch 1B, 1C, Block C, Building 2, Jinyuan Times Business Center No. 2 Landian Factory East Road Haidian District Beijing PRC

CITIC Bank, Beijing Shangdu International Center Sub-branch Shangdu International Center No. 8 Dongdaqiao Chaoyang District Beijing PRC

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The information and statistics set forth in this section and elsewhere in this document have been derived from an industry report commissioned by us and independently prepared by CPMRI (the “CPMRI Report”), in connection with the [REDACTED]. We believe that the sources of such information and statistics are appropriate and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information and statistics are false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading. We also believe there is no adverse change in the market information since the date of the CPMRI Report which may qualify, contradict or have an impact on the information in this section. However, the information has not been independently verified by us, the Sole Sponsor, [the [REDACTED], the [REDACTED], the [REDACTED], any of the [REDACTED]] or any other party (excluding CPMRI) involved in the [REDACTED]. The information and statistics may not be consistent with other information and statistics compiled within or outside the PRC, and accordingly such information should not be unduly relied upon.

SOURCE OF INFORMATION

We commissioned CPMRI, the independent market research and consulting company, to conduct an analysis of, and to prepare a report on the property management industry in the PRC. We agree to pay CPMRI a total fee of RMB500,000, which we believe reflects the market rates for reports of this type.

CPMRI is a professional research institution under China Property Management Institute. China Property Management Institute has been conducting research on the Top 100 Property Management Companies since 2011 and has extensive experience in researching and tracking the PRC property management industry.

We have included certain information from the CPMRI Report in this document because we believe this information facilitates an understanding of the PRC property management industry for prospective investors. CPMRI gathers detailed data and information from primary and secondary researches, which include but are not limited to data from surveys and interviews among leading property management companies, the National Bureau of Statistics, the database developed by E-house CRIC and other public sources. Except as disclosed otherwise, all the data and forecasts contained in this section are derived from the CPMRI Report, official government publications and other publications.

–90– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW

In compiling and preparing the analysis and forecast, CPMRI made the following major assumptions: the social, economic and political conditions in the PRC are likely to maintain stable during the forecast period; policies will remain favorable for the property management industry during the forecast period; COVID-19 will have limited impact on the property management industry in the short term and will create new opportunities for the market; all the data and information collected from published or market research are accurate; and market drivers such as the growth of urbanization and further development of real estate will sustainably drive the property management industry.

OVERVIEW OF THE PROPERTY MANAGEMENT INDUSTRY IN THE PRC

The history of the PRC property management industry can be traced back to the 1980s. Following the promulgation of the Regulations on Property Management (《物業管理條例》) in 2003, a legal framework has been gradually established to create an open and fair market, prompting the development of the property management industry. Driven by favorable government policies, and growth in demand and supply, the property management industry is expected to maintain rapid growth.

The PRC property management industry is intensely competitive and highly fragmented. Property management companies provide a wide range of services to different types of properties, which are mainly divided to residential and non-residential properties, such as commercial properties, office buildings, schools and hospitals. In order to respond to market competition and improve service satisfaction, property management companies provide a wider range of value-added services and pay more attention to the improvement of service quality to meet customer needs. Their current business portfolio includes: (i) property management services, such as customer services, cleaning, greening and gardening services and security services; (ii) community value-added services, such as community living services, community space management services and community retail services; and (iii) value-added services to non-property owners, such as sales assistance services, pre-delivery services and consultancy and other services for property developers and other property management companies.

In the PRC, property management companies generate revenue from property management services and value-added services. Property management fees could be charged either on a lump-sum basis or a commission basis. The lump-sum basis is currently the main method adopted by property management companies, especially for residential properties. This method is convenient for collection and can improve efficiency on large expenditures by avoiding procedures such as collective voting on decision-making. On the contrary, non- residential properties are more willing to adopt the commission basis as property owners can be involved deeply in property management and supervise property management companies closely.

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The following table sets forth the historical average monthly property management fees of residential properties in relevant regions where the Group has major presence in 2018, 2019 and 2020:

Year ended December 31, 2018 2019 2020 (RMB per sq.m. per month) North China(1) ...... 2.3 2.4 2.4 East China(2) ...... 2.3 2.5 2.6 Southwest China(3)...... 2.2 2.2 2.3

Source: CPMRI, CRIC analysis

(1) North China includes Beijing, Hebei province and Inner Mongolia autonomous region.

(2) East China includes Anhui province, Fujian province, Jiangsu province, Jiangxi province, Shandong province and Zhejiang province.

(3) Southwest China includes Guangxi autonomous region, Guizhou province, Yunnan province, Sichuan province, and Chongqing.

In addition, according to CPMRI, it is common in the PRC property management services market that property management companies affiliated with property developers have close business relationships with their respective affiliated property developers. These property developers generally have strong preference for engaging property management companies with which they have ownership or close business relationships to provide services to properties they develop.

IMPACT OF COVID-19

Short-term Impact

Since December 2019, the outbreaks of COVID-19 have resulted in the slowdown of business activities and the general economy of the PRC, and affected the property management industry as a whole. On one hand, at the peak of the COVID-19 outbreaks, the PRC government imposed various quarantine measures, while property management companies were on the frontline in ensuring the epidemic prevention and hygiene of each property to protect the health of residents. As a result, property management companies had to incur additional expenses, especially for the purchase of relevant anti-pandemic materials (such as masks, gloves, disinfectants, among other things). In addition, as the COVID-19 outbreaks broke out during the Chinese new year of 2020, property management companies have to pay additional overtime allowances to their staff (such as cleaners and security guards). On the other hand, the general slowdown of development and sales of real estates in general, combined with measures such as the closure of offline property sales offices and delayed resumption of operations of real estate companies during the outbreaks of the pandemic, has increased the

–92– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW probability of the delayed delivery of projects. However, according to the Disease Control Bureau of the National Health Commission, the impact of the COVID-19 outbreaks on the PRC property management industry is expected to be limited, as the epidemic is largely under control in China and social activities and economic operations have gradually resumed.

According to CPMRI, it is exceedingly rare that property management companies have to suspend operations or terminate property management services and value-added services to their customers during the outbreaks of COVID-19, and preferential policies, such as tax exemptions and deferred insurance payments, have been adopted by the PRC government to mitigate the operating pressures on property management companies. Thus, it is expected that COVID-19 outbreaks will have limited impacts on the property management industry. On the contrary, the outbreaks reveal new opportunities for property management companies, in terms of (i) increasing demand for high quality services, (ii) increasing door-to-door value-added services, and (iii) accelerating digitization in daily operations.

INDUSTRY GROWTH DRIVERS

Favorable Government Policies Supporting Industry Growth

Since the promulgation of the Regulations on Property Management (《物業管理條例》) by the State Council of the PRC in 2003, central and local governments have enacted a number of laws and regulations, including, among others, the Measures of Property Management Service Charges (《物業服務收費管理辦法》) and the Opinion of the National Development and Reform Commission on the Opening Fees in Certain Services (《國家發展和改革委員會關於放開部分服務價格意見的通知》), the Guiding Opinions on Accelerating the Development of Living Services and Promoting the Upgrade of Consumption Structure (《關於加快發展生活性服務業促進消費結構升級的指導意見》), and the Announcement on the Preferential Tax Policies For Family Service Industries in Communities such as Elderly Care, Childcare, and Housekeeping (《關於養老、托育、家政等社區家庭服務業稅費優惠政策的公告》). The Regulations on Property Management of Beijing (《北京市物業管理條例》) were promulgated to regulate and protect legitimate rights and interests such as the collection of property management fees, the use of special maintenance funds for residential properties, and the standardization of property management services.

The Opinions on Promoting Property Management Companies to Accelerate the Development of Online and Offline Living Services (《關於推動物業服務企業加快發展線上線下生活服務的意見》) and the Circular on Strengthening and Improving the Administration of Residential Property (《關於加強和改進住宅物業管理工作的通知》) encourage the property management companies to enhance services quality by applying the technologies, including the IoT, cloud computing, big data and artificial intelligence. Qualified property management companies are encouraged to turn to areas such as elderly care, child care, household services, health services, and real estate brokerage, and to explore the “property services + living services” mode. The property management companies, which carry out living services businesses such as elderly care and household services, may apply to enjoy the preferential and supportive policies according to the relevant regulations.

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Moreover, industrial associations have issued their own rules to establish regulatory frameworks in the property management industry, for example, the China Property Management Institute has issued the Standard Management Measures of China Property Management Institute Group (trial version) (《中國物業管理協會團體標準管理辦法(試行)》), and defined the years of 2019, 2020 and 2021 as “the year of standardization” (標準建設年), “the year of service capacity improvement” (能力建設年), and “the year of brand building” (品牌建設年) for the PRC property management industry, with the aim to guide the development of the property management industry.

Growth in Demand

According to CPMRI, the rapid increase in the urbanization rate is one of the principal factors driving the growth of the property management industry in the PRC. According to the National Bureau of Statistics, the urbanization rate in the PRC has increased by 7.8 percentage points from 56.1% in 2015 to 63.9% in 2020. Such urbanization has led to an increase in the real estate development industry and thereby creates growing demand for the property management industry. In pace with urbanization, during the same period, the annual per capita urban disposable income has also increased from RMB31,194.8 to RMB43,834.0, at a CAGR of 7.0%. Such growth can further enhance residents’ demand for better living condition and high quality of property management services.

Growth in Supply

The increased urbanization and per capita urban disposable income has spurred the supply of commodity housing, which refers to housing developed by real estate developers for sale and lease in the market, including residential, commercial and other buildings. According to the National Bureau of Statistics, the total GFA of commodity housing sold increased to 1.8 billion sq.m. in 2020 from 1.3 billion sq.m. in 2015, at a CAGR of 6.5%, and further increased to 1.9 billion sq.m. in 2025, at a CAGR of 1.3% from 2020 to 2025. The total GFA of newly constructed commodity housing increased to 2.2 billion sq.m. in 2020 from 1.5 billion sq.m. in 2015, at a CAGR of 7.8%, and further increased to 2.6 billion sq.m. in 2025, at a CAGR of 3.2% from 2020 to 2025.

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The rapid growth of the real estate industry has created growth potential for the property management industry. According to CPMRI, the total GFA in property management industry increased to 33.0 billion sq.m. in 2020 from 19.3 billion sq.m. in 2015, at a CAGR of 11.3% and is expected to increase from 35.1 billion sq.m. in 2021 to 43.0 billion sq.m. in 2025, at a CAGR of 5.2%. The total revenue in property management industry increased to RMB1,180.0 billion in 2020 from RMB551.6 billion in 2015, at a CAGR of 16.4%, and is expected to increase from RMB1,327.2 billion in 2021 to RMB2,166.1 billion in 2025, at a CAGR of 13.0%. The following chart sets forth the historical and forecast growth of total GFA and revenue of the property management industry in the PRC from 2015 to 2025:

CAGR 2015-2020 2021 (E)-2025 (E) Total GFA of the industry Total GFA of the industry 11.3% 5.2% Total revenue of the industry Total revenue of the industry 16.4% 13.0%

(sq.m. in billions) (RMB in billions) 2,166.1 70 2,200 1,910.8 2,000 60 1,688.9 1,800 1,495.7 1,600 50 1,327.2 1,400 1,180.0 40 1,051.2 1,200 906.6 1,000 30 773.2 41.5 43.0 658.4 37.0 39.1 551.6 33.0 35.1 800 20 27.9 31.0 24.7 600 19.3 22.2 10 400 200 0 0 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E

Source: China Property Management Institute, CPMRI, CRIC analysis

Increasing Presence in Capital Market

The attention from capital markets for property management industry continues to rise. According to CPMRI, as of December 31, 2020, a total of 42 property management companies had entered the capital markets, of which 38 companies are listed on the Hong Kong Stock Exchange, one on the Shanghai Stock Exchange, and three on the Shenzhen Stock Exchange. The capital markets have become one of the important financing channels for property management companies. Property management companies obtain diversified capital inflows from the capital markets, allowing them to accelerate strategic expansion and further expand their business scopes. In addition, capital resources enable them to increase investments in smart communities and innovative business solutions to improve service quality and operational efficiency.

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TRENDS IN THE PROPERTY MANAGEMENT INDUSTRY IN THE PRC

Increasing Market Concentration and Competition

The property management industry in China is intensely competitive and highly fragmented. Property management companies accelerate their expansion primarily through organic growth as well as mergers and acquisitions in order to increase their market shares. In fact, leading property management companies are seeking opportunities to enrich business portfolio and enhance competitiveness through mergers and acquisitions. According to CPMRI, there are over 200,000 property management companies operating in China with a total market size of approximately RMB1,180.0 billion in 2020.

According to CPMRI, the total GFA under management of the Top 100 Property Management Companies increased to 10.7 billion sq.m. in 2020 from 3.5 billion sq.m. in 2015, at a CAGR of 25.0% and is expected to increase from 12.5 billion sq.m. in 2021 to 21.4 billion sq.m. in 2025, at a CAGR of 14.3%. Correspondingly, the market share by GFA under management of the Top 100 Property Management Companies increased from 18.1% in 2015 to 32.3% in 2020 and is expected to increase from 35.7% in 2021 to 49.8% in 2025. The following chart sets forth the historical and forecast growth of total GFA under management in terms of residential and non-residential properties and the market share of the Top 100 Property Management Companies from 2015 to 2025:

CAGR 2015-2020 2021 (E)-2025 (E) Residential GFA under management 21.0% 10.6% Residential GFA under management Non-residential GFA under management 33.6% 19.2% Non-residential GFA under management Total GFA under management 25.0% 14.3% Market share by GFA under management

(sq.m. in billions)

25 60% 49.8% 45.8% 50% 20 42.6% 39.3% 35.7% 10.3 40% 15 32.3% 8.8 28.7% 29.2% 7.5 30% 24.2% 6.2 20.6% 10 18.1% 5.1 4.1 20% 2.5 3.3 11.1 5 1.8 9.2 10.2 1.3 7.4 8.3 10% 1.0 5.7 6.6 4.2 5.5 2.5 3.3 0 0% 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E

Source: CPMRI, CRIC analysis

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Growing Operational Costs

The property management industry is labor-intensive on account of the fact that daily operational activities such as order maintenance, gardening and cleaning in property management services rely on manual labor. With the rise of minimum wage standards in many regions of China in recent years, labor costs have continued to grow. In addition, the charging standards for public utilities such as electricity and water fees have also risen in the past few years, increasing the operational costs of property management companies. According to CPMRI, the average labor costs of the Top 100 Property Management Companies increased from RMB0.4 billion in 2015 to RMB1.1 billion in 2020, at a CAGR of 26.6%, and are expected to grow from RMB1.4 billion in 2021 to RMB2.5 billion in 2025, at a CAGR of 16.0%. The average operational costs of the Top 100 Property Management Companies increased from RMB0.6 billion in 2015 to RMB2.2 billion in 2020, at a CAGR of 28.5%. Correspondingly, the average operating cost ratio of the Top 100 Property Management Companies was 81.5%, 82.6% and 81.6%, respectively, in 2018, 2019 and 2020. Rising operational costs have become a major challenge for the sustainable development of the property management industry.

Market Opportunities for Non-Residential Properties

Driven by favorable policies such as the Action Plan on Greater Efforts to Remedy Shortcomings, Improve Weakness, and Enhance Quality in terms of Public Services in Social Areas to Promote the Formation of a Strong Domestic Market (《加大力度推動社會領域公共服務補短板強弱項提品質促進形成強大國內市場的行動方案》), the Regulations on the Administration of the Institutional Affairs of Government (《機關事務管理條例》), the Outline of China’s National Medium- and Long-Term Program for Education Reform and Development (2010-2020) (《國家中長期教育改革和發展規劃綱要(2010-2020年)》) and the Guiding Opinions on Establishing a Modern Hospital Management System (《關於建立現代醫院管理制度的指導意見》), more and more property management companies started to expand their portfolios to non-residential properties such as commercial properties, office buildings, schools, hospitals, industrial parks and other public properties. According to CPMRI, the non-residential property management market in China continues to grow. The GFA under management of non-residential properties of the Top 100 Property Management Companies increased from 1.0 billion sq.m. in 2015 to 4.1 billion sq.m. in 2020, at a CAGR of 33.6%, which is higher than that of residential properties of the Top 100 Property Management Companies, or 21.0%, for the same period. In the meantime, non-residential properties accounted for 38.4% in terms of total GFA under management of the Top 100 Property Management Companies in 2020, rising from 27.5% in 2015. According to CPMRI, the GFA under management of non-residential properties of the Top 100 Property Management Companies is expected to increase from 5.1 billion sq.m in 2021 to 10.3 billion sq.m. in 2025, at a CAGR of 19.2%. In the meantime, non-residential properties are expected to account for 48.1% in terms of total GFA under management of the Top 100 Property Management Companies in 2025, rising from 40.8% in 2021.

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With the socialization of property management, different property management services, especially property management services to non-residential properties such as hospitals and schools, are expected to be marketized and increase the market size. According to CPMRI, non-residential property management services are expected to continue to grow under a stable legal framework and government support.

Enhanced Capabilities and Operational Efficiency of Large-Scale Property Management

Large-scale property management projects can bring economies of scale to property management companies. According to CPMRI, labor costs are the main operational costs for property management companies. Property management companies improve their operational efficiency through sharing personnel in the process of managing large-scale property projects. Additionally, the large base of property owners in large-scale properties will bring concentrated potential demand for value-added services. According to CPMRI, in 2020, the operational costs per sq.m. and the average revenue of community value-added services among the Top 100 Property Management Companies which mainly operate large-scale projects, and have average GFA under management of residential property projects of 200,000 sq.m. or above, are 0.7 times and 2.9 times of those of property management companies which mainly operate projects that are not large-scale, respectively. Large-scale property management projects have scale advantages and personnel synergies, which can effectively optimize staffing while increasing revenue from value-added services for property owners.

Accelerating Digitization Processes

Digitization has played an increasingly important role in the property management industry in recent years. According to CPMRI, many property management companies use information technology such as IoT, big data and artificial intelligence in the course of their business operations. Digitization can minimize human error and enhance property management companies’ ability to consistently apply their standardized operational procedures and quality standards. Hence, technological solutions can reduce their reliance on manual labor, thereby reducing the costs in human resource management and subcontractor management. According to CPMRI, the average labor cost ratio (the proportion of labor costs in cost of sales of the Top 100 Property Management Companies) declined to 51.2% in 2020 from 55.3% in 2015.

Increasing Demand for Professionals

With the expansion of business scope of property management companies, the digitization process is accelerating, and property management companies need to recruit qualified professional staff and service personnel with advanced service concepts. At the same time, property management companies are gradually outsourcing a variety of labor-intensive services, such as cleaning and security to professional subcontractors and pay more attention to the training of internal core staff in professional skills, so as to enhance service quality and improve market competitiveness.

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Favorable Outlook for Value-added Services

The development of value-added services provided by property management companies is supported by a series of favorable policies, such as the Guiding Opinions on Accelerating the Development of Living Services and Promoting the Upgrade of Consumption Structure (《關於加快發展生活性服務業促進消費結構升級的指導意見》), the Announcement on the Preferential Tax Policies for Family Service Industries in Communities such as Elderly Care, Childcare, and Housekeeping (《關於養老、托育、家政等社區家庭服務業稅費優惠政策的公告》), the Opinions on Promoting Property Management Companies to Accelerate the Development of Online and Offline Living Services (《關於推動物業服務企業加快發展線上線下生活服務的意見》) and the Circular on Strengthening and Improving the Administration of Residential Property (《關於加強和改進住宅物業管理工作的通知》), which allow property management companies providing living services to apply for preferential treatment such as financial support and tax benefits. In light of such favorable policies, property management companies are encouraged to develop and expand their value-added services to areas as such education, elderly care, child care, household services, health services and real estate brokerage, among other things, so as to improve the living experience and quality of residents, tenants and property owners of the properties under their management.

In response to the evolving demand from customers, property management companies are also diversifying their revenue streams by providing more types of value-added services, such as value-added services to non-property owners and community value-added services. According to CPMRI, the total revenue from value-added services has increased to RMB71.7 billion in 2020 from RMB15.1 billion in 2015, at a CAGR of 36.5%, and is expected to increase from RMB94.6 billion in 2021 to RMB223.9 billion in 2025,at a CAGR of 24.1%.

COMPETITIVE LANDSCAPE

The property management industry in China is intensely competitive and highly fragmented. According to CPMRI, there are approximately over 200,000 property management companies operating in the industry in 2020. The property management market in China is becoming increasingly concentrated. According to CPMRI, the total GFA under management of the Top 100 Property Management Companies increased to 10.7 billion sq.m. in 2020 from 3.5 billion sq.m. in 2015, at a CAGR of 25.0%, and is expected to increase from 12.5 billion sq.m. in 2021 to 21.4 billion sq.m. in 2025, at a CAGR of 14.3%. Correspondingly, the market share of the Top 100 Property Management Companies in terms of GFA under management in 2018, 2019 and 2020 was 28.7%, 29.2% and 32.3%, respectively, which is expected to increase from 35.7% in 2021 to 49.8% in 2025. Although we primarily compete with national, regional and local property management companies, our competitive advantages in terms of property management services come from our creativity and cumulative experience of 29 years of providing property management services.

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According to China Property Management Institute and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center (上海易居房地產研究院中國房地產測評中心), our Group ranked 18th among the Evaluation of 2020 Comprehensive Strength of Property Management Companies (2020 物業服務企業綜合實力測評). According to CPMRI, the top five market players among Top 100 Property Management Companies accounted for 5.3% and 4.4% of the PRC property management industry in terms of GFA under management and revenue in 2020, respectively. In 2020, we accounted for 0.2% and 0.1% of the PRC property management industry in terms of GFA under management and revenue, respectively. We were also awarded Leading Enterprise in Residential Property Management in 2020 (2020 住宅物業服務領先企業).

The table below sets forth the GFA under management and revenue of top five market players among Top 100 Property Management Companies in property management industry in the PRC in 2020.

GFA under Market Market Company management share Company Revenue share (sq.m. in million) (RMB in billion)

Company A 380.1 1.2% Company B 15.6 1.3% Company B 377.3 1.1% Company E 10.1 0.9% Company C 374.8 1.1% Company C 10.0 0.8% Company D 361.0 1.1% Company F 8.6 0.7% Company E 250.5 0.8% Company A 8.0 0.7% Top 5 1,743.7 5.3% Top 5 52.3 4.4%

Source: CPMRI, CRIC analysis

Our property management services benefit from large-scale property management projects. We managed 232 projects in 2020, and the average GFA under management per project was approximately 277.5 thousand sq.m., higher than that of the Top 100 Property Management Companies, being approximately 191.2 thousand sq.m. for the same period, according to CPMRI. These large-scale property management projects have significantly increased our profitability. Our gross profit per capita and net profit per capita in 2020 were RMB64.5 thousand and RMB35.0 thousand respectively, higher than those of the Top 100 Property Management Companies, being approximately RMB31.5 thousand and approximately RMB19.1 thousand for the same period. According to CPMRI, the average gross profit margin of the top ten companies among the Top 100 Property Management Companies in 2018, 2019 and 2020 was 23.4%, 22.2% and 23.7%, while in the same periods, our gross profit margin was 32.1%, 31.8% and 35.5%, respectively.

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Leading property management companies are seeking opportunities to enrich business portfolio and enhance competitiveness through mergers and acquisitions. According to CPMRI, there are over 200,000 property management companies operating in the PRC with a total market size of approximately RMB1,180.0 billion in 2020. According to CPMRI, there are abundant property management companies in the Yangtze River Delta, Pearl River Delta, Beijing, Anhui province, Yunnan province, Guizhou province and Hunan province that would fit our selection criteria of potential targets for strategic acquisitions and investments.

ENTRY BARRIERS

Brand. The brand and reputation is a key factor for property management companies. The China Property Management Institute has defined the year 2021 as “the year of brand building” (品牌建設年), with the aim to comprehensively improve brand value. The Top 100 Property Management Companies, including our Group, have already established their brand images during decades of providing qualified services and operations. Century Golden Resources Group has been listed among China’s Top 500 Enterprises 13 times since its inception, and by leveraging its brand reputation, we have established the “Century Golden Resources Service” (世紀金源服務) as our core brand. We also operate under two sub-brands, “Centown Property Management” (世紀城物業管理) and “Century Life” (世紀生活), which respectively focus on property management services and community value-added services, respectively. For new entrants to the market, it is difficult to build up brand recognition in a short period of time and become competitive.

Support from Property Developers. Property management companies normally expand market coverage through undertaking engagements for properties developed by large property developers if they are affiliated to such property developers. According to CPMRI, property management companies with solid support from property developers are demonstrating outstanding performance in the increasingly intense market competition in property management industry, because (i) properties originated from desirable sales and land reserves of property developers provide abundant supply of property projects reserved for such property management companies, (ii) well-established brand reputation from property developers would improve their property management companies’ stature and value, and (iii) business collaboration with property developers would create opportunities to enrich the property portfolio under management of property management companies if the related property developers expand into other industries outside property development, such as shopping malls, star hotels and cultural tourism, general healthcare and education. Therefore, new participants, especially without any support or cultivated business relationship with property developers, will face increasing difficulty in penetrating the market.

Capital Requirement. Capital investment is crucial for property management companies. In recent years, the property management industry has gradually changed from a labor- intensive industry to a capital-driven industry, as market players are adopting intelligent technologies to improve operational efficiency and provide value-added services that integrate online and offline operations. Therefore, to compete with existing companies in the industry, new entrants have to face higher barriers in respect of capital availability.

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Specialization of Operations and Management. Capability in providing high quality services for large-scale property management projects highly relies on the experience and expertise of property management companies. With the aim to ensure the quality of services of all projects across different regions, leading property management companies have established a series of comprehensive and uniform service standards, training programs and appraisal systems to evaluate the performance of their staff. In contrast, new entrants have less experience of large-scale property management projects, and have difficulties in building systematic management mechanisms within a short period of time.

Talent Specialization. During the digitization process, property management companies require an increasing number of qualified employees who have specialized knowledge of the Internet and information technology systems. In addition, some leading property management companies provide high-end services that require employees to have skills such as foreign language skills and first-aid skills. New entrants may not be able to recruit and retain qualified employees with such credentials.

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Our business activities are conducted in the PRC. We are therefore required to comply with a number of the PRC laws and regulations to carry out our operating activities. This section sets out a summary of the material laws, regulations and policies to which we are subject.

LEGAL SUPERVISION OVER PROPERTY MANAGEMENT SERVICES

Foreign Invested Property Management Enterprises

According to the Special Administrative Measures on Access to Foreign Investment (Negative List) (2020 Version) (《外商投資准入特別管理措施(負面清單)(2020年版)》) (Decree [2020] No. 32 of the NDRC and the MOFCOM) issued by the NDRC and the MOFCOM on June 23, 2020 and came into effect on July 23, 2020, sectors not specified in the Negative List shall be subject to administration under the principle of treating domestic investments and foreign investments equally. In addition, the number of items subject to special administrative measures is cut to 33 and the property management industry does not fall within the negative list for access of foreign investment.

On March 15, 2019, the National People’s Congress promulgated the PRC Foreign Investment Law (《中華人民共和國外商投資法》), which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China, namely, the Chinese-Foreign Equity Joint Venture Enterprise Law (《中華人民共和國中外合資經營企業法》), the Chinese-Foreign Cooperative Joint Venture Enterprise Law (《中華人民共和國中外合作經營企業法》) and the Wholly Foreign-Invested Enterprise Law (《中華人民共和國外資企業法》). On December 26, 2019, the State Council issued the Regulations on Implementing the Foreign Investment Law of the PRC (《中華人民共和國外商投資法實施條例》), which came into effect on January 1, 2020 and replaced the Regulations on Implementing the Chinese-Foreign Equity Joint Venture Enterprise Law (《中華人民共和國中外合資經營企業法實施條例》), Provisional Regulations on the Duration of Chinese-Foreign Equity Joint Venture Enterprise Law (《中外合資經營企業合營期限暫行規定》), the Regulations on Implementing the Wholly Foreign-Owned Enterprise Law (《中華人民共和國外資企業法實施細則》) and the Regulations on Implementing the Chinese-Foreign Cooperative Joint Venture Enterprise Law (《中華人民共和國中外合作經營企業法實施細則》).

Pursuant to the Foreign Investment Law, “foreign investors” means natural person, enterprise, or other organization of a foreign country, “foreign-invested enterprises” (FIEs) means any enterprise established under PRC law that is wholly or partially invested by foreign investors and “foreign investment” means any foreign investor’s direct or indirect investment in mainland China, including: (i) establishing FIEs in mainland China either individually or jointly with other investors; (ii) obtaining stock shares, stock equity, property shares, other similar interests in Chinese domestic enterprises; (iii) investing in new projects in mainland China either individually or jointly with other investors; and (iv) making investment through other means provided by laws, administrative regulations, or State Council provisions.

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Pursuant to the Foreign Investment Law, China implements the management system of pre-establishment national treatment plus a negative list to foreign investment and the government generally will not expropriate foreign investment, except under special circumstances, in which case it will provide fair and reasonable compensation to foreign investors. Foreign investors are barred from investing in prohibited industries on the negative list and must comply with the specified requirements when investing in restricted industries on that list. When a license is required to enter a certain industry, the foreign investor must apply for one, and the government must treat the application the same as one by a domestic enterprise, except where laws or regulations provide otherwise. In addition, foreign investors or FIEs are required to file information reports and foreign investment shall be subject to the national security review.

On December 30, 2019, the Ministry of Commerce and the SAMR issued the Measures for the Reporting of Foreign Investment Information (《外商投資信息報告辦法》), which came into effect on January 1, 2020. Since January 1, 2020, where foreign investors carry out investment activities directly or indirectly in China, such foreign investors or foreign-invested enterprises shall submit investment information to the commerce authorities pursuant to these measures.

Qualification of Property Management Enterprises

According to the Regulations on Property Management (2016 Version) (《物業管理條例》(2016年版)) (Order No. 379 of the State Council) (issued by the State Council on June 8, 2003, came into effect on September 1, 2003 and revised on August 26, 2007 and February 6, 2016), a qualification system for enterprises engaging in property management activities has been adopted.

According to the Decision of the State Council on Canceling the Third Batch of Administrative Licensing Items Designated by the Central Government for Implementation by Local Governments (《國務院關於第三批取消中央指定地方實施行政許可事項的決定》) (Guofa [2017] No. 7) (issued by the State Council on January 12, 2017 and came into effect on the same day), province and city level second class or below property management enterprise qualifications acknowledged by Provincial and municipal government departments of Housing and Urban-Rural were canceled.

According to the Decision of the State Council on Canceling a Group of Administrative Licensing Items (《國務院關於取消一批行政許可事項的決定》) (Guofa [2017] No. 46) (issued by the State Council on September 22, 2017 which came into effect on the same day), qualification accreditation for property management enterprises of Level One was canceled.

According to the Notice of the General Office of Ministry of Housing and Urban-Rural Development on Effectively Implementing the Work of Canceling the Qualification Accreditation for Property Management Enterprises (《住房城鄉建設部辦公廳關於做好取消物業服務企業資質核定相關工作的通知》) (Jian Ban Fang [2017] No. 75) (issued by the General Office of the MOHURD on December 15, 2017 and came into effect on the same day),

– 104 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. REGULATORY OVERVIEW application, change, renewal or re-application of the qualifications of property management enterprises shall not be accepted, and the qualifications obtained already shall not be a requirement for property management enterprises to undertake new property management projects.

On March 19, 2018, the State Council issued Decision of the State Council to Amend and Repeal Certain Administrative Regulations (2018) (《國務院關於修改和廢止部分行政法規的決定(2018)》) (Order of the State Council No. 698), according to which the Regulations on Property Management was amended. The Regulations on Property Management (2018 Version) (《物業管理條例(2018年版)》) has removed all the qualification requirements for the property management enterprises.

Appointment of Property Management Enterprises

According to the Property Law of the PRC (《中華人民共和國物權法》) (Order No. 62 of the President of the PRC) issued by National People’s Congress on March 16, 2007 and came into effect on October 1, 2007, property owners can either manage the buildings and the ancillary facilities by themselves, or engage a property service enterprise or other custodians. Property owners are entitled, according to the laws, to replace the property service enterprise or other custodians engaged by the developer. Property service enterprises or other custodians shall manage the buildings and the ancillary facilities within the district of the building as entrusted by the owners, and shall be subject to the supervision by the owners.

On May 28, 2020, the National People’s Congress promulgated the Civil Code of the PRC (《中華人民共和國民法典》), which came into effect on January 1, 2021 and upon which, the Proterty Law of the PRC was repealed. According to the Civil Code of the PRC, the property service enterprise or any other manager shall, as authorized by the property owners, manage the building and its ancillary facilities within the district of the building according to the relevant provisions of the Civil Code of the PRC governing property management service contracts, be subject to the supervision from the property owners, and reply to the inquiries made by the property owners on property management services in a timely manner.

According to the Regulations on Property Management (2018 Version) (《物業管理條例 (2018年版)》) (Order No. 379 of the State Council) (promulgated by the State Council on June 8, 2003, came into effect on September 1, 2003 and revised on August 26, 2007, February 6, 2016 and March 19, 2018), a general meeting of the property owners of a community can engage or dismiss the property management enterprise with affirmative votes of owners who own more than half of the total GFA of the community and who account for more than half of the total number of the property owners. Property owners’ association, on behalf of the general meeting, can sign property management service contract with property management enterprises engaged at the general meeting. Before the engagement of a property management enterprise by property owners and a general meeting of the property owners, a written preliminary property management service contract should be entered into between the property developer and the selected and engaged property management enterprise. The preliminary property management service contract may stipulate the contract duration. If the property management

– 105 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. REGULATORY OVERVIEW service contract signed by the property owners’ association and the property management enterprise comes into force within the term of preliminary property management service contract, the preliminary property management service contract automatically terminates. Property developers of residential buildings shall enter into preliminary property management service contracts with property management enterprises through tender process.

After the Civil Code of the PRC came into effect, selecting or dismissing a property management company or any other manager shall be voted on by two-thirds or more of all the property owners who own two-thirds or more of the total GFA of the exclusive area, and shall be subject to the consent of over a half of the owners participating in the voting who own more than half of the total GFA of the exclusive area owned by all the owners participating in the voting. Where, prior to the expiration of the service term stipulated in the preliminary property management service contract entered into between a developer and a property management company according to the law, the property management service contract entered into by the property owners’ association or property owners and a new property management company becomes effective, the preliminary property management service contract shall be terminated. Upon expiration of the term of property management services, where the property owners have not decided on renewal of employment or engagement of a new property management company and the property management company continues to provide property services, the original property management service contract shall continue to be valid but the term of service shall be non-fixed. Either party may rescind the non-fixed-term property management service contract at any time, but shall notify the other party in writing 60 days in advance.

According to the Regulations on Property Management and the Interim Measures for Tender and Bidding Management of Preliminary Property Management (《前期物業管理招標投標管理暫行辦法》) (Jian Zhu Fang [2003] No. 130) issued by the Ministry of Construction on June 26, 2003 and came into effect on September 1, 2003), developer of residential buildings and non-residential buildings in the same property management area shall engage qualified property management enterprises by inviting bid. In case where there are less than three bidders or for small-scale properties, the developer can hire qualified property management enterprises by signing an agreement with the approval of the real estate administrative department of the local government of the place where the property is located. Where the developer fails to hire the property management enterprise through a tender and bidding process or hire the property management enterprise by signing agreement without the approval of relevant government authority, the competent real estate administrative department of the local government at the county level or above shall order it to make correction within a prescribed time limit, issue a warning and impose with the penalty of no more than RMB100,000.

Tender evaluation shall be the responsibility of the tender evaluation committee established by the developer in accordance with relevant laws and regulations. The tender evaluation committee shall be composed of the representative of the developer and experts in the related property management fields and the number of members shall be an odd number of no less than five. The expert members shall represent at least two-thirds of the total members.

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Expert members in the tender evaluation committee shall be determined by random select from the roster of experts established by the competent real estate administrative department. A person having an interest with a bidder may not join the tender evaluation committee of the related project.

Fees Charged by Property Management Enterprises

According to the Measures on the Charges of Property Service (《物業服務收費管理辦法》) (Fa Gai Jia Ge [2003] No. 1864) which was jointly issued by NDRC and Ministry of Construction on November 13, 2003 and came into effect on January 1, 2004, property management enterprises are permitted to charge fees from property owners for the maintenance, conservation and management of properties, ancillary facilities and related grounds, and the maintenance of the environmental health and order of relevant areas according to relevant property management services contracts.

The fees charged by property management companies shall be either the government guidance price or market regulated price on the basis of the nature and features of relevant properties. The specific pricing principles shall be determined by the competent price administration departments and property administration departments of the people’s governments of each province, autonomous region and municipality directly under the Central Government.

As agreed between the property owners and property management companies, the fees for the property management services can be charged either as a lump sum basis or a commission basis. The lump sum basis refers to the charging mode requiring property owners to undertake the fixed property management expenses to property management companies who shall enjoy or assume the surplus or deficit. The commission basis refers that property management companies may collect its service fee in the proportion or amount as agreed from the property management income in advance, the rest of which shall be exclusively used on the items as stipulated in the property management service contract, and property owners shall enjoy or assume the surplus or deficit.

According to the Regulation on Clearly Marking the Prices of Property Services (《物業服務收費明碼標價規定》) (Fa Gai Jia Jian [2004] No. 1428), which was jointly issued by NDRC and Ministry of Construction on July 19, 2004 and came into effect on October 1, 2004, property management enterprises, during their provision of services to the property owners (including the property management services as stipulated in the property management service contract as well as other services requested by property owners), shall charge service fees at expressly marked prices, and display their service items, standards and other related contents. In case there is any change to the pricing standard, the property management enterprise shall adjust the related contents displayed and indicate the execution date of new standards one month prior to the implementation of the new standards.

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According to the Property Management Pricing Cost Supervision and Examination Approaches (Trial) (《物業服務定價成本監審辦法(試行)》) (Fa Gai Jia Ge [2007] No. 2285) (jointly promulgated by NDRC and the Ministry of Construction on 10 September 2007 and came into effect on 1 October 2007), competent pricing department of people’s government formulates or regulates the standards of property management service charges that are subject to the government guidance prices and implements pricing cost supervision and examination on relevant property management enterprises. Property management pricing cost is determined according to the social average cost of property management services verified by the competent pricing department of the people’s government. With the assistance of competent real estate administrative department, competent pricing department is responsible to organize the implementation of the property management pricing cost supervision and examination work. Property management services pricing cost shall include staff costs, expenses for daily operation and maintenance on public facilities and equipment, green conservation costs, sanitation fee, order maintenance cost, public facilities and equipment as well as public liability insurance costs, office expenses, shared administration fee, fixed assets depreciation and other fees approved by property owners.

According to the Circular of NDRC on the Opinions for Decontrolling the Prices of Some Services (《國家發展和改革委員會關於放開部分服務價格意見的通知》) (Fa Gai Jia Ge [2014] No. 2755) (promulgated by NDRC and became effective on December 17 2014), the price control on property services of non-government-supported houses was cancelled. The provincial price authorities shall, jointly with the housing and urban-rural development administrative authorities, decide to implement government guidance prices for property management fees for government-supported houses, houses under housing reform, old residence communities and preliminary property management service in light of the actual situation.

According to the Circular on Strengthening and Improving the Administration of Residential Property (《關於加强和改進住宅物業管理工作的通知》) (Jian Fang Gui [2020] No.10) (jointly promulgated by MOHURD and other nine departments on 25 December 2020 and came into effect on the same day), the service price for the residential property shall be mainly formed through market competition and agreed upon by the property owners and the property service company in the property service contract, and can be dynamically adjusted according to factors such as service standard and price indices. The billing method of charging on a commission basis is promoted. The urban housing and urban-rural development departments shall publish a property services list and clarify the content and standards of property services. The property industry association shall monitor and regularly publish property service cost information and pricing rules for property owners and property service companies to refer to when they negotiate property service price. The price adjustment method of property services is suggested to be agreed though contracts by the property owners and the property service company. If the government guidance price is implemented, the price department, the housing and urban-rural construction departments with pricing authority shall formulate and announce the benchmark price and fluctuation range, and establish a dynamic adjustment mechanism.

On July 13, 2021, MOHURD and other seven departments promulgated the Notice on Continued Rectification and Standardization of the Real Estate Market Order (《關於持續整治規範房地產市場秩序的通知》) to continue to rectify and standardize the real estate market order in the fields of real estate development, property sale and purchase, housing leasing and property management services.

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LEGAL SUPERVISION ON FOOD SAFETY AND FIRE PREVENTION

In accordance with the Food Safety Law of the PRC (《中華人民共和國食品安全法》) (issued by the Standing Committee of the National People’s Congress on February 28, 2009, came into effect on June 1, 2009, and amended on April 24, 2015, December 29, 2018 and April 29, 2021) and the Administrative Measures for Food Operation Licensing (《食品經營許可管理辦法》) (issued by the China Food and Drug Administration, taking effect on 1 October 2015 and amended on 7 November 2017), food sales and catering business in the PRC are subject to obtaining the food operation license in accordance with the laws. The principle of one license for one place shall apply to the licensing for food operation, that is, a food business operator shall obtain a food operation license for each operation site at which it carries out the food business. Food business operator failing to obtain a food operation license may be subject to: (i) confiscation of illegal gains, food illegally produced for sale and tools, facilities and raw materials used for illegal production; and (ii) fines ranged from RMB50,000 to RMB100,000 if the value of food illegally produced is less than RMB10,000 or fines equal to 10 to 20 times of the value of food if such value is equal to or more than RMB10,000.

According to the Fire Prevention Law of the PRC (《中華人民共和國消防法》) which was adopted by Standing Committee of the National People’s Congress on April 29, 1998 and was amended on October 28, 2008, April 23, 2019 and April 29, 2021, Property management enterprises in residential areas shall maintain and manage shared fire fighting facilities within the area under their management and provide services in support of fire safety and prevention.

LEGAL SUPERVISION OVER THE INTERNET INFORMATION SERVICES

Supervision on Internet Information Services

According to the Telecommunications Regulations of the PRC (《中華人民共和國電信條例》) issued by the State Council on September 25, 2000 and amended on July 29, 2014 and February 6, 2016, respectively, value-added telecommunications services are defined as telecommunications and information services provided through public network infrastructures and are subject to licenses prior to commencement of operations, and according to the Catalog of Telecommunications Business (《電信業務分類目錄》) attached to the Telecommunications Regulations of the PRC, which was last amended by the Ministry of Industry and Information Technology of the PRC on June 6 2019, value-added telecommunications services are divided into two categories. Category I value-added telecommunications services include internet data center services, content delivery network services, domestic internet protocol virtual private network services and internet access services. Category II value-added telecommunications services include online data processing and transaction processing services, domestic multiparty communication services, store-and-forward-type services, call center services, information services and code and regulation conversion services. Information services refer to the information services provided for users via the public communication network or the internet and by the information collection, development, processing and construction of information platforms.

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According to the Administrative Measures on Internet Information Services (《互聯網信息服務管理辦法》) (No. 292 Order of the State Council), which was issued by the State Council on September 25, 2000, came into effect on the same day and revised on January 8, 2011, Internet information service refers to the provision of information through Internet to web users, and includes two categories: commercial and non-commercial. Commercial internet information service refers to the service activities of compensated provision to online subscribers through the internet of information or website production. Non-commercial Internet service refers to the provision free of charge of public, commonly shared information through the Internet to web users.

Entities engaged in providing commercial Internet information service shall apply for a license for value-added telecommunication services of Internet information services. As for the operation of noncommercial Internet information services, record-filing is required. Internet information service provider shall provide services within the scope of their licenses or filing. Non-commercial Internet information service providers shall not provide services with charge of payment.

INFORMATION SECURITY AND PRIVACY PROTECTION

Pursuant to the Civil Code of the PRC, the personal information of a natural person shall be protected by the law. Any organization or individual that need to obtain personal information of others shall obtain such information legally and ensure the safety of such information, and shall not illegally collect, use, process or transmit personal information of others, or illegally purchase or sell, provide or make public personal information of others.

According to the Cyber Security Law of the PRC (《中華人民共和國網絡安全法》), which was promulgated by the Standing Committee of the National People’s Congress on November 7, 2016 and came into effect on June 1, 2017, network operators shall comply with laws and regulations and fulfil their obligations to safeguard security of the network when conducting business and providing services. Those who provide services through networks shall take technical measures and other necessary measures in accordance with laws, regulations and compulsory national requirements to safeguard the safe and stable operation of the networks, respond to network security incidents effectively, prevent illegal and criminal activities and maintain the integrity, confidentiality and usability of network data. The network operator shall neither collect the personal information irrelevant to the services it provides, nor collect or use the personal information in violation of the provisions of laws or agreements between both parties.

On December 28, 2012, the Standing Committee of the National People’s Congress promulgated the Decision on Strengthening Network Information Protection (《關於加強網絡信息保護的決定》) to enhance the legal protection of information security and privacy on the internet. On July 16, 2013, the Ministry of Industry and Information Technology promulgated the Provisions on Protection of Personal Information of Telecommunication and Internet Users (《電信和互聯網用戶個人信息保護規定》), which became effective on September 1, 2013, to regulate the collection and use of personal information of users in the provision of telecommunication service and internet information service in the PRC.

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LABOR AND SOCIAL INSURANCE-RELATED LAWS AND REGULATIONS

According to the Labor Law of the PRC (《中華人民共和國勞動法》) (issued by the Standing Committee of the National People’s Congress on July 5, 1994, became effective on January 1, 1995, and amended on August 27, 2009 and December 29, 2018), enterprises and institutions shall establish and improve their system of work place safety and sanitation, strictly abide by State rules and standards on work place safety, educate employee in labor safety and sanitation in the PRC. Labor safety and sanitation facilities shall comply with national standards. The enterprises and institutions shall provide employees with work place safety and sanitation conditions which are in compliance with State stipulations and relevant articles of labor protection. Laborers engaged in special operations must receive specialized training and obtained the pertinent qualifications.

The Labor Contract Law of the PRC (《中華人民共和國勞動合同法》) (issued by the Standing Committee of the National People’s Congress on June 29,2007, came into effect on January 1, 2008 and revised on December 28, 2012 and came into effect on July 1, 2013) and the Implementation Regulation on Labor Contract Law of the PRC (《中華人民共和國勞動合同法實施條例》) (No. 535 Order of the State Council) (promulgated by the State Council on September 18, 2008 and became effect on the same day) regulate both parties through a labor contract, namely the employers and the employees, and contains specific articles involving the terms of the labor contract. Labor contracts must be concluded in written forms, upon reaching an agreement after due negotiation, an employer and an employee may enter into a fixed-term labor contract, a non-fixed-term labor contract or a labor contract that concludes upon the completion of certain work assignments.

According to the Social Insurance Law of PRC (《中華人民共和國社會保險法》) (Order No. 35 of the President of the PRC) (promulgated by the Standing Committee of the National People’s Congress on October 28, 2010 and came into effect on July 1, 2011 and as amended on December 29, 2018), employees shall participate in basic pension insurance, basic medical insurance and unemployment insurance. Basic pension, medical and unemployment insurance contributions shall be paid by both employers and employees. Employees shall also participate in work-related injury insurance and maternity insurance. Work-related injury insurance and maternity insurance contributions shall be paid by employers rather than employees. An employer shall make registration with the local social insurance agency in accordance with the provisions of the Social Insurance Law of PRC. For employers failing to conduct social insurance registration, the administrative department of social insurance shall order them to make corrections within a prescribed time limit; if they fail to do so within the time limit, employers shall have to pay a penalty over one time but no more than three times of the amount of the social insurance premium payable by them, and their executive staffs and other directly responsible persons shall be fined RMB500 to RMB3,000. Where an employer fails to pay social insurance premiums in full or on time, the social insurance premium collection agency shall order it to pay or make up the balance within a prescribed time limit, and shall impose a daily late fee at the rate of 0.05% of the outstanding amount from the due date; if still failing to pay within the time limit prescribed, a fine of one time to three times the amount in default will be imposed on them by the relevant administrative department.

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Pursuant to the Regulation on the Administration of Housing Provident Fund (《住房公積金管理條例》) (Order No. 350 of the State Council) (issued by the State Council on April 3, 1999, became effective on the same day, and was amended on March 24, 2002 and March 24, 2019), the housing provident fund contributions made by an individual employee and housing provident fund contributions made by his or her employer shall be owned by the individual employee. Employers shall process the housing fund payments and deposit registrations with the housing provident fund administrative center. Employers shall timely pay the housing provident fund in full and overdue or insufficient payment shall be prohibited. For enterprises who violate the laws and regulations and fail to apply for housing provident fund deposit registration or open housing provident fund accounts for their employees, the housing provident fund administrative center shall order the relevant enterprises to make corrections within a designated period. Those enterprises failing to process registration or open provident fund accounts for their employees within the designated period shall be subject to a fine ranging from RMB10,000 to RMB50,000. When enterprises violate those provisions and fail to pay the housing provident fund in full amount as due, the housing provident fund administrative center shall order such enterprises to pay up the amount within a prescribed period; if those enterprises still fail to comply with the regulations upon the expiration of the time limit, further application may be made to the People’s Court for mandatory enforcement.

INTELLECTUAL PROPERTY RIGHTS RELATED LAWS AND REGULATIONS

Trademark Law

Trademarks are protected by the Trademark Law of the PRC (《中華人民共和國商標法》) (Order No. 10 of the Standing Committee of the National People’s Congress) (issued by the Standing Committee of the National People’s Congress on August 23, 1982, came into effect on March 1, 1983 and amended on February 22, 1993, October 27, 2001, August 30, 2013 and April 23, 2019) and the PRC Trademark Law Implementing Regulations(《中華人民共和國商標法實施條例》) (Order No. 651 of the State Council) (promulgated by the State Council on August 3, 2002, came into effect on September 15, 2002 and was amended on April 29, 2014). The Trademark Office under the SAMR are responsible for trademark registration and authorizing registered trademarks for a validity period of 10 years. Trademarks may be renewable every ten years where a registered trademark needs to be used after the expiration of its validity period. Trademark registrants may license, authorize others to use their registered trademark by signing up a trademark license contract. The trademark license agreements shall be submitted to the trademark office for recording. For trademarks, trademark law adopts the principle of “prior application” with respect to trademark registration. Where a trademark under registration application is identical with or similar to another trademark that has, in respect of the same or similar commodities or services, been registered or, after preliminary examination and approval, this application for such trademark registration may be rejected. Anyone applying for trademark registration shall not prejudice the existing right first obtained by anyone else, or forestall others in registering a trademark which others have already begun to use and enjoyed certain degree of influence.

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The Copyright Law of the PRC (《中華人民共和國著作權法》) (Order No. 31 of the President of the PRC) (issued by the Standing Committee of the National People’s Congress on September 7, 1990, revised on October 27, 2001, February 26, 2010 and November 11, 2020, and will come into effect on June 1, 2021) provides that PRC citizens, legal persons or other organizations enjoy copyright over their works which refer to original intellectual achievements in the fields of literature, art and science which can be expressed in a certain form including written works, oral works, computer software and other intellectual achievements which comply with the characteristics of the works, whether published or not. Copyright holders may enjoy multiple rights, which include the right of publication, the right of authorship and the right of reproduction.

The Computer Software Copyright Registration Measures (《計算機軟件著作權登記辦法》) (Order No. 1 of the National Copyright Administration) (promulgated by the National Copyright Administration on February 20, 2002, and came into effect on the same day) regulates the registration of software copyright, the exclusive licensing contracts and transfer contracts of software copyright. The National Copyright Administration of PRC shall be competent authority for the registration and management of national software copyright and the Copyright Protection Center of China is the software registration organization authority. The Copyright Protection Center of China shall grant registration certificates to the computer software copyright applicants which conforms to the regulations of both the Computer Software Copyright Registration Measures and the Regulations on Protection of Computers Software (《計算機軟件保護條例》) (No. 84 Order of the State Council) (issued by the State Council on June 4, 1991, came into effect on October 1, 1991 and revised on December 20, 2001 and January 30, 2013).

LEGAL SUPERVISION OVER THE TAX IN THE PRC

Enterprise Income Tax (“EIT”)

According to the PRC Enterprise Income Tax Law (《中華人民共和國企業所得稅法》) (the “EIT Law”’) ([2007] No. 63 Order of the President of the PRC) (promulgated by the National People’s Congress on March 16, 2007 and came into effect on January 1, 2008 and amended on February 24, 2017 and December 29, 2018) and the Implementation Regulations of Enterprise Income Tax Law of the PRC (《中華人民共和國企業所得稅法實施條例》) (“Implementation Regulations of the EIT Law”) ([2007] No. 512 Order of the State Council) (promulgated by the State Council on December 6, 2007 and came into effect on January 1, 2008, and amended on April 23, 2019), enterprises are classified as either “resident enterprises” or “non-resident enterprises.” Enterprises that are set up in the PRC under the PRC laws, or that are set up in accordance with the law of the foreign country (region) whose actual administration institutions (referring to the institutions conducting substantive and all-around management and control over the enterprises production, operation, personnel, accounting matters, finance, etc.) are in PRC, shall be considered as “resident enterprises.” Enterprises established under the law of the foreign country (region) with actual management institutions outside the PRC, but have set up institutions or establishments in PRC or, without institutions or establishments set up in the PRC, have income originating from PRC, shall be considered as “non-resident enterprises.”

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A resident enterprise shall pay EIT on its income originating from both inside and outside PRC at an EIT rate of 25%. A non-resident enterprise that has establishments or places of business in the PRC shall pay EIT on its income originating from PRC obtained by such establishments or places of business, and on its income which deriving outside PRC but has actual connection with such establishments or places of business, at the EIT rate of 25%. A non-resident enterprise that does not have an establishment or place of business in the PRC, or it has an establishment or place of business in the PRC but the income has no actual connection with such establishment or place of business, shall pay EIT on its income derived from the PRC at a reduced rate EIT of 20%.

According to the EIT Law and the Implementation Regulations of the EIT Law, for dividends payable to investors that are non-resident enterprises (who do not have organizations or places of business in the PRC, or that have organizations and places of business in PRC but to whom the relevant income tax is not effectively connected), 10% of the PRC withholding tax shall be paid, unless there are any applicable tax treaties are reached between the jurisdictions of non-resident enterprises and the PRC which may reduce or provide exemption to the relevant tax. Similarly, any gain derived from the transfer of shares by such investor, if such gain is regarded as income derived from sources within the PRC, shall be subject to 10% PRC income tax rate (or a lower tax treaty rate (if applicable)).

According to the Arrangements Between the PRC and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (《內地和香港特別行政區關於對所得避免雙重徵稅和防止偷漏稅的安排》) (promulgated by State Administration of Taxation (the “SAT”) on August 21, 2006 and came into effect on December 8, 2006), if any company (a beneficial owner) incorporated in Hong Kong holds no less than 25% of the equity of a PRC company, its dividend obtained from the company incorporated in the PRC shall be taxed with a lower tax rate of 5% as the withholding tax. According to the Announcement of the State Administration of Taxation on Issues Relating to “Beneficial Owner” in the Tax Treaty (《國家稅務總局關於稅收協議中“受益所有人”有關問題的公告》) (promulgated by SAT on February 3, 2018 and came into effect on April 1, 2018), to determine the “beneficial owner” status of a resident of the treaty counterparty who needs to enjoy the tax treaty benefits, a comprehensive analysis shall be carried out in accordance with the factors set out in the announcement, taking into account actual conditions of the specific case.

According to the Announcement on Several Issues concerning the Enterprise Income Tax on Income from the Indirect Transfer of Assets by Non-Resident Enterprises (《關於非居民企業間接轉讓財產企業所得稅若干問題的公告》) (promulgated by SAT on February 3, 2015 and came into effect on the same day, and partially repealed on October 17, 2017 and December 29, 2017), where a non-resident enterprise indirectly transfers equities and other assets of a PRC resident enterprise to avoid the EIT payment obligation by making an arrangement with no reasonable business purpose, such indirect transfer shall be redefined and recognized as a direct transfer in accordance with the provisions of the EIT Law. Where the EIT on the income from the indirect transfer of real estate or equities shall be paid in accordance with the provisions of this Announcement, the entity or individual that directly assumes the obligation to make relevant payments to the transfer according to the provisions of the relevant laws or as agreed upon in the contract shall be the withholding agent.

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Value-added Tax

According to Provisional Regulations on Value-added Tax of the PRC (《中華人民共和國增值稅暫行條例》) (Order No. 134 of the State Council) (promulgated by the State Council on December 13, 1993 and last amended on November 19, 2017) and the Detailed Rules for the Implementation of the Provisional Regulations of the PRC on Value-Added Tax (《中華人民共和國增值稅暫行條例實施細則》) (promulgated by Ministry of Finance on December 25, 1993 and became effective on the same day and revised on December 15, 2008 and October 28, 2011) (collectively, the “VAT Law”), taxpayers engaging in the sale of goods, provision of processing services, repairing and replacement services, sell service, intangible assets or immovables or importation of goods within the territory of the PRC shall pay value-added tax. Unless stated otherwise in the VAT Law, the rate for selling services or intangible assets is 6%.

In accordance with the Notice on Fully Launch of the Pilot Program of the Conversion of Business Tax to Value-Added Tax (《關於全面推開營業稅改徵增值稅試點的通知》) (Cai Shui [2016] No. 36) which was promulgated by the Ministry of Finance and the SAT on March 23, 2016 and came into effect on May 1, 2016, the state started to fully implement the pilot program from business tax to value-added tax on May 1, 2016, and all business tax payers engaged in the construction industry, real estate industry, financial industry and living service industry have been included in the scope of the pilot program and should pay value-added tax instead of business tax.

REGULATIONS RELATING TO FOREIGN EXCHANGE

According to the PRC Foreign Currency Administration Rules (《中華人民共和國外匯管理條例》) (No. 193 Order of the State Council) (promulgated by the State Council on January 29, 1996, came into effect on April 1, 1996 and amended on January 14, 1997 and August 5, 2008), the RMB is generally freely convertible for current account items, including the distribution of dividends, trade and service related foreign exchange transactions, but not for capital account items, such as direct investment, loan, repatriation of investment and investment in securities outside the PRC, unless the prior approval of the SAFE is obtained.

Pursuant to the Notice of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration of the Overseas Investment and Financing and the Round-tripping Investment Made by Domestic Residents through Special-Purpose Companies (《國家外匯管理局關於境內居民通過特殊目的公司境外投融資及返程投資外匯管理有關問題的通知》) (“Circular 37”) promulgated by SAFE and which became effective on July 4, 2014, (a) a PRC resident (“PRC Resident”) shall register with the local SAFE branch before he or she contributes assets or equity interests in an overseas special purpose vehicle (“Overseas SPV”), that is directly established or controlled by the PRC Resident for the purpose of conducting investment or financing; and (b) following the initial registration, the PRC Resident is also required to register with the local SAFE branch for any major change, in respect of the Overseas SPV, including, among other things, a change of the Overseas SPV’s PRC Resident shareholder(s), name of the Overseas SPV, term of operation, or any increase or reduction of the PRC Resident’s contribution, share transfer or swap, and merger or division. Pursuant to Circular 37, failure to comply with these registration procedures may result in penalties.

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In accordance with the Circular of the State Administration of Foreign Exchange on the Reform and Standardisation of the Management Policy of the Settlement of Capital Account (《國家外匯管理局關於改革和規範資本項目結匯管理政策的通知》) (issued by the SAFE on 9 June 2016, and taking effect on the same day), the settlement of foreign exchange receipts under the capital account (including foreign exchange capital, external debts, funds repatriated from overseas listing, etc.) entitled to discretionary settlement in accordance with relevant policies, may be conducted at a bank based on the actual operating needs of domestic entities. The discretionary settlement ratio of foreign exchange receipts under the capital account of domestic entities is tentatively set as 100%. The SAFE may adjust the above ratio in due time in light of receipt and payment balance and status.

In accordance with the Circular of the State Administration of Foreign Exchange on Further Promoting Cross-border Trade and Investment Facilitation (《國家外匯管理局關於進一步促進跨境貿易投資便利化的通知》) (issued by the SAFE on October 23, 2019, and taking effect on the same day, and partially repealed on December 30, 2019), foreign-invested enterprises engaged in non-investment business are permitted to make domestic equity investments with their capital according to law under the condition that the current Special Administrative Measures on Access to Foreign Investment (Negative List) are not violated and the relevant domestic investment projects are true and compliant.

REGULATION RELATING TO M&A RULES

According to the Provisions Regarding Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《關於外國投資者併購境內企業的規定》) (promulgated on August 8, 2006 and became effective on September 8, 2006, and amended on June 22, 2009), a foreign investor is required to obtain necessary approvals when (i) a foreign investor acquires equity interests in a domestic non-foreign invested enterprise thereby converting it into a foreign- invested enterprise, or subscribes for new equity interests in a domestic enterprise via an increase of registered capital thereby converting it into a foreign-invested enterprise; or (ii) a foreign investor establishes a foreign-invested enterprise which purchases and operates the assets of a domestic enterprise, or which purchases the assets of a domestic enterprise by agreement and injects those assets to establish a foreign-invested enterprise. In the case where a domestic company or enterprise, or a domestic natural person, through an overseas company established or controlled by it/him, acquires a domestic company that is related to or connected with it/him, approval from MOFCOM is required.

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OVERVIEW

Our history can be traced back to the establishment of Fuzhou Golden Resources Property Management Co., Ltd. (福州金源物業管理有限公司) in 1992 by the family member of our Controlling Shareholders (Mr. HUANG Tao and Mr. HUANG Shiying) and other Independent Third Parties of the Company with their own financial resources, with an initial focus on providing complementary property management to our Controlling Shareholders Group. In 2011, Century Life Property Group, the onshore holding company of the Group, was established. In 2017, Mr HUANG Tao and Mr. HUANG Shiying, being the siblings, started to own Century Life Property Group as to 60% and 40%, respectively.

From 2012 to 2017, our property management sector experienced the structure conversion from the independent operation of scattered property management companies to group operation. Since 2017, we have implemented business transformation to further explore external sources of business and reach out to a broader market.

MILESTONES OF DEVELOPMENT

Our Group has experienced significant growth in its scale of operations since 1992 and the following is a summary of our Group’s key development milestones:

Year Event 1992 Fuzhou Golden Resources Property Management Co., Ltd. was established in Fuzhou, Fujian province.

2000 We expanded our business to Beijing and launched the first mega- community property service.

2005 We expanded our business to Kunming, Yunnan province, and in the same year started to serve Kunming Centown (昆明世紀城), the first major project in Yunnan province.

2007 We expanded our business to Changsha, Hunan province, and in 2008 started to serve Xiangjiang Centown (湘江世紀城), the largest integrated community in Changsha.

2008 We expanded the business to Guiyang, Guizhou province and Hefei, Anhui Province, serving an area of 7 million sq.m. in Guiyang Centown (貴陽世紀城).

2011 We expanded the business to Tengchong and Xishuangbanna, Yunnan province and Chongqing.

2012 We expanded the business to Ningbo, Zhejiang province.

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Year Event 2013 With establishment of “Centown Property Management Group” (世紀城物業管理集團), we commenced brand management.

2014 We developed and launched the “Century Cloud” (世紀雲) property management platform an intelligent service system for internal management.

2017 We reached out to a broader market in the PRC and undertook the Bengbu Jiangshan Yujing Residence project (蚌埠市江山御景住宅項目) in Anhui province.

2018 We ranked 26th in the Top 100 Property Management Companies in China by Chinese Index Academy.

We were awarded as the “2018 China Leading Property Management Companies in terms of Characteristic Service” (2018中國商業物業管理領先企業) and the “2017 Specialised Operational Leading Brand of China Property Service Companies” with a brand value of RMB1.318 billion (2017中國物業服務專業化運營領先品牌) by China Index Academy.

We established a national call service center, forming a “one platform, two centers” (一個平台,兩個中心) intelligent system.

2019 We established the brand “Yuan Community” (源公益) and launched the “Yuan Community Action” (源公益行動) by setting up the Yuan Public Service Volunteer Alliance (源公益志願者聯盟).

2020 According to the Evaluation of 2020 Property Management Companies Comprehensive Strength jointly organized by China Property Management Institute (中國物業管理協會) and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center (上海易居房地產研究院中國房地產測評中心), we ranked 18th among China’s Top 500 Property Management Companies in terms of comprehensive strength in 2020 (2020 中國物業服務企業綜合實力500強), and we were awarded the Leading Enterprise in Residential Property Management Services in 2020 (2020住宅物業服務領先企業).

See “Business – Awards and Recognition” for further details.

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OUR PRINCIPAL SUBSIDIARIES

We conduct our business principally through the following subsidiaries which made a material contribution to our results of operations during the Track Record Period:

Date of establishment Principal business and commencement Name of major subsidiaries activities of business Beijing Centown Property Management property management March 8, 2001 Co., Ltd. (北京世紀城物業管理有限公司, “Beijing Centown Property”) Century Golden Resources Property property management March 7, 2005 Services Group Co., Ltd. (世紀金源物業服務集團有限公司, “Century Golden Resources Property”) Century Yihe Property Services Group property management January 10, 2008 Co., Ltd. (世紀頤和物業服務集團有限公司, “Century Yihe Property Company”)

For the details of the principal business of our Company and our principal subsidiaries, see “Business.”

1. Beijing Centown Property

Beijing Centown Property was established in the PRC on March 8, 2001 as a limited liability company with an initial registered capital of RMB1 million and was owned as to 80% and 20% by Beijing Tianrun Golden Resource Residential Co., Ltd. (北京天潤金源置業有限公司) (“Beijing Tianrun”), a subsidiary of Century Golden Resources and Mr. HUANG Tao, respectively.

On September 10, 2003, the registered capital of Beijing Centown Property was increased from RMB1 million to RMB5 million through a capital injection in the amount of RMB3.2 million by Beijing Tianrun and RMB0.8 million by Mr. HUANG Tao.

On October 21, 2004, Beijing Tianrun entered into an equity transfer agreement with Beijing Golden Resource Hongda Real Estate Co., Ltd. (北京金源鴻大房地產有限公司) (“Beijing Golden Resources Hongda”), a subsidiary of Century Golden Resources, pursuant to which Beijing Tianrun agreed to transfer its 80% interests in Beijing Centown Property to Beijing Golden Resources Hongda. Upon the completion of such transfer, Beijing Centown Property was owned as to 80% and 20% by Beijing Golden Resources Hongda and Mr. HUANG Tao, respectively.

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On July 14, 2011, the registered capital of Beijing Centown Property was increased from RMB5 million to RMB7 million through a capital injection in the amount of RMB1.6 million by Beijing Golden Resources Hongda and RMB0.4 million by Mr. HUANG Tao.

On November 15, 2011, Beijing Golden Resources Hongda and Mr. HUANG Tao respectively entered into an equity transfer agreement with Century Life Property Group, pursuant to which Beijing Golden Resources Hongda and Mr. HUANG Tao agreed to transfer their interests in Beijing Centown Property as to 80% and 20%, respectively, to Century Life Property Group. Upon completion of such transfer, Beijing Centown Property became a wholly-owned subsidiary of Century Life Property Group.

On February 3, 2019, the registered capital of Beijing Centown Property was increased from RMB7 million to RMB30 million through a capital injection in the amount of RMB23 million by Century Life Property Group.

Century Life Property Group was established in the PRC and was owned by Ms. Huang Hairong (黃海容) and Ms. Huang Yan (黃艷), being sisters of Mr. HUANG Tao and Mr. HUANG Shiying, as to 60% and 40%, respectively, on January 27, 2011. On June 7, 2017, Qushui Baiying Enterprise Management Co., Ltd. (曲水百盈企業管理有限責任公司) subscribed for 90% of the equity interest in Century Life Property Group through a capital increase and Century Life Property Group was therefore owned by Ms. Huang Hairong and Ms. Huang Yan as to 6% and 4%, respectively. Qushui Baiying Enterprise Management Co., Ltd. is owned by Mr. Huang Tao and Mr. Huang Shiying as to 60% and 40%, respectively. On November 7, 2017, Mr. Huang Tao and Mr. Huang Shiying purchased the entire equity interest of Century Life Property Group from Ms. Huang Hairong and Ms. Huang Yan and therefore owned Century Life Property Group as to 60% and 40%, respectively.

2. Century Golden Resources Property

Century Golden Resources Property was established in the PRC on March 7, 2005 as a limited liability company with an initial registered capital of RMB1 million and was owned as to 50% and 50% by Kunming Golden Resources Real Property Co., Ltd. (昆明金源房地產有限責任公司) (“Kunming Century Resources”) and Kunming Centown Property Co., Ltd. (昆明世紀城房地產有限責任公司) (“Kunming Centown Property”), both are subsidiaries of Century Golden Resources, respectively.

On December 6, 2005, the registered capital of Century Golden Resources Property was increased from RMB1 million to RMB5 million through a capital injection in the amount of RMB4 million by Century Golden Resources.

On August 26, 2011, Century Golden Resources, Kunming Century Resources and Kunming Centown Property respectively entered into an equity transfer agreement with Century Life Property Group, pursuant to which Century Golden Resources, Kunming Century Resources and Kunming Centown Property agreed to transfer, in aggregate, 100% interests in Century Golden Resources Property to Century Life Property Group. Upon completion of such transfer, Century Golden Resources Property became a wholly-owned subsidiary of Century Life Property Group.

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On August 29, 2011, the registered capital of Century Golden Resources Property was increased from RMB5 million to RMB6.25 million through the transfer of reserve fund of RMB1.25 million to the registered capital.

On August 27, 2019, the registered capital of Century Golden Resources Property was increased from RMB6.25 million to RMB50 million through a capital injection in the amount of RMB43.75 million by Century Life Property Group.

3. Century Yihe Property Company

Century Yihe Property Company was established in the PRC on January 10, 2008 as a limited liability company with an initial registered capital of RMB5 million and was wholly-owned by Guiyang Jinyang Centown Commercial Concrete Co., Ltd. (貴陽金陽世紀城商品混凝土有限責任公司) (“Guiyang Jinyang”), which was ultimately controlled by Mr. Huang Tao, Mr. Huang Shiying and their father from 2008 to 2009.

On December 2, 2009, Guiyang Jinyang entered into an equity transfer agreement with Guiyang Century Real Estate Development Co., Ltd. (貴陽世紀城房地產開發有限責任公司) (“Guiyang Century Real Estate”), which was ultimately controlled by Mr. Huang Tao, Mr. Huang Shiying and their father from 2009 to 2011, pursuant to which Guiyang Jinyang transferred 100% of the entire equity interest in Century Yihe Property Company to Guiyang Century Real Estate. Upon completion of such transfer, Century Yihe Property Company became a wholly-owned subsidiary of Guiyang Century Real Estate.

On October 18, 2011, the registered capital of Century Yihe Property Company was increased from RMB5 million to RMB5.9 million through the transfer of reserve fund of RMB0.9 million to the registered capital.

On December 13, 2011, Guiyang Century Real Estate entered into an equity transfer agreement with Century Life Property Group, pursuant to which Guiyang Century Real Estate transferred 100% of the equity interest in Century Yihe Property Company to Century Life Property Group. Upon completion of such transfer, Century Yihe Property Company became a wholly-owned subsidiary of Century Life Property Group.

On September 19, 2019, the registered capital of Century Yihe Property Company was further increased from RMB5.9 million to RMB50 million through a capital injection in the amount of RMB44.1 million by Century Life Property Group.

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The following chart sets forth the beneficial ownership structure of the Group immediately prior to the Reorganization:

Mr. HUANG Tao Mr. HUANG Shiying

60% 40%

Qushui Xinglong Kairui Corporate Management Co., Ltd. (PRC)

100% Qushui Baiying Corporate Management Co., Ltd (PRC) 6% 4% 90%

Century Life Property Group

2 – 122 – (PRC)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Fujian Qushui Changsha Yongfeng Fuzhou Shenzhen Yongfeng Tengchong Hefei Binhu Xishuangbanna Century Jiye Qushui Beijing Century Golden Beijing Century Jiye Beijing Centown Centown Riverside Golden Century Yihe Mechanical Centown Century Golden Resources Yizhai Nanyue Mechanical Centown Property Property Holiday Resources Property and Property Minan Resources Property Technology Life and Electrical Property Management Management Manor Property Company Electrical Services Heating (PRC) Co., Ltd. Co., Ltd. Property Property Management (PRC) Co., Ltd. Services Installation (PRC) Management (PRC) Installation Co., Ltd. Co., Ltd. (PRC) (PRC) Co., Ltd. Co., Ltd. (PRC) (PRC) Co., Ltd. Engineering (PRC) Co., Ltd. Engineering (PRC) (PRC) (PRC) Co., Ltd. Co., Ltd. (PRC) (PRC)

Other indirect onshore subsidiaries of our Company(1)

Note: Immediately prior to the Reorganization, the Company had other 11 second tier subsidiaries engaged in property management service in the PRC. THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

In August 2020, we commenced the Reorganization in preparation for the [REDACTED], whereupon our Company became the holding company and [REDACTED] vehicle of our Group.

1. Incorporation of Our Company and Our Offshore Subsidiaries

Our Company was incorporated as an exempted company with limited liability in the Cayman Islands on August 24, 2020 to act as the holding company of our Group for the [REDACTED] on the Stock Exchange. The initial authorized share capital of our Company was US$50,000.00 divided into 5,000,000,000 shares of US$0.00001 each. On August 24, 2020, one subscriber Share was issued and allotted to the initial subscriber, who on the same day transferred that one Share to Platinum Wish Limited, one of our Controlling Shareholders. On August 24, 2020, our Company also allotted 53 shares to Platinum Wish Limited, six shares to Lead Tide Limited, 36 shares to View Max Limited and four shares to Source Coast Limited.

Bliss Dawn Limited was incorporated under the laws of Hong Kong on September 7, 2020 with limited liability. On the same day, Bliss Dawn Limited allotted one subscriber share to our Company, pursuant to which Bliss Dawn Limited became a wholly-owned subsidiary of our Company.

2. Our Onshore Operating Entity

Establishment of the WFOE

Beijing Century Yongying is the WFOE of our PRC holding company and was established by Bliss Dawn Limited in Beijing, the PRC on October 14, 2020 with an initial registered capital of US$1,000,000. As of the date of establishment, Beijing Century Yongying was wholly-owned by Bliss Dawn Limited.

Investment in our operating entity

Century Life Property Group is the operating entity of our Company.

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On December 4, 2020, Beijing Century Yongying entered into the equity transfer agreements with Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd. separately, pursuant to which Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd. agreed to sell, and Beijing Century Yongying agreed to purchase, 92% equity interest of Century Life Property Group in aggregate at a total consideration of RMB100 million, which is equal to the respective capital contribution of Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd.

3. Share swap

On December 11, 2020, the Company further entered into a share swap agreement with Forward Fame Limited (a wholly-owned subsidiary of Mr. Ma Tao) and Flourishing Age Limited, pursuant to which the Company agreed to acquire 100% equity interest of Flourishing Age Limited from Forward Fame Limited at a consideration of 800 newly issued Shares, representing 8% of the equity interest of the Company on a fully diluted basis.

4. Shareholding restructuring

Offshore restructuring through allotments of Shares by the Company

To reflect the offshore shareholding structure of Century Life Property Group, the Company allotted an aggregate of 10,000 Shares to the following entities at par value, the consideration of which was settled in full on December 11, 2020:

Approximate % of shareholding in Number of Consideration the Company after Name Shares paid the allotment Platinum Wish Limited(1) 4,968 US$0.04968 49.68% Lead Tide Limited(2) 552 US$0.00552 5.52% View Max Limited(3) 3,312 US$0.03312 33.12% Source Coast Limited(4) 368 US$0.00368 3.68% Forward Fame Limited(5) 800 US$0.008 8%

(1) As of the Latest Practicable Date, Platinum Wish Limited, a company incorporated on August 11, 2020 in the British Virgin Islands and was owned by Joy Deep Limited and Prime Elegance Limited as to 99% and 1%, respectively. Joy Deep Limited was held by Sparkle Fortune Family Trust which was established by Mr. HUANG Tao as the settlor. Vistra Trust (Hong Kong) Limited was the trustee of the Sparkle Fortune Family Trust, and Mr. HUANG Tao and his family members were the beneficiaries of the Sparkle Fortune Family Trust. Prime Elegance Limited was wholly-owned by Mr. HUANG Tao.

(2) As of the Latest Practicable Date, Lead Tide Limited was a company incorporated on August 6, 2020 in the British Virgin Islands and wholly-owned by Mr. HUANG Tao.

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(3) As of the Latest Practicable Date, View Max Limited, a company incorporated on August 11, 2020 in the British Virgin Islands with limited liability and was owned by Joy Riding Limited and Leisure Light Limited as to 99% and 1%, respectively. Joy Riding Limited was held by Leading Trend Family Trust which was established by Mr. HUANG Shiying as the settlor. Vistra Trust (Hong Kong) Limited was the trustee of the Leading Trend Family Trust, and Mr. HUANG Shiying and his family members were the beneficiaries of the Leading Trend Family Trust. Leisure Light Limited was wholly-owned by Mr. HUANG Shiying, the sibling of Mr. HUANG Tao.

(4) As of the Latest Practicable Date, Source Coast Limited was a company incorporated on August 6, 2020 in the British Virgin Islands with limited liability and wholly-owned by Mr. HUANG Shiying.

(5) As of the Latest Practicable Date, Forward Fame Limited was incorporated in the British Virgin Islands on on August 25, 2020 with limited liability and was wholly-owned by Longwin Global Limited, which in turn was wholly-owned by Mr. MA Tao, an Independent Third Party. For details of the shareholding of Forward Fame Limited, see “– Pre-[REDACTED] Investment.”

PRC REGULATORY REQUIREMENTS

Our PRC legal advisor confirmed that (i) the shareholding changes of our subsidiaries in the PRC as described above have obtained all necessary approvals and the government procedures involved are in accordance with applicable PRC laws and regulations, (ii) we have obtained all necessary approvals from relevant PRC regulatory authorities required for the implementation of the Reorganization, and (iii) the Reorganization has complied with all applicable PRC laws and regulations in all material respects.

PRE-[REDACTED] INVESTMENT

1. Overview

On September 25, 2020, Flourishing Age Limited, Century Life Property Group, Mr. HUANG Tao, Mr. HUANG Shiying, and Qushui Baiying Enterprise Management Co., Ltd. entered into a share subscription agreement (the “Share Subscription Agreement”), pursuant to which Century Life Property Group agreed to issue, and Flourishing Age Limited agreed to subscribe, the 8% of the equity interest (on a fully diluted basis) in Century Life Property Group at a consideration of HKD25,525,000 (the “Pre-[REDACTED] Investment”). On December 11, 2020, the Company further entered into a share swap agreement with Forward Fame Limited (the “Pre-[REDACTED] Investor”) and Flourishing Age Limited, pursuant to which the Company agreed to acquire 100% equity interest of Flourishing Age Limited from Forward Fame Limited at a consideration of 800 newly issued Shares, representing 8% of the equity interest of the Company on a fully diluted basis.

Our PRC legal advisor confirmed that the Pre-[REDACTED] Investment has been completed in accordance with all applicable PRC laws and regulations in all material respects.

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2. Principal terms of the Pre-[REDACTED] Investment

The table below sets forth the details of the Pre-[REDACTED] Investment.

Investment cost per Share(1) . . . HKD[REDACTED]

Date on which investment was December 2, 2020 fully settled ......

Basis of consideration ...... The relevant consideration was determined after arm’s length negotiation between our Company and Forward Fame Limited with reference to the business valuation of our Company, the timing of the investment and the prospect of our business.

Discount to the [REDACTED]% [REDACTED](2) ......

Shareholding in our 8% Company immediately after the completion of the Pre-[REDACTED] Investment ......

Shareholding in our Company [REDACTED]% (assuming the [REDACTED]isnot immediately following the exercised) completion of the Capitalization Issue and [REDACTED]......

Use of Proceeds ...... Theproceeds served as the working capital of the Group for the development and operations of our business. As at the Latest Practicable Date, the proceeds have not been utilized.

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Strategic and financial benefits Our Directors are of the view that (i) we will benefit from of the pre-[REDACTED] (a) the Pre-[REDACTED] Investor’s strategic input in investor brought to our the management and general corporate governance Company...... practices of our Company and the improvement of our Company’s financial reporting and internal controls; (b) the endorsement by the Pre-[REDACTED] Investor of the Group’s performance, strength and prospects; (c) the knowledge, resources and experience of the Pre-[REDACTED] Investor in capital markets, and business networks as the beneficial owner of Flourishing Age Limited, Mr. MA Tao, is an investor with extensive experience in identifying investment targets, improving its financial performance and providing support and advice; (ii) Mr. MA Tao has years of experience in the real estate, agriculture, and healthcare industries in the PRC. Mr. MA Tao has also held critical positions in a number of domestic and international companies and has built up an extensive network of business resources in different industries. With his resources and capabilities, Mr. MA Tao will be able to provide insights and advice on the future expansion of the Group’s business in a number of regional markets for the practical benefit of the Group. In particular, Mr. MA Tao shares with us his experience in capital markets and views on the development trend of the property management industry and his opinions on the development strategy of the Company from time to time, providing valuable references for our overall strategy; (iii) we could achieve the synergies from the enhanced strategic cooperation between us and the Pre-[REDACTED] Investor. As Mr. MA Tao currently invests in the property industry, we are also seeking future business cooperation opportunities.

Special right of the No special right has been granted to the pre-[REDACTED] investor .. Pre-[REDACTED] investor.

Notes:

(1) Calculated based on the number of Shares held by the Pre-[REDACTED] Investor following the completion of the Capitalization Issue.

(2) Assuming the [REDACTED] is HK$[REDACTED], being the mid-point of the indicative [REDACTED].

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The consideration for the Pre-[REDACTED] Investment was determined after arm’s length negotiation between our Company and Forward Fame Limited with reference to the business valuation of our Company, the timing of the investment and the prospect of our business. Particularly, the factors were taken into account in the determination of the consideration including but not limited to: (i) the valuation of equity interest of Century Life of approximately RMB257.7 million as of May 31, 2020 as appraised by an independent valuer; (ii) the investment risk assumed by the Pre-[REDACTED] investor due to the absence of any exit or divestment rights granted to the Pre-[REDACTED] Investor under the terms of the Share Subscription Agreement in the case the [REDACTED] fails to proceed, as well as other investment risks assumed by the Pre-[REDACTED] Investor in investing in an unlisted company, including, among others, the lack of liquidity and open market for [REDACTED]in our Shares prior to the completion of the [REDACTED] and the [REDACTED] and the lack of any plan to declare further dividend during the period from the completion of the Pre-[REDACTED] Investment to the completion of the [REDACTED]; (iii) the strategic and financial benefits which would be brought by Mr. MA Tao to our Company as detailed above; and (iv) the six-month lock-up restriction undertaken by each of Mr. MA Tao, Longwin Global Limited and Forward Fame Limited, commencing on the [REDACTED].

4. Information on the Pre-[REDACTED] Investor

Flourishing Age Limited is a Hong Kong limited company and a wholly-owned subsidiary of Forward Fame Limited, which is incorporated under the laws of BVI with limited liability. Forward Fame Limited is wholly-owned by Longwin Global Limited, which in turn is wholly-owned by Mr. MA Tao. Longwin Global Limited is the investment vehicle of Mr. MA Tao. Mr. MA Tao is the founder of Longwin Global Limited with years of experience real estate, agriculture, and healthcare industries in Hong Kong and the PRC and is an Independent Third Party of our Company. Mr. MA Tao has also held critical positions in a number of domestic and international companies and has built up an extensive network of business resources in different industries. From 2001 to 2018, Mr. MA Tao successively served as a deputy general manager (副總經理) of Pacific Marble & Granite Holdings Limited (石業集團有限公司) and the chairman of Beijing Nongpu Investment Holdings Co. Ltd. (北京農圃投資控股有限公司). Mr. MA Tao has been acquainted with our Group for many years as he was a college schoolmate of Mr. HUANG Tao, one of our Controlling Shareholders.

5. Lock-up and Public Float

Notwithstanding that it is not required by Listing Rules, each of Mr. MA Tao, Longwin Global Limited and Forward Fame Limited, voluntarily entered into a lock-up undertaking not to dispose of Shares during the first six months from the date of [REDACTED].

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Pursuant to the lock-up undertakings entered into by Mr. MA Tao, Longwin Global Limited and Forward Fame Limited in favor of the Company, each of Mr. MA Tao, Longwin Global Limited and Forward Fame Limited, will not, and will cause its affiliates not to, at any time from the date of the [REDACTED] until the expiry of the six months after the [REDACTED], (i) sell or contract to sell any Share; or (ii) enter into any transaction to sell any option, right, benefit or burden underlying any Share directly or indirectly with the same economic effect as any aforesaid transactions.

As each of Mr. MA Tao, Longwin Global Limited and Forward Fame Limited is an Independent Third Party, our Shares held by Mr. MA Tao and Longwin Global Limited through Forward Fame Limited will counted towards the public float.

6. Compliance with the Interim Guidance

On the basis that (i) the consideration for the Pre-[REDACTED] Investment was settled more than 28 clear days before the date of our first submission of the [REDACTED]tothe Stock Exchange in relation to the [REDACTED] and (ii) no special right has been granted to the Pre-[REDACTED] investor, the Sole Sponsor has confirmed that the Pre-[REDACTED] Investment is in compliance with the Interim Guidance (HKEx-GL29-12) on Pre-[REDACTED] Investments issued by the Stock Exchange on October 13, 2010 and as updated in March 2017, and the Guidance Letter HKEx-GL43-12 issued by the Stock Exchange in October 2012 and as updated in July 2013 and March 2017. The Guidance Letter HKEx-GL44-12 issued by the Stock Exchange in October 2012 and as updated in March 2017 is not applicable to the Pre-[REDACTED] Investment as no convertible instrument was issued.

CAPITALIZATION ISSUE

Subject to the share premium account of our Company having sufficient balance, or otherwise being credited as a result of the [REDACTED] pursuant to the [REDACTED], our Directors shall be authorized to allot and issue a total of 599,990,000 Shares credited as fully paid at par value to the Shareholders on the register of members of our Company at the close of business on the date immediately preceding the date on which the [REDACTED] becomes unconditional (or as they may direct) in proportion to their respective shareholdings in the Company (as nearly as possible without fractions) by way of capitalization of the sum of US$5,999.9 standing to the credit of the share premium account of our Company, and the Shares to be allotted and issued pursuant to this resolution shall rank pari passu in all respects with the then-existing issued Shares.

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PUBLIC FLOAT

Upon the [REDACTED], the Shares held by Platinum Wish Limited, Lead Tide Limited, View Max Limited and Source Coast Limited will not be counted towards the public float of the Company. Save for our Shares held by such Shareholders, our Shares held by other existing Shareholders will be counted towards the public float.

Taking into account our Shares held by the existing Shareholders and our Shares to be issued to other public shareholders pursuant to the [REDACTED], our Directors are of the view that our Company will be able to satisfy the public float requirement under Rule 8.08 of the Listing Rules.

– 130 – GROUP STRUCTURE TO SUBJECT IS AND INCOMPLETE OF IS COVER THE HEREIN ON “WARNING” CONTAINED HEADED SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY, Group Structure Immediately before the Capitalization Issue and the [REDACTED] The following chart sets forth the shareholding and beneficial ownership structure of our Group immediately following the completion of the Reorganization and prior to the completion of the Capitalization Issue and the [REDACTED]:

Sparkle Fortune Mr. HUANG Tao Leading Trend Mr. HUANG Shiying Mr. Ma Tao Family Trust Family Trust 100% 100% Joy Deep Joy Riding Leisure Light Limited Longwin Global Limited Limited Prime Elegance Limited Limited (BVI) (Republic of Seychelles) (BVI) (BVI) (BVI) 99% 1% 99% 1% 100% 100% 100%

Platinum Wish Limited(1) Lead Tide Limited(2) View Max Limited(3) Source Coast Limited(4) Forward Fame Limited(5) (BVI) (BVI) (BVI) (BVI) (BVI) 49.68% 5.52% 33.12% 3.68% 8%

Our Company (Cayman)

100% 100% Bliss Dawn Limited 3 – 131 – (Hong Kong) Flourishing Age Limited (Hong Kong) Offshore 100%

Onshore Beijing Century Yongying (PRC)

92% 8% Century Life Property Group (PRC)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%100% 100% 100% 55% 100%

Fujian Changsha Yongfeng Hefei Xishuangbanna Fuzhou Shenzhen Beijing Tengchong Century Jiye Qushui Beijing Binhu Century Riverside Golden Beijing Century Century Xishuangbanna Beijing Centown Golden Century Yihe Mechanical Centown Century Centown Golden Holiday Resources Yizhai Nanyue Shengyuan Yizhai Centown Property Resources Property and Property Minan Property Resources Manor Property Technology Life Urban Technology Management Property Services Property Management Property Property Management Company Electrical Heating (7) (PRC) Co., Ltd. Management (PRC) Co., Ltd. Services Services Co., Ltd. (PRC) Installation Co., Ltd. Co., Ltd. (6) (PRC) Co., Ltd. Co., Ltd. Co., Ltd. (PRC) Co., Ltd. Co., Ltd. (PRC) (PRC) (PRC) (PRC) Co., Ltd. Engineering (PRC) (PRC) (PRC) (PRC) (PRC) Co., Ltd. (PRC)

80% 100% 100% 100% 100% 100%65% 100% 100% 70% 70%100% 100% 90%

Luoping Wenshan Xiangtan Tongren Beijing Meishan Beijing Dehong Century Century Zhuzhou Century Century Beijing Baoding Guangzhou Century Qihe Jinyi Golden Nantong Century Centown Golden Golden Dijing Golden Golden Shunxinju Golden Century Life Golden Property Resources Blue Bay Yihe Property Resources Resources Property Resources Resources Construction Resources Property Resources Management Property Property Property Management Property Property Management Property Property Engineering Property Management Property Co., Ltd. Services Co., Ltd. (8) Management (10) Co., Ltd. Management Co., Ltd. Management (9) Services Co., Ltd. Management Services Co., Ltd. Services (PRC) Co., Ltd. (PRC) (11) (PRC) Co., Ltd. (PRC) Co., Ltd. Co., Ltd. (PRC) Co., Ltd. Co., Ltd. (PRC) Co., Ltd.(12) (PRC) Co., Ltd. (PRC) (PRC) (PRC) (PRC) (PRC) (PRC) (PRC) Notes: TO SUBJECT IS AND INCOMPLETE OF IS COVER THE HEREIN ON “WARNING” CONTAINED HEADED SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY, (1) As of the Latest Practicable Date, Platinum Wish Limited, a company incorporated on August 11, 2020 in the British Virgin Islands and was owned by Joy Deep Limited and Prime Elegance Limited as to 99% and 1%, respectively. Joy Deep Limited was held by Sparkle Fortune Family Trust which was established by Mr. HUANG Tao as the settlor. Vistra Trust (Hong Kong) Limited was the trustee of the Sparkle Fortune Family Trust, and Mr. HUANG Tao and his family members (excluding his father) were the beneficiaries of the Sparkle Fortune Family Trust. Prime Elegance Limited was wholly-owned by Mr. HUANG Tao.

(2) As of the Latest Practicable Date, Lead Tide Limited was a company incorporated on August 6, 2020 in the British Virgin Islands and wholly-owned by Mr. HUANG Tao.

(3) As of the Latest Practicable Date, View Max Limited, a company incorporated on August 11, 2020 in the British Virgin Islands with limited liability and was owned by Joy Riding Limited and Leisure Light Limited as to 99% and 1%, respectively. Joy Riding Limited was held by Leading Trend Family Trust which was established by Mr. HUANG Shiying as the settlor. Vistra Trust (Hong Kong) Limited was the trustee of the Leading Trend Family Trust, and Mr. HUANG Shiying and his family members (excluding his father) were the beneficiaries of the Leading Trend Family Trust. Leisure Light Limited was wholly-owned by Mr. HUANG Shiying.

(4) As of the Latest Practicable Date, Source Coast Limited was a company incorporated on August 6, 2020 in the British Virgin Islands with limited liability and wholly-owned by Mr. HUANG Shiying.

(5) As of the Latest Practicable Date, Forward Fame Limited was incorporated in the British Virgin Islands on August 25, 2020 with limited liability and was wholly-owned by Longwin Global Limited, which in turn was wholly-owned by Mr. MA Tao, an Independent Third Party. For details of the shareholding of Forward Fame Limited, see “– Pre-[REDACTED] Investment.” 3 – 132 – (6) Beijing Century Shengyuan Urban Services Co., Ltd. (“Century Shengyuan”, 北京世紀盛源城市服務有限公司) was established in the PRC on August 28, 2020. As of the Latest Practicable Date, Century Shengyuan was held by (i) Century Life Property Group as to 55% voting rights, comprising (a) 40% equity interest directly held by Century Life Property Group, and (b) 15% voting rights held by Mr. Liu Han (劉含), an Independent Third Party, through a concerted action agreement pursuant to which Mr. Liu Han and Century Life Property Group shall act in concert in accordance with Century Life Property Group’s sole and absolute discretion; and (ii) three individuals, being all Independent Third Parties, as to 17%, 14% and 14%, respectively.

(7) Xishuangbanna Yizhai Technology Co., Ltd. (西雙版納宜宅科技有限責任公司) was established in the PRC on December 18, 2020.

(8) As of the Latest Practicable Date, the remaining 20% of the equity interest of Guangzhou Century Life Property Management Co., Ltd. (廣州世紀生活物業服務有限公司) was held by an individual, being the Independent Third Party.

(9) As of the Latest Practicable Date, the remaining 35% of the equity interest of Meishan Golden Resources Property Management Co., Ltd. (眉山世紀金源物業管理有限公司) was held by an individual, being the Independent Third Party.

(10) As of the Latest Practicable Date, the remaining 30% of the equity interest of Zhuzhou Dijing Property Management Co., Ltd. (株洲市締景物業管理有限公司) was held by an individual, being the Independent Third Party.

(11) As of the Latest Practicable Date, the remaining 30% of the equity interest of Xiangtan Century Golden Resources Property Management Co., Ltd. (湘潭世紀金源物業管理有限責任公司) was held by an individual, being the Independent Third Party.

(12) As of the Latest Practicable Date, the remaining 10% of the equity interest of Baoding Golden Resources Property Services Co., Ltd. (保定世紀金源物業管理有限公司) was held by Baoding Huapu Land Co., Ltd. (保定華普置業有限公司), being the Independent Third Party. Corporate structure immediately following the Capitalization Issue and the [REDACTED] TO SUBJECT IS AND INCOMPLETE OF IS COVER THE HEREIN ON “WARNING” CONTAINED HEADED SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS ITR,ROGNZTO N OPRT STRUCTURE CORPORATE AND REORGANIZATION HISTORY, The following chart sets forth the shareholding and beneficial ownership structure of our Group immediately following the completion of the Capitalization Issue and the [REDACTED], assuming that the [REDACTED] is not exercised:

Platinum Wish Limited(1) Lead Tide Limited(2) View Max Limited(3) Source Coast Limited(4) Forward Fame Limited(5) Other public (BVI) (BVI) (BVI) (BVI) (BVI) Shareholders [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDACTED] [REDACTED]

Our Company (Cayman)

100% 100% Bliss Dawn Limited (Hong Kong) Flourishing Age Limited (Hong Kong) Offshore 100%

Onshore Beijing Century Yongying

3 – 133 – (PRC)

92% 8% Century Life Property Group (PRC)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%100% 100% 100% 55% 100%

80% 100% 100% 100% 100% 100%65% 100% 100% 70% 70%100% 100% 90%

Beijing Luoping Wenshan Xiangtan Tongren Beijing Meishan Guangzhou Century Dehong Century Century Zhuzhou Century Century Beijing Baoding Century Qihe Jinyi Golden Nantong Century Life Golden Centown Golden Golden Dijing Golden Golden Shunxinju Golden Yihe Property Resources Blue Bay Property Resources Property Resources Resources Property Resources Resources Construction Resources Property Management Property Property Management Property Management Property Property Management Property Property Engineering Property Management Co., Ltd. Services Co., Ltd. (10) Co., Ltd.(8) Management Co., Ltd. Management Services Co., Ltd. Management Services Co., Ltd. Services (PRC) (9) (PRC) (11) (PRC) Co., Ltd. (PRC) Co., Ltd. Co., Ltd. Co., Ltd. (PRC) Co., Ltd. Co., Ltd. (PRC) Co., Ltd.(12) (PRC) Co., Ltd. (PRC) (PRC) (PRC) (PRC) (PRC) (PRC) (PRC)

Notes:See the corresponding notes 1 to 12 in “– Group Structure Immediately before the Capitalization Issue and the [REDACTED].” THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. HISTORY, REORGANIZATION AND CORPORATE STRUCTURE

SAFE REGISTRATION

Pursuant to the Circular of the SAFE on Foreign Exchange Administration of Overseas Investment, Financing and Round-trip Investments Conducted by Domestic Residents through Special Purpose Vehicles (關於境內居民通過特殊目的公司境外投融資及返程投資外匯管理有關問題的通知, “Circular 37”), promulgated by SAFE and which became effective on July 4, 2014, (a) a PRC resident must register with the local SAFE branch before he or she contributes assets or equity interests to an overseas special purpose vehicle (the “Overseas SPV”) that is directly established or indirectly controlled by the PRC resident for the purpose of conducting investment or financing, and (b) following the initial registration, the PRC resident is also required to register with the local SAFE branch for any major change, in respect of the Overseas SPV, including, among other things, a change of Overseas SPV’s PRC resident shareholder(s), the name of the Overseas SPV, terms of operation, or any increase or reduction of the Overseas SPV’s capital, share transfer or swap, and merger or division. Pursuant to Circular 37, failure to comply with these registration procedures may result in penalties.

Pursuant to the Circular of the SAFE on Further Simplification and Improvement in Foreign Exchange Administration on Direct Investment (關於進一步簡化和改進直接投資外匯管理政策的通知, “Circular 13”), promulgated by SAFE and which became effective on June 1, 2015, the power to accept SAFE registration was delegated from local SAFE branch to local banks where the assets or interests in the domestic entity are located.

Mr. HUANG Tao and Mr. HUANG Shiying, the individual Shareholders completed the registration under Circular 37 for their special purpose vehicles, namely, Prime Elegance Limited, Lead Tide Limited, Leisure Light Limited, and Source Coast Limited as of September 14, 2020.

M&A RULES

On August 8, 2006, six PRC regulatory agencies, including the MOFCOM, the State Assets Supervision and Administration Commission, the SAT, SAIC, CSRC and SAFE, jointly issued the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (the “M&A Rules”), which became effective on September 8, 2006, and was amended on June 22, 2009. Pursuant to the M&A Rules, a foreign investor is required to obtain necessary approvals of the MOFCOM when (i) a foreign investor acquires equity in a domestic non-foreign invested enterprise thereby converting it into a foreign-invested enterprise, or subscribes for new equity in a domestic enterprise through an increase of registered capital thereby converting it into a foreign-invested enterprise; or (ii) a foreign investor establishes a foreign invested enterprise which purchases and operates the assets of a domestic enterprise, or which purchases the assets of a domestic enterprise and injects those assets to establish a foreign-invested enterprise.

Given that Century Life Property Group was a sino-foreign enterprise, as advised by our PRC legal advisor, the acquisition of 92% total equity shares in Century Life Property Group by Beijing Century Yongying was not subject to the M&A Rules, and did not require approvals from MOFCOM under the M&A Rules.

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OVERVIEW

We are a leading integrated property management service provider in China, equipped with 29 years’ experience in providing comprehensive property management services. According to the Evaluation of 2020 Property Management Companies Comprehensive Strength jointly organized by China Property Management Institute (中國物業管理協會) and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center (上海易居房地產研究院中國房地產測評中心), we ranked 18th among China’s Top 500 Property Management Companies in terms of comprehensive strength in 2020 (2020中國物業服務企業綜合實力500強), and we were awarded the Leading Enterprise in Residential Property Management Services in 2020 (2020住宅物業服務領先企業). As of April 30, 2021, our property management services covered 55 cities in 17 provinces, municipalities and autonomous regions, mainly located in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province.

Large-scale residenal properes

Large shopping mall

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The economies of scale created by our efficient and unique large-scale integrated property management operation model, and empowered by our technological capabilities have enabled us to achieve strong cost control ability as well as high profitability. Our long-term management experience with large-scale integrated properties and business model benefited from technology application have contributed to our outstanding ability in serving large-scale integrated properties, allowing us to achieve efficiency and quality services and further enhance our advantageous position in the property management industry.

We operate under two sub-brands, namely “Centown Property Management” (世紀城物業管理) and “Century Life” (世紀生活), which respectively focus on property management services and community value-added services, and collectively create the image of “Century Golden Resources Service” (世紀金源服務). Our proven track record of business cooperation with Century Golden Resources Group, a leading comprehensive multi-business enterprise in China, has strengthened our position as a reputable and experienced property management service provider. The diverse business sectors fueled by the “property+” strategy and the industry-leading position of Century Golden Resources Group have enriched our business portfolio, enhanced our service and marketing capabilities and allowed us to further diversify our service offerings.

We have outstanding business development capabilities. We continually expand our property management services to properties developed by independent third-party developers, capitalizing on our well-established reputation in large-scale property management, our professional and strong business development efforts as well as the brand recognition of Century Golden Resources Group. Meanwhile, we continue to enrich our property management portfolio and undertake property management services for high quality commercial properties, office buildings, government buildings, industrial parks, parks, schools and hospitals in addition to residential property projects.

During the Track Record Period, our commitment to quality services and continual efforts in business expansion have delivered solid results. Our total contracted GFA was approximately 50.8 million sq.m., 68.3 million sq.m., 75.7 million sq.m. and 77.9 million sq.m. as of December 31, 2018, 2019 and 2020 and April 30, 2021, respectively. Our total GFA under management was approximately 47.6 million sq.m., 58.7 million sq.m., 64.4 million sq.m. and 70.2 million sq.m. as of December 31, 2018, 2019 and 2020 and April 30, 2021, respectively. Our revenue generated from property management services was RMB690.4 million, RMB818.4 million, RMB1,022.9 million, RMB298.1 million and RMB448.1 million in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively. As an extension of property management services, in order to satisfy property owners’ and residents’ pursuit of

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OUR STRENGTHS

Integrated property management service provider of large-scale properties in China that developed an integrated living service ecosystem

We are an integrated property management service provider of large-scale properties in China, equipped with 29 years’ experience in providing comprehensive property management services. As of April 30, 2021, we had 252 projects under management, with total GFA under management of 70.2 million sq.m. and 297 contracted projects, with total contracted GFA of 77.9 million sq.m. According to the Evaluation of 2020 Property Management Companies Comprehensive Strength jointly organized by China Property Management Institute (中國物業管理協會) and Shanghai E-house Real Estate Research Institute China Real Estate Evaluation Center (上海易居房地產研究院中國房地產測評中心), we ranked 18th among China’s Top 500 Property Management Companies in terms of comprehensive strength in 2020 (2020中國物業服務企業綜合實力500強), and we were awarded the Leading Enterprise in Residential Property Management Services in 2020 (2020住宅物業服務領先企業).

The Centown projects under our management are well-known, landmark large-scale neighborhoods in various cities. These projects typically comprise large residential communities adjacent to or embedded with a large shopping mall of rich commercial resources. As of April 30, 2021, we managed all 12 Centown projects developed by Century Golden Resources Group, with total GFA under management of approximately 44.4 million sq.m., and average GFA under management of approximately 3.7 million sq.m., of which five projects had GFA under management of over 4.0 million sq.m. Meanwhile, we manage ten large-scale Century Golden Resources Group Shopping Centers and one outlet store, which are in close proximity of these projects, with total GFA under management of nearly 3.5 million sq.m.

Such layout has allowed us to facilitate the interactions between the residential and commercial establishments, and develop diversified value-added services, which together form an integrated living service ecosystem that brings about synergies between the large-scale residential communities and shopping malls. Moreover, our use of private domain traffic in operations has created distinctive edges for our value-added services. Below sets forth some notable features of such integrated living service ecosystem:

• Concentrated demand: The large-scale residential projects have brought about significantly concentrated demand. There are more than 400,000 families residing in the properties under our management, demonstrating a high occupancy rate with a

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dense population. Meanwhile, the adjacent large-scale commercial projects have attracted rich commercial resources, including more than 3,800 stores of various kinds, which together provide a comprehensive offering of products and services covering daily necessities, retail, entertainment, education and healthcare. Taking the business district of Beijing Centown (北京世紀城) as an example, it has now become one of the most influential business districts in Beijing. Beijing Century Golden Resources Shopping Center (北京世紀金源購物中心), which is located in this district, is the largest single-block shopping mall in China in terms of GFA. Beijing Centown has total GFA under management of over 2.4 million sq.m. and more than 14,000 residents, and is the largest community in Haidian District as well as one of the most well-known large-scale community in Beijing.

• Economies of scale: The dense population in large-scale residential properties has created great economies of scale and generated by itself considerable consumer demand, thereby reducing our customer acquisition costs and costs to perform the relevant property management contracts, and therefore creating cost advantages for developing our online and offline value-added services. According to CPMRI, the operational cost per sq.m. in 2020 among the Top 100 Property Management Companies that mainly operate large-scale projects was approximately 30% lower than that of property management companies which mainly manage projects that are not large-scale. According to the same source, the average operational costs of the Top 100 Property Management Companies were RMB2.2 billion in 2020. Our cost of sales in 2020 was RMB831.0 million.

• Private domain traffic: Our ability to provide quality services to property owners in response to their frequent and comprehensive needs over a long term has contributed to the in-depth development of our private domain traffic. We can connect with a large number of property owners through various channels, such as mobile stores, WeChat official accounts, WeChat groups, as well as offline convenience stores, community markets, customer service centers, community events, and advertisement. The well-established reputation we have built over the years has created a high level of trust among property owners in our brand. As of April 30, 2021, we had accumulated almost 500,000 WeChat followers. We established the Century Life Mobile Mall for our community retail services, through which property owners and residents are able to place mobile orders for fresh food and groceries at fingertips and utilize other convenient services. Through our use of private domain traffic in business operations, we carry out effective and precise targeted marketing to property owners and residents of large-scale residential property projects and enhance our engagement with them while providing more precise scenario-based living services.

According to CPMRI, the average revenue of community value-added services in 2020 among the Top 100 Property Management Companies that mainly manage large-scale projects was approximately 190% higher than that of property management companies which mainly manage projects that are not large-scale.

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Leveraging our advantages in large-scale property management, we have developed diversified offline and online value-added services that are scenario-based for our customers, including community living services, community space management services, community retail services and value-added services to non-property owners. Our capability to provide scenario-based and diversified value-added services has positioned us at the nexus of integrated living service ecosystems. We connect property owners and residents, merchants and consumers of commercial properties through services such as community living services, community retail services, as well as Century Golden Resources Group’s resources in cultural tourism, pan-healthcare and education sectors, thereby continually satisfying the increasingly diversified demands of relevant stakeholders.

Strong cost control ability and high profitability empowered by efficient and unique large-scale integrated property management operation model and technological knowhow

Our efficient and unique large-scale integrated property management operation model has created economies of scale. Meanwhile, we have adopted advanced technology and automated tools for cost controls and improvement of service quality. During the Track Record Period, we demonstrated our strong cost control ability with high profitability. According to CPMRI, in 2018, 2019 and 2020, the average gross profit margin of the top ten companies among the Top 100 Property Management Companies in the PRC was 23.4%, 22.2% and 23.7%, respectively, while in the same periods, our gross profit margin was 32.1%, 31.8% and 35.5%, respectively.

Large-scale integrated property management operation model

Our long-standing experience in managing large-scale integrated properties and business model benefited from technology application have allowed us to develop outstanding service capabilities and to achieve efficiency and abide by high standards in providing our services.

• Strong operational and management capabilities: The large size of property owners, the large scale of properties and the exemplary influence locally of large-scale integrated properties have created strict requirements for strong operational and management capabilities of property management companies. We have developed such capabilities in our long-term management of large-scale projects, during which we have rapidly enhanced our reputation among the peers, and nurtured a professional property management team with strong management capabilities, high service efficiency and wide customer recognition.

• Improved efficiency from scaled operations: Our expertise in managing large-scale integrated properties has enabled us to scale our operations to cover extensive regions and serve a large number of property owners, thereby significantly improving our service efficiency and reducing operating costs.

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• Replicable management model: We have formulated our efficient and unique operation model and project assessment standards, and extensively applied such model and standards in managing other property projects. We have developed all-around property management service standards, systematized training sessions and comprehensive service evaluation systems to maintain the service quality across regions, thereby allowing us to effectively expand and continually replicate our operations, including to properties developed by independent third-party property developers. For example, a project of properties developed by an independent third-party property developer in Dezhou, Shandong province, managed by us since January 2019, with GFA under management of nearly 700,000 sq.m., experienced an increase in its gross profit margin by 21.18 percentage points in 2020 compared to 2018.

Effective application of technology

We focus on the development of technology application in our business operations to further enhance our advantageous position in the property management industry. For internal management, leveraging mobile technology and big data analysis, we established the Century Cloud Smart Management Platform (世紀雲智慧管理平台) (“Century Cloud Smart Platform”), which connected our customer service system, facility and equipment management system and nationwide integrated call center system, and facilitated the application of technology in business management, thereby streamlining our management and services. Meanwhile, we have also started to utilize big data technology to process service work order data, customer data and financial data on the Century Cloud Smart Platform.

We continue to develop a smart community service platform covering WeChat mini program and WeChat official accounts, aiming to provide a comprehensive comfortable living and service experience to property owners. For details, see “Business – Technology – Infrastructure and Systems.” We also continue to upgrade such platform to make our services accessible to customers and enable quick responses to customer needs and claims, and integrate our community retail services.

Widely recognized leading brands with strong support from Century Golden Resources Group

We operate under two sub-brands, namely “Centown Property Management” (世紀城物業管理) and “Century Life” (世紀生活), which respectively focus on property management services and community value-added services, and collectively create the image of “Century Golden Resources Service” (世紀金源服務). During the past 25 years, we have received nearly 200 awards at national, provincial and municipal level and from the industry, including but not limited to, “Premium Residential Community in Beijing” (北京市金牌居住區), “Residential Community of Outstanding Property Management in Anhui Province” (安徽省物業管理優秀住宅小區), “Demonstrating Residential Community for Property Management in Yunnan Province” (雲南省物業管理示範住宅小區) and “Garden-Style Community in Hunan Province”

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(湖南省園林式小區), demonstrating well-established brand awareness. Our “Centown Property Management” brand has been widely recognized by customers in the market and the brand awareness of our “Century Life” brand has also rapidly improved.

Meanwhile, our proven track record of business cooperation with Century Golden Resources Group, a leading comprehensive multi-business enterprise in China, has strengthened our position as a reputable and experienced property management service provider. Established in 1991, Century Golden Resources Group has been listed among China’s Top 500 Enterprises 13 times since established. Its principal businesses are as follows:

• Real estate development: As of April 30, 2021, the total area developed by Century Golden Resources Group in the real estate sector was approximately 73.6 million sq.m. In particular, Century Golden Resources Group has developed 12 Centown projects, all of which are currently under our management, with total GFA under management of approximately 44.4 million sq.m., and average GFA under management of approximately 3.7 million sq.m., of which five projects have GFA under management of over 4.0 million sq.m.

• Large shopping malls: As of April 30, 2021, Century Golden Resources Group owned ten large shopping malls and one outlet store with total GFA of nearly 3.5 million sq.m., all of which are currently under our management. These large shopping malls are in the close proximity of residential properties, which brings synergy and fosters interactions between the residential and commercial establishments, thereby empowering businesses and increasing their operational efficiency, while satisfying the needs of property owners and residents, as well as enhancing their shopping experience and sense of well-being.

• Star hotels and cultural tourism destinations: As of April 30, 2021, Century Golden Resources Group owned 20 five-star hotels and three theme parks. The “Yujian Cultural Tourism” (域見文旅) brand of Century Golden Resources Group is equipped with an integrated operating platform for the entire industry chain of “tourism, health, culture and education,” which provides extensive cultural tourism destinations for our value-added services to property owners.

• Pan-healthcare: Century Golden Resources Group has investment companies that focus on medical healthcare and development of pan-healthcare ecosystems. It also owns brands such as Shengnuo Children’s Health (聖諾兒童健康), Tengyun Optometry (騰雲視光), Shenzhen Guangliang Medical (深圳光靚醫療) and Century Shengnuo Medical Mall (世紀聖諾醫療). Century Golden Resources Group’s investments in the pan-healthcare sector can assist us in securing hospital property management projects, and potentially provide medical resources for our value-added services, such as community medical and community nursing services that we may launch.

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• Education: Century Golden Resources Group has an integrated education group under the brand of Youth Union (青苗薈), focusing on child education. As of April 30, 2021 Century Golden Resources Group has operated 20 kindergartens in eight provinces. Century Golden Resources Group can supply quality educational resources, such as opening directly-operated kindergartens and providing early childhood education alliance and online early childhood education in the properties managed by us, to support the value-added services we may launch, such as community early childhood education and nursery care services.

• Industry investment: Century Golden Resources Group has in recent years increased its industry-specific investments, with a focus on the three key sectors, namely general consumption, pan-healthcare and new technology application. We expect to benefit from the synergies with the technological innovation enterprises in Century Golden Resources Group’s investment portfolio.

The diverse business sectors fueled by the “property+” strategy and the industry-leading position of Century Golden Resources Group has enriched our business portfolio, enhanced our service and marketing capabilities and allowed us to further diversify our service offerings. The wide recognition of Century Golden Resources Group, which has attracted a large number of business partners, and good cooperative relationship with local governments has brought about abundant resources and created numerous opportunities for our business development. We believe that we will continue to benefit from the brand awareness, business relationships and business resources of Century Golden Resources Group.

Outstanding business development capabilities and continually enriched property management portfolio

We have outstanding business development capabilities to continually obtain property management projects developed by independent third-party developers, capitalizing on our well-established reputation in large-scale property management, our professional and strong business development efforts as well as the brand recognition of Century Golden Resources Group. Meanwhile, we continue to diversify our property management portfolio and undertake property management services for high quality commercial properties, office buildings, government buildings, industrial parks, parks, schools and hospitals in addition to residential property projects.

Outstanding business development capabilities

As of April 30, 2021, our contracted GFA for projects developed by independent third-party property developers was approximately 27.3 million sq.m., covering 55 cities and 17 provinces, and our GFA under management for properties developed by independent third-party property developers was approximately 22.0 million sq.m., accounting for 31.4% of the total GFA under management.

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We have developed solid, professional business development capabilities. Our strategy for business development is to utilize our existing presence and explore opportunities nearby. We have a designated business development center at our headquarters, supported by business departments of our regional companies across the nation, and designated a team of more than 50 people to extensively survey projects in the surrounding areas of our currently managed properties, while implementing strict performance assessment and increase incentives. In addition, based on the positive feedback and reputation of our services, we have obtained recommendations from property owners we served, which has enabled us to further expand our property management services to properties developed by independent third-party property developers.

Our strong business development capabilities are further strengthened by our well- established reputation in large-scale integrated property management and the brand recognition of Century Golden Resources Group. Century Golden Resources Group is renowned for the large-scale residential properties and shopping malls it developed in major cities, hotels, cultural tourism and other industries, which has laid a solid foundation for our continual business development. During the Track Record Period, we expanded our property management services to properties developed by independent third-party property developers in Anhui province, Guizhou province, Hunan province, Fujian province, Yunnan province and other regions, where our 12 Centown projects are located. For example, as of April 30, 2021, we expanded our business presence from Hefei Beicheng Centown project to its surrounding residential properties, schools, government buildings and commercial properties, with total contracted GFA of over 6.8 million sq.m. As of the same date, our contracted GFA of properties developed by independent third-party property developers in the provinces where our 12 Centown projects are located accounted for 83.4% of our total contracted GFA of properties developed by independent third-party property developers. Our quality management of properties developed by independent third-party property developers is well recognized in such properties. For example, for the Sanjiang Xinyuan (三江新苑) project under our management since October 1, 2019 in Changsha, Hunan province, with total area of 104,422 sq.m., we managed to significantly improve satisfaction of property owners and collection rates of property management fees through providing customized management services, strictly implementing quality controls, actively strengthening interactions with customers, and continually carrying out community benefit programs, including the “Yuan Gong Yi” (源公益) program, among other things. Our successful local experience in managing properties developed by independent third-party property developers is expected to enhance our reputation and lead to more project opportunities.

Continually enriched property management portfolio

We have gradually expanded our property management portfolio to cover residential properties, commercial properties and public facilities as well as urban services, thereby continually enriching our property management portfolio. As of December 31, 2018, 2019 and 2020 and April 30, 2021, our GFA under management of non-residential properties was 2.2 million sq.m., 3.7 million sq.m., 7.1 million sq.m. and 7.3 million sq.m., respectively.

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Our property management business for commercial properties experienced rapid growth, as we apply our experience accumulated in years of managing residential properties and efficient operation model to commercial property management. We also continue to explore new development opportunities of property management services for commercial properties including large shopping malls, commercial districts, office buildings and apartments. As of December 31, 2018, 2019 and 2020 and April 30, 2021, our GFA under management for commercial properties and office buildings was 0.8 million sq.m., 1.3 million sq.m., 4.7 million sq.m. and 4.7 million sq.m., respectively.

We attach great importance to and have gradually expanded our property management services to public facilities, such as schools and hospitals, and urban services, and allocate more resources to obtaining projects of properties developed by independent third-party property developers. As of December 31, 2018, 2019 and 2020 and April 30, 2021, our GFA under management for public facilities was 1.5 million sq.m., 2.4 million sq.m., 2.3 million sq.m. and 2.6 million sq.m., respectively.

When expanding our property management services to non-residential properties, we managed to capture market opportunities to develop customers including government, public institution and academic institution customers, such as China Europe International Business School’s (CEIBS) Beijing Campus (中歐國際商學院(北京校區)), Nanning Convention and Exhibition Center (南寧會展中心), Guanshanhu District Offices Administration Center (觀山湖區機關事務管理中心), Baiyun District Offices Administration (白雲區機關事務管理局), Changsha Ecological Zoo (長沙生態動物園) and Fuzhou University Zhicheng College (福州大學至誠學院). We have also expanded our property management portfolio to include urban services, such as scenic parks, plazas and gardens.

High customer loyalty achieved through cost-effective and people-oriented services

We focus on the provision of cost-effective services, and have set up a specialized quality control center. We are committed to providing consistent, standardized, refined, customer- centric and smart quality property management services, leveraging advantages including effective management, information services and smart communities. We strive to provide brand new neighborhood experiences through proactive and close interactions with property owners and organization of various activities to provide social care services to property owners, thereby creating a close, cordial and relaxed living environment. In 2019, upon the consent of property owners, we successfully raised the monthly property management fee from RMB2.52 per sq.m. to RMB3.50 per sq.m. for a large-scale residential property with more than 10,000 property owners, which reflected our customers’ recognition for our services. Our customer- centric services have enabled us to win high customer loyalty. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our retention rate for property management service contracts was 100.0%, 99.6%, 97.2%, 99.2% and 96.7%, respectively.

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Strict implementation of grid unit quality and security controls

We have adopted a grid unit management mechanism for the dynamic management of quality controls and public safety facilities. Our management of the properties that we served are segmented by property service group and city-level company, and further by customer service center. Our grid unit quality and security management mechanism features three levels of duty, with each level responsible for multiple grid unit and the multiple properties within each grid unit and integrates inspection, training and supervision. We carry out quality supervision and inspections such as quality checks, special inspections, pre-holiday safety inspections and night inspections on a regular basis, as well as undertake monthly randomized inspections and quarterly checks and formulate special analysis reports. Meanwhile, in order to ensure the security quality, we have employed a security team to provide security services, namely “Centown Security” (世紀城保安), which has become a signature that has been well trusted of our property management services, thereby effectively enhancing the sense of security and service experience of property owners.

Proactive and close interactions with property owners

We deeply value property owners’ engagement in property management services and maintain positive interactions with property owners in various forms. As of April 30, 2021, we established in 126 residential properties a supervision mechanism, which invited property owners to regularly offer comments, feedback and recommendations for improvement on the quality of our property management services. As of April 30, 2021, we established in 147 residential properties a property owner symposium mechanism, which invited property owners to attend symposiums periodically, during which we updated them with our service achievements and solicited suggestions. As of April 30, 2021, we established in 44 residential properties under our management a facility management center open-day mechanism, which invited property owners to visit our facility management center periodically for demonstration of our service.

Organization of “Yuan Gong Yi” (源公益) and other activities to provide social care services to property owners

During the Track Record Period, we organized a total of 1,016 community benefit activities through our “Yuan Gong Yi” program and other channels. We provide property owners with various community benefit initiatives, including maintenance services of small household appliances, bicycle repairs, haircuts, blood pressure measurement and carpet washing, among other things. We hold the “Caring for the Elderly Service Day” event on Chongyang Festival to provide various on-site services, including health consultations, emergency knowledge lectures and cultural activities, for elders in the community. We organize “Caring for Children” activities on Children’s Day and during summer breaks, including donations of books and stationery, and Children Scout Training Camps. We also carry out the One “City” Helps One Village initiative to support low-income families, using our online service platform to match the supply of agricultural products in rural and alpine areas with the needs of property owners in communities, and provide free advertisement and delivery services

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Professional and devoted management team supported by advanced and well-established talent development system and efficient and caring corporate culture

We focus on talent training and developed an advanced human resources training and management system. Our management team is professional, devoted and young, while our workforce is stable, dedicated, and highly adaptable, which has laid a solid foundation for service quality improvement and future development of our Company.

A professional and devoted management team

Our senior management team (personnel at deputy general level and above), with an average service tenure of 15 years, is familiar with various business lines and operational decision-making matters, with a strategic vision and management capabilities. Mr. ZHAI Bingquan, our president, has approximately 18 years of experience in the real estate and property management industries. With in-depth knowledge of the real estate industry and international capital markets, he has visionary insights of the future trends of the property management industry. Mr. YU Guangfeng, our vice president, has over 15 years of experience in the property management industry and over five years of experience in the cultural tourism industry, and has led the continual expansion and upgrade of our property management services. Among our management team members, nearly 70% have served for more than five years. The management teams in cities where properties under our management developed by Century Golden Resources Group are located also remained stable. The majority of the senior management of the companies in such cities have each served for more than ten years and have extensive project management experience. A cohesive and stable management team is conducive to maintaining continuity in implementing strategies and operations of our Company. In addition, our management team members are also young and dynamic. As of April 30, 2021, 90.2% of our management team members were aged 45 or younger.

Advanced and well-established talent development system

With strong emphasis on the personal growth of our employees, we have established a five-tier talent development system (“Qing He, Qi Hang, Hu Hang, Ling Hang, Yuan Hang”) (青禾–啟航–護航–領航–遠航) as well as a “Chun Lei Management Trainee System” (春蕾管培生制度), providing a fair and defined promotion path for employees. As of April 30, 2021, approximately 82.0% of our management team and heads of our project management teams had undergone rounds of selection through our internal promotion mechanism. We believe that the talents so cultivated can have an in-depth understanding of our business and appreciate our core values.

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We have enhanced promotions of talents, particularly young ones. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, promoted staff born in the 1980s accounted for 86.8%, 88.7%, 90.0%, 87.2% and 77.3% of the total number of promoted staff, respectively. As of April 30, 2021, approximately 77.0% of our management team and heads of our project management teams were born in the 1980s.

We put great emphasis on continuing learning, and we have established the “Century College” (世紀學堂) training program for our employees to enhance their professional skills and service quality. During the Track Record Period, we had organized a total of over 6,000 online and offline trainings.

Corporate culture of efficiency and caring

Our people-oriented corporate culture focuses on the workplace experience of each of our employees. We care about the daily life and family conditions of our employees and provide financial aid to children of certain employees with financial difficulties to pursue higher education. Meanwhile, we have long shaped corporate culture that focuses on practicality, efficiency and execution capabilities, which has provided the basis for our provision of precise and quality services in prompt response to customers’ needs, and hence the implementation of our strategies.

OUR STRATEGIES

We will remain committed to “bringing happiness to life” of property owners and strive to become the most valuable property service provider and the most reliable living service provider in China, and become a technology-driven property management service provider.

Strengthen our position as a property management service provider benefited from technology application

We continue to provide high quality property management services by adhering to the principle of “serving with passion and working with devotion” (以情服務、用心做事) and focusing on the five key aspects, namely “quality, culture, services, responsiveness and value.” Our outstanding service capabilities, brand and reputation are our core competitive strengths. We will continue to improve our service quality, quality control and standardization, and employee training, assessment and incentive program. As a high quality service brand, we will reinforce our brand influence in the industry and customer recognition, and increase the loyalty of existing customers and continually attract new ones, thereby laying a solid foundation for us to increase market share, explore the potential of offering more community value-added services and provide high quality property management services.

Through further improving standardization, implementation and efficiency of our services, we will continue to enhance property owners’ experience and recognition of our services, and at the same time effectively control costs and increase operating efficiency. We continue to leverage our well-established capabilities in providing high quality services to

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Through standardization, automation, smart management and upgrades of our information technology systems, we aim to become a technology-driven property management service provider, enhancing our operating efficiency with effective cost controls. We will further upgrade our Century Cloud Smart Management Platform through continual in-house and joint efforts in research and development of information technology, striving to establish a large integrated platform focused on business and finance integration, intelligent IoT and connection among property owners, with a view to optimizing quality management, reducing operational costs and enhancing profitability. We are committed to improving customer experience while enhancing service efficiency in various aspects including access control, security, vehicle management, high-definition cameras, home maintenance, and empower third-party service providers. We will further exploit both customer and management data to facilitate the formulation and implementation of operating strategies, and to provide direction for the existing and new business expansion. We will put great efforts into developing technology- based properties and exploring cutting-edge technology, such as security robots and elderly care robots, on an ongoing basis, and continue to develop an intelligent property ecosystem of high quality.

Enrich property management portfolio through organic growth and acquisition

We will continue to seek suitable opportunities in new markets to expand the geographical presence of our business through organic growth and acquisition. We expect to further develop a more diversified property management portfolio and increase our management scale to improve our core competitiveness.

We expect to expand our business to a nationwide presence geographically in the next five years. We aim to expand our market share in provinces where we have a business presence and identify opportunities arising from rapid urbanization, and to boost business exposure strategically in areas with relatively dense population and strong consumer buying power. Meanwhile, we aim to consolidate our market position and further increase market share in cities where we operate. Our business model of large-scale integrated property management services has been well established for many years in core cities with relatively high population density and per capita income level, which has enabled us to develop brand advantage and reputation among customers. In the future, we will continue to increase the density of our property management service projects so as to unleash our regional advantages in existing core cities as well as synergies of business expansion and cost controls. We will further expand and optimize our professional sales and marketing team, make assessments of and participate in tenders strategically and secure more commissioned property management business to enhance the quality and quantity of our services through tenders and competitive bidding.

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We are dedicated to the development of high-end businesses, aiming to diversify the property portfolio under management through the management of more non-residential properties and seizing the opportunities brought by the development of service socialization. By undertaking the project of Century Golden Resources Group Shopping Centers, we will continue to enhance our capabilities of providing property management services to commercial properties and explore more commercial property project resources. We intend to undertake strategic cooperation with different business partners to provide integrated property management services to more non-residential properties, such as hospitals, education institutions, exhibition centers, industrial parks, governmental and public facilities. Meanwhile, based on our experience of providing municipal management services (such as management services to common areas of large-scale residential communities) from existing large-scale properties, we will continue to provide diverse urban services and expand municipal projects to cover, among other things, public roads, parks, gardens and plazas. With the advantages of our abundant experience and well-established service standards and procedures, we will continue to seek engagements with respect to new types of properties and strive to provide property management services on a project-by-project basis.

We will also continually develop our business acquisition channels. We will take advantage of our long-term stable business partnership with Century Golden Resources Group and capitalize on new business opportunities arising from the expansion of Century Golden Resources Group’s scope of business to expand our scope of property management. In addition, we will endeavor to gear up strategic cooperation with government authorities, enterprises and institutions, and independent third-party property developers by leveraging our brand image and quality services, to tap into new markets with growth potential. We will continue to encourage our employees through incentive measures to secure property management projects from independent third-party property developers through the investigation and analysis of, and communication with, targeted customers of the real estate industry and by leveraging our brand, capital resources and industrial experience.

In addition to developing our business through organic growth, we plan to identify strategic investment and acquisition opportunities with a view to expanding the scope and depth of our service offerings and portfolio of properties under management. We plan to acquire and strategically invest in third-party property management companies in order to continually expand our business. In general, our target companies shall have the following features: (i) the business scale of the properties served are beneficial and complementary to us, with particular emphasis on the track record and management competence; (ii) it is located in geographical areas which we plan to tap into or further develop, or in the vicinity of our existing large-scale projects, thereby to further benefit from the scale effects; and/or (iii) with competent management team, a proven track record, as well as a good compliance record. For example, we strategically acquired a regional property management company in January 2019. See Note 23 of Accountants’ Report in Appendix I to this document. The strategic investment and acquisition plans are expected to strengthen our portfolio of property services and properties under management. By expanding our property management portfolio, we are able to benefit from economies of scale and utilize human resources, equipment and other resources among the different properties in our portfolio.

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Diversify quality value-added services and enhance profitability

We strive to become the most reliable home-living service provider. We expect to offer more diverse value-added services through application of technology to collect and analyze customer data and feedback of various channels, to better understand customer needs and grasp more business opportunities. We also continue to seek opportunities for business partnership arising from third parties with a view to enhancing the scope and dimensions of our community value-added services.

Our next step is to further improve our integrated living service ecosystem and enhance the interaction between the shopping malls and community residents by leveraging the advantages of large-scale integrated properties. On one hand, we will diversify our service portfolio and focus on scenario-based operation to satisfy the various consumption needs of our property owners and residents, and continually improve the operational performance of shops. For example, we use online advertising, community media advertising and shopping mall media advertising to improve influence. On the other hand, we plan to continually upgrade our technology capabilities to support and operate all of our value-added services, so that our residents will be given easier access to our new services through their mobile devices. At the same time, leveraging the technology empowerment, we have launched a unified user account system to realize efficient online and offline integration, such as the distribution of discount coupons, immediate delivery, in-store pick-ups, QR code purchases, in-store purchases and points redemption. We plan to launch more functions in the future; for example, points may be used to deduct property management fees or anyone who pays property management fees may receive a discount coupon, so as to improve the sense of well-being and fulfillment of property owners. By way of optimizing our technology capabilities, we plan to further develop our Century Beautiful Home (世紀美居) and Century New Retail Services (世紀新零售) to meet the real-time demands of residents and enhance the scale and penetration rate of our existing value-added services. We will also rely on the big data support of online service platforms, to gain a deep insight into changes in the demands and preferences of our residents. We will adjust the service content of online service platforms to improve our service categories and content. Regarding the refined operation of community living services, and taking advantage of large-scale integrated properties as well as relying on the resources of Century Golden Resources Group and the abundant commercial resources of shopping malls, we also plan to progressively launch various services, including community central kitchens, community finance and real estate agency, housekeeping, elderly care, early childhood care and education, auto maintenance, family tours, and advertising and media business, to continually expand our community value-added services and establish community-centric business ecosystems. Meanwhile, we will also continue to expand our value-added services to non-property owners, so as to provide more comprehensive and diversified value-added services to property developers, such as preliminary consultation services, renovation services and concentrated procurement services.

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Further improve training, recruitment and incentive programs of human resources to support long-term business development

One of the vital elements to our success is our ability to attract and retain employees with outstanding performance. We will adhere to the people-oriented corporate culture and philosophy, with a view to building a professional, diligent, hardworking and practical team. We plan to establish a competitive mechanism to incentivize and develop talents by improving employee training programs, encouraging internal promotions and conducting talent recruitment.

We will further enhance our training systems and continue to improve our training courses. Through the five-tier talent cultivation system, a systematic training and cultivation mechanism, we provide various customized training packages for employees of different functional departments at different levels from different business lines, aiming to broaden their horizons and strengthen their professional capabilities in terms of property management services. We will work with external training agencies engaged by us to formulate customized business courses that are exclusively for internal use.

Meanwhile, we will continue to explore the implementation of a long-term incentive scheme. Based on the development stages and business features, we will formulate and constantly adjust our targeted evaluation and incentive mechanism and promotion mechanism, to facilitate benign competition among talents within the Company. We encourage employees to create value and achieve the sharing of results via the performance evaluation and assessment system. We will continue to provide support for the career development of our employees, so as to retain key employees and cultivate future leaders. We wish to implement various long-term staff incentive plans, and to ensure that their remuneration, rewards will be linked to their performance in an effort to continually build an industry-leading talent management mechanism.

We will employ more high quality and competitive interdisciplinary talents in line with our business strategies. We will selectively employ high quality interdisciplinary talents from the market, and reward them with market-competitive remuneration. We will steadily expand our talent reserves to support our business expansion plans, while maintaining a high level of service quality.

OUR BUSINESS MODEL

Our business consists of two business lines:

• Property Management Services. We manage a diversified portfolio of properties, comprising residential and non-residential properties. Non-residential properties mainly include commercial properties and office buildings, and public facilities. We provide property owners, residents and property developers with a wide range of property management services, including (i) in relation to residential services,

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customer services, cleaning, greening and gardening services, security services, and repair and maintenance services, and (ii) in relation to non-residential services, integrated non-residential property management services, repair and maintenance services, cleaning and greening services, security services and additional customized services. We mainly charge property management fees on a lump sum basis; and

• Value-added Services. Our value-added services aim to satisfy property owners’ and residents’ pursuit of convenience, enhance their life quality and increase customer loyalty. We divide these services into community living services, community space management services, community retail services, all of which are provided under the “Century Life” brand, and value-added services to non-property owners.

The table below sets forth a breakdown of our total revenue by business line for the periods indicated:

PROPERTY MANAGEMENT SERVICES

Overview

We have experienced growth in property management services provided to both residential and non-residential properties. We have contracted to manage substantially all of the properties (including all of the residential properties) developed by Century Golden Resources Group, and have managed properties developed by independent third-party property developers since 2017. Our total contracted GFA was approximately 50.8 million sq.m., 68.3 million sq.m., 75.7 million sq.m. and 77.9 million sq.m. as of December 31, 2018, 2019 and 2020 and April 30, 2021, respectively. Our total GFA under management was approximately 47.6 million sq.m., 58.7 million sq.m., 64.4 million sq.m. and 70.2 million sq.m. as of the same dates, respectively. The revenue generated from property management services was RMB690.4 million, RMB818.4 million, RMB1,022.9 million, RMB298.1 million and RMB448.1 million, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively, representing 74.8%, 77.3%, 79.4%, 77.3% and 78.3%, respectively, of our total revenue.

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Service Contents

The property management services we provide are categorized into the following:

Residential properties related

• Customer services. We provide owners and tenants with customer services from moving in to relocation, including moving in and moving out services, general inquiries and repair services, regular customer visits, complaint handling and feedback, among other things. Our service staff maintain close contact with property owners and residents to listen to and grasp their problems and needs, so as to better anticipate and timely respond to their requests and to build trusting and cordial customer relationships. In addition, we have developed a series of “Yuan Gong Yi” program to provide diversified customer service experiences, which include regularly organizing community activities (such as community festival events, the Community Benefit Initiatives (社區公益行動), and Caring for the Elderly Initiatives (敬老關愛行動) and Caring for Children Initiatives (童心關愛行動)) so as to provide residents with convenient services and increase customer satisfaction. See “– Social Responsibility.”

• Cleaning, greening and gardening services. We provide quality professional cleaning services through standardized cleaning procedures, and advanced cleaning tools and hygiene management. We focus on improving the quality of our cleaning services, by performing disinfection, strict compliance with waste sorting, and paying extra attention to the etiquette and proactiveness of services provided by our cleaning staff, to create a clean and tidy living environment for our residents. We provide standardized professional greening and gardening services to properties we manage. These greening and gardening services include design and maintenance of greenery in common areas such as watering, fertilization and pest control, planting and design, garden landscaping and water conservation.

• Security services. We provide high quality security services to ensure that the properties we manage are safe and in order. Daily security services we provide include common area patrolling, visitor management, access security control, video surveillance, electronic anti-theft alarm system management, fire control, fire alarm system management and emergency response and assistance. We also utilize security technology solutions such as video cameras and smart facial recognition surveillance system. Other than certain security services provided by subcontractors, in order to ensure the quality of the security services, we have designated a security team with our own employees, known as the Centown Security. This team has become a signature that has been well trusted of our property management services for its stable and reliable security services.

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• Repair and maintenance services. We inspect and monitor the status of common area facilities on a regular basis to provide inspection, maintenance and renovation for facilities in the common area in a timely manner. We are generally responsible for the maintenance of common area facilities, such as water supply facilities, power supply facilities, drainage facilities, heating supply facilities, elevators, fire control systems, water pumps and public water tanks.

Non-residential properties related

• Integrated non-residential property management services. With regard to commercial properties and office buildings, and public facilities, we provide efficient, convenient and flexible guest services as well as professional administrative support services to meet customer needs, such as hotline services, information posting, complaint handling, moving out assistance, mail handling, management of healthcare venues such as infant nursery rooms, storage management and logistics services for large-scale activities, among other things.

• Repair and maintenance services. We provide repair and maintenance services to common areas and interior workplaces of commercial properties, office buildings and public facilities, including building repair and maintenance, daily maintenance of operating facilities and upgrade and renovation of facilities. We are generally responsible for ensuring key facilities such as elevators, air-conditioning systems, power supply and distribution systems, water supply and drainage systems, fire suppression systems and power generators, exterior and decoration, and office facilities such as conference systems, data rooms, office networks and office equipment, are in good condition. We also provide energy control management services to facilitate energy savings and emission reductions for properties through technological renovation and upgrades.

• Cleaning and greening services. We provide cleaning and greening services to common areas, interior workplaces and outdoor spaces of commercial properties, office buildings and public facilities, including daily cleaning, office indoor cleaning, maintenance of surfaces such as stone, carpet and other special materials, waste management, pest control, disinfection, outdoor greening and garden maintenance, lease and display of indoor greenery and indoor air purification services. We are responsible for ensuring that properties under our management are clean, tidy, hygienic and comfortable.

• Security services. We provide security services to the public areas and internal working sites of commercial properties, office buildings and public facilities, including safeguarding public order, fire safety patrol and control, safety management of ground traffic and parking, information security management, contingency planning and emergency rescue management, and safety management of large-scale activities. We are responsible for ensuring that the properties under our management are safe and in order. We also utilize security technology solutions such as surveillance cameras and smart facial recognition and monitoring systems in the provision of security services.

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• Additional customized services. We also provide a wide range of additional customized services based on customers’ requests in relation to their properties or the specific regions where their properties are located. For example, we provide canteen management services for a school and guestroom services for a government building, and provide conference services for office buildings and certain public facilities such as government buildings.

We employ on-site personnel to provide the foregoing property management services. As of April 30, 2021, we also engaged over 340 subcontractors to provide certain property management services, which mainly include cleaning, greening and gardening, security, and repair and maintenance services.

Our Geographic Presence

As of April 30, 2021, our property management services covered 55 cities in 17 provinces, municipalities and autonomous regions, mainly located in Beijing, Fujian province, Yunnan province, Anhui province and Guizhou province.

The map below illustrates the cities, provinces, municipalities and autonomous regions in which we had properties contracted to provide property management services as of April 30, 2021:

Hebei Province (Botou City, Chengde City) Heilongjiang

Inner Mongolia Jilin Autonomous Region Beijing City (Wuhai City) Xinjiang Liaoning Shandong Province (Dezhou City) InnerMongolia Beijing Gansu Tianjin Henan Province Hebei (Nanyang City, Shangqiu City, Xinxiang City, Hebi City) Ningxia Shanxi Shandong Jiangsu Province (Nantong City, Zhenjiang City) Qinghai Anhui Province Shaanxi Henan (Hefei City, Bengbu City, Bozhou City, Jiangsu Fuyang City, Suzhou City, Lu’an City) Tibet Anhui Shanghai Sichuan Hubei Hubei Province Sichuan Province (Enshi City, Xiaogan City) (Guangan City) Chongqing Zhejiang

Jiangxi Hunan Zhejiang Province Chongqing City (Ningbo City, Guizhou Quzhou City, Yiwu City) Yunnan Province Fujian (Kunming City, Dali Prefecture, Qujing City, Xishuangbanna Prefecture, Yuxi City, Baoshan City, Yunnan Taiwan Dehong Prefecture, Honghe Prefecture, Guangxi Guangdong Pu'er City, Tengchong City, Wenshan City) South China Sea Guizhou Province Hong Kong (Guiyang City, Duyun City, Macao Liupanshui City, Tongren City, Fujian Province Qiandongnan Prefecture, Qiannan Prefecture, (Fuzhou City, Ningde City, Liuzhou City, Panzhou City) Putian City, Zhangzhou City) Hunan Province (Changsha City, Chenzhou City, Hainan Hengyang City, Xiangtan City, Zhuzhou City) Guangxi Province Jiangxi Province (Nanning City) (Ganzhou City, Jiujiang City)

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The table below sets forth a breakdown of our number of projects in relation to GFA under management and GFA under management by geographic region as of the dates indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Number of GFA under Number of GFA under Number of GFA under Number of GFA under Number of GFA under projects management projects management projects management projects management projects management

(sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.)

Total ...... 122 47,602 194 58,707 232 64,391 202 59,827 252 70,198

The table below sets forth a breakdown of our revenue generated from property management services by geographic region for the periods indicated:

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The table below sets forth a breakdown of our number of projects in relation to contracted GFA and contracted GFA by geographic region as of the dates indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Number of Contracted Number of Contracted Number of Contracted Number of Contracted Number of Contracted projects GFA projects GFA projects GFA projects GFA projects GFA (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) North China(1) . . 13 2,443 14 3,004 21 4,398 14 3,004 23 4,615 East China(2) . . . 55 28,685 89 36,191 114 39,056 93 36,553 122 40,769 Central China(3) . . 20 5,148 32 7,870 38 8,813 33 8,038 37 8,413 Southwest China(4) .... 47 14,484 97 21,271 109 23,411 95 21,422 115 24,088 Total ...... 135 50,760 232 68,336 282 75,678 235 68,997 297 77,885

Portfolio of Properties under Management

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Number of GFA under Number of GFA under Number of GFA under Number of GFA under Number of GFA under projects management projects management projects management projects management projects management (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) Residential Properties ... 101 45,384 154 55,014 167 57,339 160 56,291 182 62,916 Non-residential Properties ... 21 2,218 40 3,693 65 7,052 42 3,536 70 7,282 Commercial properties and office buildings . 5 756 9 1,338 23 4,707 9 1,098 24 4,686 Public facilities . . 16 1,462 31 2,355 42 2,345 33 2,438 46 2,596 Total ...... 122 47,602 194 58,707 232 64,391 202 59,827 252 70,198

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The table below sets forth a breakdown of our revenue generated from property management services by type of property for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%)

(in thousands, except for percentages) Residential Properties ... 673,539 97.5 779,103 95.2 846,785 82.8 282,393 94.7 301,651 67.3 Non-residential Properties ... 16,838 2.5 39,263 4.8 176,097 17.2 15,749 5.3 146,455 32.7 Commercial properties and office buildings . 12,311 1.8 14,333 1.8 130,650 12.8 5,232 1.8 129,659 28.9 Public facilities . . 4,527 0.7 24,930 3.0 45,447 4.4 10,516 3.5 16,796 3.7

Total ...... 690,377 100.0 818,366 100.0 1,022,882 100.0 298,142 100.0 448,106 100.0

Residential Properties

During the Track Record Period, we generated a significant portion of our revenue from the management of residential properties. The GFA under management of residential properties managed by us grew from 45.4 million sq.m. as of December 31, 2018 to 63.1 million sq.m. as of April 30, 2021. We expect such growth in our GFA under management from residential property management services to be sustainable, as we continue to geographically expand our business operations.

We started managing Centown projects in 1993, and as of April 30, 2021, we managed all 12 Centown projects developed by Century Golden Resources Group, with total GFA under management of approximately 44.4 million sq.m., and average GFA under management of approximately 3.7 million sq.m., of which five projects had GFA under management of over 4.0 million sq.m. Meanwhile, we provide property management services to ten large-scale Century Golden Resources Shopping Centers and one outlet store, which are in close proximity to the Centown projects, with total GFA under management of nearly 3.5 million sq.m. Such large-scale property service model also brings us economies of scale, which can further empower us with strong operational and management capabilities for our long-term management of large-scale properties, and rapidly improve our reputation in the industry.

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Non-residential Properties

While residential properties have generated and will continue to generate the larger portion of our revenue, we continue to diversify our portfolio of managed properties to cover more non-residential properties and more types of non-residential properties, so as to achieve balanced growth of the various project types serviced by us.

• Commercial Properties and Office Buildings. In 2020, we undertook property management projects for ten large shopping malls and one outlet store developed by Century Golden Resources Group, with total GFA under management of nearly 3.5 million sq.m. The property management services provided by us included integrated non-residential property management services, repair and maintenance services, cleaning and greening services, security services and additional customized services.

A notable example of the shopping malls that we manage is Beijing Century Golden Resources Shopping Center, which is the largest single-block shopping mall in China in terms of GFA. In September 2020, we recruited a group of talents with rich experience in commercial property management services, which further strengthened our capability to provide such services.

• Public Facilities. We provide property management services to government buildings, industrial parks, parks, schools, hospitals and other public facilities, including integrated non-residential property management services, repair and maintenance services, cleaning and greening services, security services and additional customized services.

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Sources of Our Property Management Projects

We obtain property management projects from property developers such as Century Golden Resources Group and other property developers, property owners’ associations, individual property owners, government authorities, enterprises and public institutions which include Independent Third Parties. We have established a sound business relationship with Century Golden Resources Group, a leading property developer in the PRC, and a significant portion of properties under our management are developed by Century Golden Resources Group. The following table sets forth a breakdown of our number of projects in relation to GFA under management and GFA under management by property developer and type of property as of the dates indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Number of GFA under Number of GFA under Number of GFA under Number of GFA under Number of GFA under projects management projects management projects management projects management projects management (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) Properties developed by: Century Golden Resources Group – Residential properties . . . 77 42,551 79 43,334 81 43,512 81 43,678 82 43,908 – Non-residential properties . . . 5 756 5 756 17 4,273 5 756 18 4,283 Subtotal ..... 82 43,307 84 44,090 98 47,785 86 44,434 100 48,191 Independent third-party property developers – Residential properties . . . 24 2,833 75 11,680 86 13,827 79 12,613 100 19,008 – Non-residential properties . . . 16 1,462 35 2,937 48 2,779 37 2,780 52 2,999 Subtotal ..... 40 4,295 110 14,617 134 16,606 116 15,393 152 22,007 Total ...... 122 47,602 194 58,707 232 64,391 202 59,827 252 70,198

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The table below sets forth a breakdown of our revenue generated from property management services by property developer type and type of property for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%) (RMB) (%)

The following table sets forth a breakdown of our number of projects in relation to contracted GFA and contracted GFA by property developer and type of property as of the dates indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Number of Contracted Number of Contracted Number of Contracted Number of Contracted Number of Contracted projects GFA projects GFA projects GFA projects GFA projects GFA (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (in thousands, except for number of projects) Properties developed by: Century Golden Resources Group – Residential properties. . . 81 43,764 84 45,261 89 46,164 85 45,503 88 46,158 – Non-residential properties ...... 5 756 5 756 18 4,383 5 756 19 4,393

Subtotal ...... 86 44,520 89 46,017 107 50,547 90 46,259 107 50,551

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Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Number of Contracted Number of Contracted Number of Contracted Number of Contracted Number of Contracted projects GFA projects GFA projects GFA projects GFA projects GFA

(sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.)

(in thousands, except for number of projects) Independent third-party property developers – Residential properties. . . 31 4,644 104 19,063 124 22,115 106 19,785 136 24,181 – Non-residential properties ...... 18 1,596 39 3,256 51 3,016 39 2,953 54 3,153

Subtotal ...... 49 6,240 143 22,320 175 25,131 145 22,738 190 27,334

Total...... 135 50,760 232 68,336 282 75,678 235 68,997 297 77,885

With our proven track record of business cooperation with Century Golden Resources Group, a leading comprehensive multi-business enterprise in China, we have solidified our position as a reputable and experienced property management service provider. Established in 1991, Century Golden Resources Group primarily conducts business in real-estate development, large shopping malls, star hotels and cultural tourism, general healthcare and education. Century Golden Resources Group continually seeks investment opportunities focusing on the three key segments of “general consumption, pan-healthcare and new technology application.” Accordingly, it has built a strong brand reputation and accumulated industrial resources. Century Golden Resources Group has been listed among China’s Top 500 Enterprises 13 times since its inception. According to CPMRI, the market share of Century Golden Resources Group in the PRC property development industry in terms of revenue was approximately 0.03% in 2020.

Leveraging our brand reputation, high quality services and strong support from Century Golden Resources Group, we provide property management services for most residential projects, shopping malls and office buildings developed by Century Golden Resources Group starting from May 1993. As of April 30, 2021, the total area developed by Century Golden Resources Group in the real estate sector was approximately 73.6 million sq.m. In particular, Century Golden Resources Group has developed 12 Centown projects, all of which are currently under our management, with total GFA under management of approximately 44.4 million sq.m., and average GFA under management of approximately 3.7 million sq.m., of which five projects have GFA under management of over 4.0 million sq.m. As of December 31, 2018, 2019 and 2020 and April 30, 2021, properties developed by Century Golden Resources Group accounted for 91.0%, 75.1%, 74.3% and 68.6% of our GFA under management, respectively.

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Over years of cooperation, we have developed an in-depth understanding of Century Golden Resources Group’s stringent demands and requirements for property management services, allowing us to constantly provide high quality services to property owners and residents, which can in turn add value to the marketability of the properties developed by Century Golden Resources Group. Since the residential properties developed by Century Golden Resources Group are typically large-scale and in proximity to large commercial properties that it developed, when it evaluates property management company candidates, Century Golden Resources Group generally prefers those with strong capabilities in managing large-scale properties and maximizing the synergistic effects between the residential communities and commercial properties. Considering that we have been managing substantially all of the residential and commercial properties developed by Century Golden Resources Group and the amount of time and efforts required to identify and engage a new service provider with comparable experience and ability to provide services of comparable standard and scope, our Directors are of the view that our mutually beneficial and complementary relationship with Century Golden Resources Group will continue to enable us to secure future engagements from Century Golden Resources Group, and it would be difficult for Century Golden Resources Group to select and engage a new service provider to replace us. Hence, we believe our ongoing business relationship with Century Golden Resources Group is both mutually beneficial and complementary, and we do not expect our relationship with Century Golden Resources Group to materially and adversely change. As of April 30, 2021, we managed all residential properties developed by Century Golden Resources Group. As of April 30, 2021, we managed 91.5% of the total GFA of commercial properties and office buildings developed by Century Golden Resources Group. During the Track Record Period, no property management contract between Century Golden Resources Group and us was terminated. We did not manage all commercial properties and office buildings developed by Century Golden Resources Group, primarily because those that were not managed by us were largely hotel complexes that comprised hotels, apartment buildings and office buildings, and we estimated the profitability of managing these properties by us to be relatively low. See “Relationship with Controlling Shareholders – Delineation of Business and Competition – Business Retained by Controlling Shareholders Group.”

Although the contracted GFA and the GFA under management of the properties developed by Century Golden Resources Group constitute a significant portion of our total contracted GFA and GFA under management, our quality services have enabled us to obtain property management projects from independent third-party property developers. During the Track Record Period, the contracted GFA of the properties developed by independent third-party property developers increased from 6.2 million sq.m. as of December 31, 2018 to 27.3 million sq.m. as of April 30, 2021, the GFA under management of the properties developed by independent third-party property developers increased from 4.3 million sq.m. as of December 31, 2018 to 22.0 million sq.m. as of April 30, 2021, and the percentage of revenue generated from these properties in the total revenue of our property management services also increased from 2.4% in 2018 to 15.4% in the four months ended April 30, 2021. In particular, the GFA under management of residential properties developed by independent third-party property

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We believe these increases reflect the recognition of our quality services. To reduce our reliance on Century Golden Resources Group, we aim to further expand our portfolio of properties under management developed by independent third-party property developers by (i) seeking market opportunities through participation in biddings organized by independent third-party property developers, and (ii) forming strategic partnership or joint ventures with independent third-party property developers.

During the Track Record Period, even though the vast majority of our property management services were provided to the properties developed by Century Golden Resources Group, the vast majority of our revenue from property management services generated thereunder came from Independent Third Parties which included property owners as well as independent third-party property developers, which accounted for approximately 98.2%, 98.8%, 88.7%, 93.3% and 67.6% of the revenue from property management services in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively. During the development phase of the properties, property developers enter into preliminary property management service contracts with us on behalf of property owners, which shall be reflected in the property purchase agreement entered into by the property developer and the purchaser who later becomes the property owner. For further details, see “– Our Property Management Service Contracts.”

The table below sets forth a breakdown of our revenue from property management services generated from Century Golden Resources Group and Independent Third Parties for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Amount % Amount % Amount % Amount % Amount % (RMB in thousands, except for percentages) Century Golden Resources Group ...... 12,586 1.8 10,221 1.2 116,029 11.3 19,920 6.7 145,129 32.4 Independent Third Parties(1) ...... 677,791 98.2 808,145 98.8 906,853 88.7 278,222 93.3 302,977 67.6 Total ...... 690,377 100.0 818,366 100.0 1,022,882 100.0 298,142 100.0 448,106 100.0

(1) Independent Third Parties include property owners and independent third-party property developers.

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Our Property Management Service Contracts

In 2018, 2019 and 2020 and the four months ended April 30, 2021, zero, six, 17 and 13 property management service contracts, respectively, were terminated due to our own or property owners’ commercial considerations prior to the expirations of the relevant property management service contracts or non-renewal upon the expirations of the relevant property management service contracts. The termination was primarily because: (i) we voluntarily withdrew from certain property management service contracts as we incurred losses from managing such projects and reallocated our resources to more profitable engagements in an effort to optimize our property management portfolio; and (ii) some property management service contracts expired and were not renewed due to property owners’ commercial considerations. In 2020, we had 17 property management projects terminated, among which seven were loss-making projects with the amount of losses we incurred of RMB0.9 million, while we had 13 property management projects terminated in the four months ended April 30, 2021, none of which were loss-making projects. In 2018, 2019 and 2020 and the four months ended April 30, 2021, one, eight, 29 and nine property management service contracts, respectively, were renewed upon expirations of the relevant property management service contracts. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our property management service contract retention rate (the number of property management service contracts effective at the end of a year, being the number of contracts that existed less the number of contracts terminated and the number of contracts that expired and were not renewed during the period divided by the number of property management service contracts that existed during the same year less the number of contracts voluntarily terminated by us) was 100.0%, 99.6%, 97.2%, 99.2% and 96.7%, respectively, which we believe reflects our capabilities in offering quality property management services.

We have been rapidly expanding our property management services portfolio during the Track Record Period, primarily by entering into new property management service contracts. The table below indicates the movement of our number of contracts in relation to our contracted GFA (including the contracts the specified terms of which had expired but which we continued to provide property management services, contracts for the provision of property management services where the properties are under construction, and the property management service contracts subcontracted to us), contracted GFA and GFA under management as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2021

Number of Contracted GFA under Number of Contracted GFA under Number of Contracted GFA under Number of Contracted GFA under contracts GFA management contracts GFA management contracts GFA management contracts GFA management

(sq.m. in thousands, except for the number of contracts) As of the beginning of period ... 93 45,168 42,800 135 50,760 47,602 232 68,336 58,707 282 75,678 64,391 New Engagement . 42 5,592 4,802 102 17,725(1) 11,169(1) 67 9,796 7,498 28 3,251 6,351 Acquisition . . – – – 1 155 155 – – – – – – Terminations . . – – – 6 304 219 17 2,454 1,814 13 1,044 544

As of the end of period ... 135 50,760 47,602 232 68,336 58,707 282 75,678 64,391 297 77,885 70,198

(1) Contracted GFA and GFA under management that were newly engaged in 2019 included the increase of such numbers under a property management service contract that was successfully renewed in the same year.

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In several projects, upon expiry of specified contract terms, we typically continue to provide property management services based on contract performance, in the course of negotiation of new agreements, until new agreements are signed. During the Track Record Period, we had one such project.

The following table sets forth a breakdown of number of expired and renewed contracts by signing party for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Expired Renewed Expired Renewed Expired Renewed Expired Renewed Expired Renewed contracts contracts contracts contracts contracts contracts contracts contracts contracts contracts With Century Golden Resources Group . – – – – – – – – – – With independent third-party property developers ..... 1 1 10 8 38 29 18 15 16 8 With property owners’ associations .... – – – – 1 – – – 1 1 Total...... 1 110839291815179

We had zero expired or renewed contract with Century Golden Resources Group in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, primarily because our contracts with Century Golden Resources Group were without fixed terms. We had zero expired or renewed contracts with property owners’ associations in 2018 and 2019 and the four months ended April 30, 2020, primarily because we only had a limited number of contracts with property owners’ associations.

Accordingly, our renewal rates in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021 were 100%, 80%, 74%, 83% and 53%, respectively. Since (i) our GFA under management of properties developed by independent third-party property developers increased in 2019 and 2020, (ii) the number of property management contracts that expired gradually increased, (iii) certain projects terminated due to either our own or property owners’ business considerations, we experienced decreases in our renewal rates during the Track Record Period.

The following table sets forth a breakdown of terminations by reason for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Number Number Number Number Number of Contracted GFA under of Contracted GFA under of Contracted GFA under of Contracted GFA under of Contracted GFA under contracts GFA management contracts GFA management contracts GFA management contracts GFA management contracts GFA management

(sq.m. in thousands, except for the number of contracts) Terminated due to our considerations . . . – – – 4 229 203 12 1,246 606 3 251 201 3 497 497 Terminated due to property owners’ commercial decisions . – – – 2 75 16 5 1,208 1,208 2 379 379 10 547 47

Total ...... – – – 6 304 219 17 2,454 1,814 5 630 580 13 1,044 544

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The following table sets forth the expiration schedule of our property management service contracts as of April 30, 2021.

Contracted GFA Number of under Contracts Contracts that will expire (sq.m. in thousands) Fixed Terms...... 125 18,263 – Year ending December 31, 2021...... 34 3,412 – Year ending December 31, 2022...... 43 7,282 – Year ending December 31, 2023 or beyond...... 48 7,569 Without Fixed Terms(1) ...... 172 59,622 Total ...... 297 77,885

(1) For both (a) agreements signed with property developers and (b) agreements signed with property owners’ associations, some are without a fixed term. These agreements will usually end upon the establishment of a property owners’ association or otherwise agreed by the parties, as applicable. For agreements signed with property developers without a fixed term, where local rules or practices prescribe a form of property management service contract and such form does not have a fixed term, the term of the contract will be settled based on commercial negotiation. For agreements signed with property owners’ associations, some property owners or property owners’ associations may prefer not to specify a fixed term for fear of unexpected interruption of property management services. As advised by CPMRI, the foregoing is in line with market practice in the property management industry.

We generally enter into preliminary management contracts with property developers prior to the pre-sale or sales of property development projects. In relation to residential properties that have already been delivered, on the basis that property owners’ associations represent the interests of property owners in matters concerning property management under PRC law, we may enter into property management service contracts with property owners’ associations after being selected by the general meeting of property owners and such contracts are binding on all property owners. As such, our preliminary management contracts entered into with property developers are usually without a fixed term and there is not an expiry date to such contract unless a property owners’ association is established and has entered into a property management service contract with us which will then supersede our preliminary management contract with the property developer. Occasionally, we may enter into property management contracts with property owners, primarily for non-residential properties. According to the Regulations on Property Management (2018 revision) (《物業管理條例(2018年修正)》), property owners’ associations may be established at a property owner meeting by affirmative votes of property owners who own more than half of the total GFA of the property and who account for more than half of the total number of property owners. After the Civil Code of the PRC came into effect, establishing the property owners’ association shall be voted on by two-thirds or more of all the property owners who own two-thirds or more of the total GFA of the exclusive area, and shall be subject to the consent of over a half of the owners participating in the voting who own more than half of the total GFA of the exclusive area owned by all the owners participating in the voting. As confirmed by CPMRI, the establishment of a property owners’ association is not common, primarily because of the stringent requirements for establishing a property owners’ association, lack of willness of property owners to participate

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As of December 31, 2018, 2019 and 2020 and April 30, 2021, seven, 22, 27 and 28 residential property projects under our management established property owners’ associations, accounting for 6.9%, 14.3%, 16.2% and 15.3% of the total residential property projects under our management. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, the revenue from these residential property projects were RMB28.8 million, RMB49.2 million, RMB77.0 million, RMB24.2 million and RMB26.8 million, respectively, accounting for 4.2%, 6.0%, 7.5%, 8.1% and 6.0% of our total revenue from property management services, respectively. As of April 30, 2021, the 28 residential property projects under our management with property owners’ association established were mainly located in Beijing, Fuzhou, Changsha and Hefei. These property owners’ associations are independent from us. Upon establishment of the property owners’ association, the property management service contract executed with the original property developer is usually used, and our property management services continue to receive recognition from the property owners’ association. In order to secure and continue to secure property management service contracts, we must consistently provide quality services at competitive prices. According to the Regulations on Property Management (2018 revision) (《物業管理條例(2018年修正》)), property owners may hire or dismiss property management companies by affirmative votes of property owners who own more than half of the total GFA of the property and who account for more than half of the total number of property owners. The property owners’ association may hire a new property management company either through a tender process or select one based on specific standards regarding terms and conditions of service, quality and price. During the Track Record Period, we experienced no such dismissal. For more information, see “Regulatory Overview – Legal Supervision over Property Management Services – Appointment of Property Management Enterprises.” As of May 31, 2021, 28 residential property projects under our management established property owners’ associations.

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The diagram below illustrates our relationships with the various parties under our residential property management service contracts.

Our Group Negotiate and enter into property management service Preliminary management contracts contracts on behalf of the property owners

Provide property management services before property delivery

Enter into a property management service contract (if applicable) Provide property Pay property management fee(1) management services after property delivery

Pay property management fee (before property delivery)

Property owner’s Property Property associations owners developers Establish property Sell property owners’ associations

(1) Under the lump sum basis: all fees collected are recognized as revenue and all expenses are borne by our Group. Under the commission basis: The Group charge based on a predetermined percentage or amount of the property management fee, the balance of which will be used towards the payment of fees stipulated in the property management agreements. The property owners will retain the balance or make up the shortfall.

For our commercial property management service contracts, we negotiate and enter into property management service contracts with property owners or property developers, who pay commercial property management fees to us on a lump sum basis or, in very rare cases, on a commission basis. We do not enter into individual service contracts with tenants of commercial properties under our management.

Property Management Service Contracts

Property Management Service Contracts at the Preliminary Stage

We generally enter into preliminary property management service contracts with property developers at the preliminary stage during the construction of the underlying properties before the establishment of property owners’ associations.

Our preliminary property management contracts typically include the following key terms:

• Property under management. We set out the basic information of the property under our management, including types, location, GFA and areas under management.

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• Scope of services. We are responsible for standard property management services, including security of the public area and relevant equipment or facilities, cleaning, greening and gardening and repair and maintenance.

• Performance standards. We agree and set out in the contracts the performance standards of the property management services, and the requirement for regular checks and maintenance of equipment and facilities in the common area.

• Property management fees. We agree and set out in the contracts the fee standards and settlement terms. The management fees usually begin to accrue pursuant to the property management service contracts after delivery of the properties. The property developer normally shall be responsible for management fees of the unsold or pre-delivery properties.

• Operation and maintenance of the property. We are typically responsible for the operations and maintenance of the property until the establishment of a property owners’ association.

• Inspection and delivery of the property. We agree, inspect and confirm the conditions of the property before the delivery of the property and set out the relevant resources relating to equipment and maintenance that the property developers shall transfer to us.

• Term of service. The contracts we enter into with property developers are usually without fixed terms but the contracts would terminate on the date the property owners’ association enters into a property management service contract with us or engages a different property management service company.

Property developers typically engage property management companies through a tender and bidding process or in other ways as allowed under applicable PRC laws and regulations, and would contract directly with property management companies before newly developed properties are sold to property owners. After property developers deliver properties to property owners, property owners may form and operate a property owners’ association to represent them in matters related to the properties under certain conditions. Upon engagement by the property developers, property management companies or the property developers will generally need to register the preliminary property management service contracts with the local PRC authorities.

As advised by our PRC legal advisor, although property owners are not a party to the preliminary property management service contract, these contracts are nonetheless legally binding on the future property owners under PRC law. Accordingly, property owners are obligated to pay property management fees directly to us under these contracts. Property owners will be the customers of our property management services after delivery of properties. The preliminary property management service contract will be terminated when the property owners’ association is formed and a new property management service contract is entered into and becomes effective.

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Residential Property Management Service Contracts

For residential properties under our management, we enter into property management contracts with or without fixed terms. Our property management service contracts with property owners’ associations typically include the following key terms:

• Property under management. We set out the basic information of the property under our management, including types, location, GFA and areas under management.

• Scope of services. We are responsible for standard property management services, including customer services, cleaning, greening and gardening services, security services, and repair and maintenance services.

• Performance standards. We agree and set out in the contracts the performance standards of the property management service, and the requirement for regular checks and maintenance of equipment and facilities in the common areas.

• Property management fees. We agree and set out in the contracts the fee standards and settlement terms. The management fees usually begin to accrue from the signing dates of the contracts. The property owners usually pay management fees corresponding to the construction area of the property they own.

• Rights and obligations of a property owners’ association. The rights and obligations of the property owners’ association mainly include supervising our property management services, providing room to us for property management service purposes and for us to set up the property customer service center, ensuring timely payment of property management fees by the property owners and assisting us in various matters within the property area, such as property services, promotion and community events.

• Subcontracting. We may outsource part of the property management services (such as security services, cleaning, greening and gardening services and maintenance of elevators and fire equipment) to subcontractors and are responsible for the overall arrangements and coordination.

• Term and Termination. The contracts we enter into with property owners’ associations usually have fixed terms ranging from one to five years. As provided under certain of such contracts, the relevant property owners’ association shall hold a property owners’ meeting to decide whether to reappoint us to provide property management services within three months prior to the expiration of such contracts. Where the relevant property owners’ association fails to hold such meeting or fails to decide whether to change the property management service company before one month of the expiration of such contracts, we may have the priority to renew such contracts.

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According to relevant PRC laws and regulations, the property owners’ association is elected by the property owners’ general meeting, and represents their interest in matters concerning property management. The property owners’ association’s decisions are binding on all property owners. As advised by our PRC legal advisor, contracts between property owners’ associations and property management companies, including the legal rights and obligations of property owners under such contracts, are legally binding on property owners, who their respective property owners’ associations represent, even if the property owners are not parties to such contracts. As a result, we have rights for legal claims against property owners for accrued and outstanding property management fees. Property owners have the right to be informed of and to supervise the use of public funds and the management of common areas and public facilities.

Commercial Property Management Services Contracts

For commercial property under management, the general key terms usually include scope of services, service standards, property management fees, term of contract, subcontracting and anti-commercial bribery.

• Scope of services. We are responsible for standard property management services, including integrated non-residential property management services, repair and maintenance services, cleaning and greening services, security services, and additional customized services.

• Service standards. We will specify in the contracts the relevant service standards of the property management services and the requirements for regular checks and maintenance of facilities and equipment in the public area.

• Property management fees. We will specify in the contracts fees standard, and the composition and settlement terms of property management fees. A penalty will be charged by us for any overdue payment of property management fees. The commercial property owner shall be jointly liable for the payment where an agreement has been reached by the property owner and the property user that the property management fee shall be paid by the user.

• Term of Contract. Our property management service contract for commercial properties usually has a fixed term. Upon expiration of the contract, we are entitled to unilaterally inform the commercial property owner to renew the contract for another term of no more than three years.

• Subcontracting. We may outsource part of the property management services (such as cleaning, greening, and the repair and maintenance of elevators and fire equipment) to subcontractors and are responsible for the overall arrangements and coordination.

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• Anti-Commercial Bribery. We will include in our contracts anti-commercial bribery terms, specifying that we and the commercial property owners shall not request, receive, provide or give any benefit other than as agreed under the contracts from or to each other or its agent.

Process of Obtaining Property Management Projects

We are typically engaged as the property management company through (i) a tender and bidding process in accordance with relevant PRC laws and regulations for new property management projects and (ii) commercial negotiations mainly for non-residential properties.

Under PRC laws, property developers are typically required to select property management companies and enter into preliminary property management service contracts for residential properties through a tender and bidding process. In circumstances where there are not enough bidders or the size of the managed property is small, property developers are permitted under PRC laws to select property management companies without conducting any tender and bidding process, subject to approval by the competent PRC property administration authorities.

A typical tender and bidding process primarily involves the following stages:

• Invitation. The property developer may publish an announcement to invite potential bidders or issue private invitations to at least three qualified bidders setting out the specifications and requirements for the tendered property management project. Tender invitation-related documents and governmental approvals in relation to the property project are required to be submitted and filed with the competent local real estate administration department in the PRC in advance.

• Tender submission. Bidders submit tender documents to the property developer which generally contain proposed pricing, proposal and plan for property management and other information as specified by the tender invitation. Bidders may be required to provide pre-qualification documents for vetting before the formal tender documents are submitted.

• Evaluation. The property developer will establish a tender evaluation committee to review and rank the submitted tenders. The tender evaluation process and the composition of the tender evaluation committee must comply with the requirements of relevant PRC laws and regulations. The tender evaluation committee generally considers factors such as credentials, service quality, availability of capital and proposed fee levels when it evaluates the proposals.

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• Selection. Based on its evaluation, the tender evaluation committee recommends no more than three qualified bidders to the property developer. The property developer will generally confirm the best bidder as the winner and proceed to arrange for necessary notification.

• Award and contract signing. The property developer must file the result of the tender with the relevant local authorities within 15 days upon confirmation of the award. The property management contract so awarded to the winner is expected to be signed within 30 days upon issuing the notification of the award.

A public tender and bidding process may also be required under PRC laws and regulations for PRC government, public institutions and bodies with public fiscal funds to engage property management companies for properties, such as public facilities.

The flow chart below illustrates the process of our typical tender and bidding process for obtaining property management service contracts:

Obtain bidding information

Designate marketing team in charge of the bid

Prepare and submit documents required for pre-qualification

Research the characteristics of the subject property(ies) and calculate relevant costs

Prepare and submit bidding document outlining plans, costs and qualifications

Make tender evaluation

Award contract

Sign contract and file with relevant authority

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During the Track Record Period, our tender success rate for properties developed by Century Golden Resources Group was 100%. We did not enjoy any preferential treatment in the tender process for our relationship with Century Golden Resources Group. As to properties developed by independent third-party property developers, our tender success rate was 46.9%, 58.8%, 64.6% and 60.0%, in 2018, 2019 and 2020 and the four months ended April 30, 2021, respectively. In the five months ended May 31, 2021, our tender success rate for properties developed by Century Golden Resources Group and for properties developed by independent third-party property developers were 100% and 67.6%, respectively.

During the Track Record Period, we were selected by a number of property developers to provide preliminary property management services for 44 properties without going through the required tender and bidding process, and such properties had aggregate contracted GFA of approximately 4.5 million sq.m. The revenue from our property management services provided to such properties without going through the required tender and bidding process was approximately RMB3.3 million, RMB16.1 million, RMB21.6 million, RMB3.2 million and RMB9.6 million, respectively, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, accounting for approximately 0.5%, 2.0%, 2.1%, 1.1% and 2.1%, respectively, of our total revenue from property management services.

As confirmed by our Directors, the lack of a tender and bidding process for the selection of property management service companies in relation to the foregoing properties was not caused by us but the relevant property developers. According to the Regulations on Property Management (2018 revision) (物業管理條例(2018年修正)), where the property developer of residential property fails to hire a property service enterprise by means of bidding, local government may order the property developer to rectify within a prescribed time period, give a warning and impose a fine of no more than RMB100,000. See “Risk Factors – Risks Relating to Our Business and Industry – Some of our property management service contracts may be obtained without going through the required tender and bidding process.” As advised by our PRC legal advisor, the absence of a tender and bidding process was attributable to the property developers instead of us under the relevant PRC laws and regulations; and there is no specific PRC law or regulation specifying that property management service companies would face administrative penalties as a result of entering into preliminary property management service contracts without going through the tender and bidding process, and the absence of a tender and bidding process attributable to the property developers would not invalidate the property management service agreements.

As advised by our PRC legal advisor, under applicable PRC laws and regulations, unlike residential properties, for commercial properties and office buildings, it is suggested rather than required for property developers to go through a tender and bidding process in engaging property management companies. In fact, most of the non-residential properties under our management were obtained through a tender and bidding process while others via commercial negotiations.

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Property Management Fees

Almost all of the revenue generated from our property management business was charged on a lump sum basis during the Track Record Period.

Property Management Fees Charged on a Lump Sum Basis

Under a lump sum basis contract, we charge a pre-determined property management fee per sq.m. of GFA under management on a monthly basis which represents “all-inclusive” fees for all of the property management services provided by us and our subcontractors as agreed in each property management service contract. We are entitled to recognize the full amount of property management fees received from property owners and residents and property developers, while we also need to bear all the relevant costs involved in the course of property management, including staff, security, greening, gardening, maintenance and general overhead covering the properties under management. If any excessive expenditure is incurred, we are not entitled to request payment from our property owners for the shortfall. Hence, under the lump sum basis, our cost saving ability, through the course of our provision of the property management services, has a positive correlation to our profitability. For more information, see “Risk Factors – Our business, financial condition and results of operations may be adversely affected if we fail to control our costs in providing our property management services on a lump-sum basis.”

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we incurred losses of RMB3.7 million, RMB2.4 million, RMB0.9 million, RMB0.3 million and RMB0.2 million, respectively, arising from seven, 19, seven, three and two projects managed under a lump sum basis. All such projects were developed by independent third-party property developers, located mainly in Yunnan, Anhui and Guizhou provinces. We provided property management services in these projects. Losses incurred for these projects were primarily due to the relatively large costs incurred at the early stage of our management of such projects to improve the quality of properties. As we continued to gain experience in managing projects developed by independent third-party developers, the losses we incurred from such projects decreased during the Track Record Period. In 2019, of the seven projects in which we incurred losses in 2018, two projects continued to be loss-making. In 2020, of the 19 projects in which we incurred losses in 2019, three projects continued to be loss-making. In the four months ended April 30, 2021, of the seven projects in which we incurred losses in 2020, one project continued to be loss-making. We did not have loss-making projects in which we incurred losses consecutively during the Track Record Period. For these loss-making projects, we plan to further increase efficiency, control costs and expand income sources to improve the profitability of these properties.

Before entering into a new property management service contract on a lump sum basis, we normally analyze the risks and costs of the potential project to negotiate appropriate property management fees. We have in place a project evaluation committee that reviews each of the projects before we decide to take it. We will not enter into a lump sum basis property management service contract if we anticipate that the projected profitability would fall below our minimum requirement. After we sign a lump sum basis property management service

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We are entitled to the surplus, if any, after deducting all our costs and tax payments, from the lump sum payment. From the perspective of our customers, these lump sum agreements reduce the risk of fluctuations in expenses. Therefore, we are committed to improving operation efficiency through technological optimization in order to increase our profit margins. If we are able to successfully carry out our cost-saving policies and measures to drive down our cost of sales, we would be able to achieve greater profits under the agreements where we are paid on a lump sum basis. In addition, we are granted the flexibility to fully implement our management systems, standardization facility management techniques and methodologies, enabling us to offer premium services. Such measures enable us to achieve high customer satisfaction which, in our opinion, provides us with the ability to bargain for higher property management fees and compete for new projects in the future.

When our property management fees are paid on a lump sum basis, we recognize the full amount of property management fees we charge to our customers as revenue, and recognize the operating costs incurred in connection with the provision of our property management services as our cost of sales.

Property Management Fees Charged on a Commission Basis

During the Track Record Period, we derived a very small proportion of revenue from one property management contract on a commission basis, which amounted to nil, RMB0.1 million, RMB0.4 million, nil and RMB0.1 million, respectively, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021. Under the commission basis, we charge based on a predetermined percentage of the property management fee, the balance of which will be used towards the payment of fees stipulated in the property management agreements. The property owners will retain the balance or make up the shortfall.

Our Pricing Policy for Property Management Fee

We generally price our services provided to residential properties by taking into account a number of factors, including (i) characteristics and locations of the residential properties, (ii) property owners’ and residents’ profiles, scope of our services and service standards, (iii) estimated costs and our budget, (iv) our target profit margins, (v) local pricing regulations, and (vi) management fees charged in nearby and comparable communities. We generally price our property management services provided to commercial properties and office buildings by

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The price administration and construction administration departments of the State Council are jointly responsible for supervision over and administration of fees charged for property management and related services, and we are also subject to pricing controls implemented by the PRC government. In December 2014, the NDRC issued the Circular of the NDRC on the Opinions of Relaxing Price Controls in Certain Services (國家發展改革委關於放開部分服務價格意見的通知) (the “Circular”), the competent price departments of all provinces, autonomous regions and municipalities directly under the PRC government are supposed to perform relevant procedures to liberalize the prices of property management services for non-government supported houses and parking services in residential community. For details, see “Regulatory Overview – Legal Supervision over Property Management Services – Fees Charged by Property Management Enterprises.” We expect the price controls on residential properties to be relaxed over time pursuant to the Circular, while our commercial property management fees and our public facility property management fees are not subject to price controls according to local regulations. Currently, our property management fees are subject to the existing local regulations passed by the relevant authorities to implement the Circular. After taking into account the local price control policies and relevant government regulations, as of December 31, 2020, 135 residential property projects under our management were located in 27 cities, including Ningbo, Hefei, Changsha and Tengchong, in the PRC which are still subject to government guidance price with respect to property management services. For details, see “Risk Factors – Risks Relating to Our Business and Industry – Our business, financial condition, results of operations and prospects may be affected by the relevant PRC regulations.”

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, the average property management fee, calculated as revenue generated from property management services of the last month of a period divided by the GFA based on which we charge property management fee as of the end of the same period, was RMB1.53 per sq.m. per month, RMB1.46 per sq.m. per month, RMB2.01 per sq.m. per month, RMB1.48 per sq.m. per month and RMB1.96 per sq.m. per month, respectively. The decrease in the average property management fees in 2019 as compared to 2018 was primarily because we managed more residential properties developed by independent third-party property developers, which were usually located in close suburbs of cities, which had relatively lower fee rates. The increase in average property management fees in the four months ended April 30, 2021 as compared to the same period in 2020 was primarily attributable to the increase in GFA under management of our commercial properties, including ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in the second half of 2020, which generally have higher property management fee rates. During the Track Record Period, as a result of the quality services we provided, we successfully increased the property management

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We adopt pricing policies for non-residential properties that are different from those for residential properties. Following the requirements of the local government for the guidance price of property management fees, we set property management fee per sq.m. of GFA under management based on average market price.

Payment Terms and Credit Terms

We may charge property management fees on a monthly, semi-annual or annual basis, depending on the terms of our property management service contracts. We usually send out notices to property developers, property owners’ associations or property owners in advance for the payment of fees for properties under our management. We primarily accept payments for property management fees through bank transfers, credit cards or third-party payment platforms such as WeChat Pay and Alipay. To facilitate the timely collection of payments, we will remind residents to pay the property management fees by sending SMSs, WeChat messages or letters. In case of payment of property management fees in arrears, we will send a notice of arrears to property owners, residents and tenants; in case of arrears for a long period of time, we may consider taking legal action, including filing a lawsuit.

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our collection rate for property management fees, calculated as the property management fees collected by the end of the relevant period (including any such fees received for previous period(s) and any prepaid fees received for future period(s)) divided by the corresponding total property management fees receivable for the same period, was 99.1%, 95.3%, 105.2%, 114.6% and 98.0%, respectively. The decrease in our collection rate for property management fees in 2019 as compared to 2018 was primarily because we started managing properties developed by independent third-party property developers on a large scale in 2019 and prioritized providing quality services to the relevant property owners and residents over the collection of property management fees from them. The decrease of our collection rate for property management fees in the four months ended April 30, 2021 as compared to the same period in 2020 was primarily because we had received advance payments for our provision of property management services over certain shopping malls in the first quarter of 2021 before the end of 2020. For details, see “Financial Information – Description of Certain Consolidated Statement of Financial Position Items – Trade and Other Receivables – Trade Receivables.”

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VALUE-ADDED SERVICES

As an extension of property management services, to satisfy the property owners’ and residents’ pursuit of convenience, enhance their quality of life and increase their loyalty, we provide a wide range of community value-added services. We also provide value-added services to property developers, including preliminary planning and design consultancy services and sales office management services.

The following table sets forth a breakdown of revenue generated from our value-added services by service type for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Amount % Amount % Amount % Amount % Amount %

(RMB in thousands, except for percentages) Community value-added services ...... 231,701 99.8 237,655 98.9 258,663 97.2 87,508 99.9 115,364 92.8 Community living services . 165,811 71.4 167,187 69.6 177,111 66.6 66,566 76.0 77,919 62.7 Community space management services. . . 65,275 28.1 67,338 28.0 63,459 23.8 18,948 21.6 21,635 17.4 Community retail services ...... 615 0.3 3,130 1.3 18,093 6.8 1,994 2.3 15,810 12.7 Value-added services to non-property owners .. 384 0.2 2,760 1.1 7,417 2.8 46 0.1 8,981 7.2 Total ...... 232,085 100.0 240,415 100.0 266,080 100.0 87,554 100.0 124,345 100.0

The table below sets forth a breakdown of our revenue from value-added services generated from Century Golden Resources Group and Independent Third Parties for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Amount % Amount % Amount % Amount % Amount % (RMB in thousands, except for percentages) Century Golden Resources Group ...... 4,709 2.0 2,686 1.1 5,957 2.2 1,350 1.5 8,200 6.6 Independent Third Parties(1) ...... 227,376 98.0 237,729 98.9 260,123 97.8 86,204 98.5 116,145 93.4 Total ...... 232,085 100.0 240,415 100.0 266,080 100.0 87,554 100.0 124,345 100.0

(1) Independent Third Parties include property owners and independent third-party property developers.

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Community Value-added Services

We provide community value-added services, including community-living services, community space management services and community retail services, under the “Century Life” brand. The large scale of the properties we manage has enabled us to gain access to a substantial size of potential customers and attract them with our diversified online and offline service offerings that meet their various needs, thereby becoming our private domain of traffic. We also benefit from the economies of scale resulting from the large population we serve to reduce operating costs and increase business efficiency and service quality, which in turn could further enhance consumers’ experience and sense of well-being. For community value-added services, we generally charge fees depending on the different nature of services rendered.

Community Living Services

We provide property owners and residents with community-living services under the brand of “Century Beautiful Home” to satisfy their demand for house maintenance. These services mainly include home maintenance services, home cleaning services and home furnishing services:

• Home maintenance services, including the installation and maintenance of household appliances and fixtures, construction of closed balcony and replacing doors and windows.

• Home cleaning service, to satisfy property owners’ and residents’ cleaning needs before moving in, demand for waste disposal in the process of home furnishing, and other relevant home cleaning requirements.

• Home furnishing services, mainly including decoration and design consultations, overall decoration, and partial alteration.

Other community living services include (i) supplementary utility services such as air conditioning and heating, (ii) home living services to property owners and residents such as waste disposal and network installation cooperation, and (iii) other professional services such as dining hall operations. During the Track Record Period, we also provided hot water supply as part of our community living services to Century Golden Resources Group. Meanwhile, Century Golden Resources Group is a supplier of our heating services in our community living services business. For details, see “Connected Transactions – Fully Exempt Continuing Connected Transactions – 3. Provision and Procurement of Products and Services Framework Agreement (in respect of products provision)” and “Connected Transactions – Fully Exempt Continuing Connected Transactions – 4. Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement).”

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Community Space Management Services

Our community space management services mainly include site management, parking space management and space leasing. We provide common space value-added services to property developers and property owners by optimizing resources of common areas and introducing reputable advertising companies. In particular, we manage parking spaces for property owners, lease parking spots to individual users and charge management fees. We provide warehouse leasing and site leasing services and charge management fees from space lessees. For community space management services, we take into account a number of factors including property location and fees charged in nearby and comparable communities for similar services.

We also provide public resources management services to enrich residents’ life through community magazines, organizing educational activities in relation to safety, environmental protection and laws, and hosting cultural activities and community benefit events on a regular basis. In addition, we introduce various ancillary facilities to the communities to improve the living experience of residents and, in turn, actively manage the public resources of the communities. For details, see “– Social Responsibility.”

Community Retail Services

We commenced our community retail services in the second half of 2018. Leveraging a retail technology service platform supported by SaaS solutions operated by a third party, we established the Century Life Mobile Mall (世紀生活移動商城), in line with the emerging trends in the mobile technology development. Through implementing a membership system, as well as utilizing our WeChat mini program and online service platform, we are able to integrate pre-positioned warehouses, pick-up spots and convenience stores in the communities into our Century Life Mobile Mall. Accordingly, property owners and residents of such communities are able to place mobile orders for fresh food and groceries at our Century Life Mobile Mall, pick up merchandises at pick-up spots in the communities, and purchase goods through convenience stores. They can also utilize services such as expedited home delivery of fresh food, collection of pre-ordered goods at convenience stores, and scan-to-buy and express check-out. We continue to develop our community retail services by leveraging our large-scale residential projects. In 2020, we gradually expanded our community retail services to the Centown projects nationwide.

In 2020 and the four months ended April 30, 2021, our community retail services generated revenue of RMB18.1 million and RMB15.8 million, respectively. From January 1 to December 31, 2020 and from January 1 to April 30, 2021, we accumulatively offered more than 6,000 and more than 7,000 SKUs via our community retail services to property owners and residents, respectively.

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According to the Telecommunications Regulations of the PRC (《中華人民共和國電信條例》), telecommunication business shall be conducted with a telecommunication business license obtained from the Ministry of Industry and Information Technology or competent telecommunications administrative authorities. The Catalog of Telecommunications Business (《電信業務分類目錄》) stipulates detailed categories of the telecommunications business. Pursuant to the Administrative Measures for Internet Information Services (《互聯網信息服務管理辦法》), entities engaged in providing commercial Internet information service shall apply for a license for value-added telecommunication services of Internet information services. Commercial Internet information service refers to the service activities of compensated provision to online subscribers through the Internet of information or website production. Non-commercial Internet service refers to the provision free of charge of public, commonly shared information through the Internet to web users. For details, see “Regulatory Overview – Legal Supervision over the Internet Information Services.”

Given that: (i) we used the online service platform as a tool to facilitate the provision of our community retail services; (ii) property owners and residents only paid for the products they purchased and did not pay any fee for using such online service platform or for the information provided by us; and (iii) we did not generate any revenue directly from such online service platform in the form of paid Internet information services, our PRC legal advisor is of the view that the retail services provided by our online service platform do not constitute value-added telecommunications service or commercial Internet information service, and therefore are not subject to foreign investment restriction or prohibition under the relevant PRC laws and regulations.

Value-Added Services to Non-property Owners

Our value-added services to non-property owners are mainly provided to property developers, including preliminary planning and design consultancy services and sales office management services, to assist them with sales and marketing activities. In particular, our preliminary planning and design consultancy services mainly include consultancy services provided to property developers with respect to project planning and design, and our sales office management services primarily include on-site cleaning, security, repair and maintenance services to assist property developers in marketing their properties at the pre-sale stage of property sales. Meanwhile, we plan to further diversify our value-added services to property developers. Leveraging our brand name and experienced management capabilities, we intend to launch new types of value-added services provided to property developers, such as inspection, visitor reception and renovation construction services.

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TECHNOLOGY

Infrastructure and Systems

Leveraging mobile technology and big data analysis, we established the Century Cloud Smart Management Platform (世紀雲智慧管理平台) (“Century Cloud Smart Platform”), serving as an internal management platform to improve our efficiency. This platform connected our customer service system, facility and equipment management system and nationwide integrated call center system, and facilitated application of technology in business management, thereby streamlining our management and services. Meanwhile, we have also started to utilize big data technology to process work order data, customer data and financial data on the Century Cloud Smart Platform.

We continue to develop a smart community service platform covering the WeChat mini program and WeChat official accounts, aiming to provide a comprehensive comfortable living and service experience to property owners. In particular, such smart community service platform features: (i) analytic capabilities that are able to identify customer needs based on back-stage analysis of customer data; (ii) standardization of project management processes across the platform; (iii) monitoring project status to management personnel for purposes of quality controls; (iv) analysis over information about customers’ repairs, complaints and suggestions, among other things, gathered from the platform, and timely adjustment over our management based on issues identified, so as to bring convenience and better quality of service to property owners, among other things. We also continue to upgrade such platform to make our service accessible to customers and enable quick responses to customer requirements, and integrate our community retail services.

Privacy and Security Protection

To effectively provide our services and manage our customers, we may request basic user data such as name, gender, ID information, mobile number and home address. We only collect and use the personal data of users to the extent necessary for us to provide services with such users’ prior consent. We will not share, transfer or publicly disclose user data without prior consent or authorization from the users with or to other entities, and we will inform our customers our use of their data at the time of their registration. We keep user data for no longer than what is necessary for providing our services to them, unless otherwise permitted by relevant laws and regulations or authorized by customers. For example, as long as our customers have set up accounts with us and still allow us to have access to their user data and enjoy the services we provide, we will retain their data in our information technology system. Our customers have the rights to close their accounts and we would immediately remove all the personal information and data saved once the accounts were closed.

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In addition, we have adopted a number of internal control policies and measures to ensure data security and privacy protection related to our internal operating data and external data. We strictly limit our staff’s access right to our information systems. We classify our staff based on their positions and responsibilities and grant them different access rights and adopt password control to identify system users; thus only necessary staff could access certain confidential data and information. All the data and information processing will be recorded and our data operation and maintenance personnel will regularly check our system logs to further ensure information security. Technically, we selectively choose database system for information storage. We encrypt and back up essential information and desensitize certain data to ensure data privacy. We achieved data real-time and remote synchronization through data transmission under dual data server system, which helps us to switch server and recover data in emergencies and ensure business operations. We also provide regular training to our employees to ensure that they are aware of our internal policies in relation to users’ data protection. The efficiency management department of our quality control center is responsible for data protection.

As of the Latest Practicable Date, so far as our Directors are aware and as advised by our PRC legal advisor, we had not been involved in any material litigation, arbitration or administrative proceedings in relation to the infringement of personal information protection, and no material litigation, arbitration or claim relating to personal information protection is pending against us, or is expected to materially and adversely affect our business operations and financial condition. After reviewing the relevant agreements and policies provided by us and based on the facts above, our PRC legal advisor is of the view that our policies on handling personal data are in compliance with applicable PRC laws and regulations in all material respects.

QUALITY CONTROL

We have a professional quality control team, which primarily focuses on maintaining service standards, standardizing service procedures, and supervising service quality throughout our operational processes.

We have adopted a grid unit management mechanism for dynamic management and quality controls of public safety facilities. Our management of the properties that we served are segmented by property service group and city-level company, and further by customer service center. Our grid unit quality and security management mechanism features three levels of duty, with each level responsible for multiple grid unit and the multiple properties within each grid unit and integrates inspection, training and supervision. We carry out quality supervision and inspections such as quality checks, special inspections, pre-holiday safety inspections and night inspections on a regular basis, as well as undertake monthly randomized inspections and quarterly checks and formulate special analysis reports. Meanwhile, in order to ensure the security quality, we have employed a security team to provide security services, namely “Centown Security”, which has become a signature that has been well trusted of our property management services, thereby effectively enhancing the sense of security and service experience of property owners.

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We typically include in the agreements entered into with subcontractors detailed service quality standards. We regularly monitor and evaluate the performance of the subcontractors and may require the subcontractors to take necessary rectification measures when their services do not meet our agreed standards. We may also conduct surveys among property owners and residents regarding the quality of services provided by our subcontractors, which will be used as a key factor for payment to the suppliers. According to our agreement with them, we are entitled to adjust the subcontracting fees and to terminate the agreements depending on the outcome of our evaluation. If the subcontractors do not meet our standards or the property owners’ satisfaction, or fail our performance review, they will be excluded from our selected list of qualified subcontractors.

For our service providers of value-added services, we screen and select suitable service providers based on a number of factors such as the nature of the service, operating scale and capability, financial condition, industry ranking, brand reputation and experience, after-sales services, pricing and quality of services. We adopt strict selection criteria and quality control measures to assure the quality of products or services from third-party providers.

During the ordinary course of our business, we seek and receive customer feedback and complaints about our services. Customers may provide us with feedback and complaints by dialing our national service hotline or by communicating with on-site employees. Customer feedback and complaints may relate to, for example, substandard services by our subcontractors and loss or damage to property. We have established internal policies and procedures for responding to and recording customer feedback and complaints, and following up with our customers for reviews on our responses. These internal policies and procedures are applicable across all of our property management projects. We require our employees to record all customer feedback and complaints into our centralized customer service management system. They are also required to obtain the customer’s contact information and follow up on the case promptly. Employees responsible for the case must make constructive contact with the customer until it has been resolved. Our headquarters will follow up with our customers for reviews on our responses after conclusion of the case. If our customers express dissatisfaction with how their feedback or complaints were handled, then our headquarters will request our employees to revisit the case. In designing such a feedback and complaint management system, we seek to maintain the trust and confidence of our customers. During the Track Record Period and up to the Latest Practicable Date, we had not received any complaint from our customers that may have a material adverse impact on our operations and financial position.

Our subsidiaries successfully obtained ISO9001 and OHSAS18001 quality management system certifications since 2016. We updated our internal system and applied the international standards for quality, environmental protection, and employee occupational health and safety. We also integrated ISO9001 and OHSAS18001 quality management systems, ISO9001 and ISO14001 environmental management systems and ISO4001, ISO45001 and OHSAS18001 occupational health management systems and establish a “three standards in one” management system to provide quality control guidelines for daily services, minimize operating costs and avoid operational issues caused by inconsistent service quality.

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SALES AND MARKETING

Our sales and marketing team is primarily responsible for planning and developing our overall marketing strategy, conducting market research, coordinating our sales and marketing activities to reach out to new customers, and maintaining and strengthening our relationships with existing customers. Our headquarters manages our overall sales and marketing strategies, such as promoting our brand recognition and service capabilities.

Our designated on-site staff at major properties managed by us are responsible for promoting our business model to customers and maintaining relationships with them. We believe that our marketing efforts have successfully deepened customers’ impression of our brand and services. We plan to expand our marketing team to attend to the needs of customers across different markets and provide corresponding property management services.

Our business development measures mainly include collecting information on tenders and bidding, promoting our service capabilities to target customers through various marketing channels. We also raise awareness of our quality management practices to target audience through media interviews, press conferences and experience sharing forums. In addition, we intend to continue improving our property management service quality by obtaining more recommendations and referrals from existing customers, which we believe is an effective and cost-efficient way to promote our business. We believe our value-added services can also help us obtain new engagements for our property management services. The diverse offerings of our value-added services can address the various needs of property owners and tenants of our managed properties as well as other customers in their life, which can further increase their recognition of our service capabilities.

Attributable to the effective implementation of our business development measures, our contracted GFA and GFA under management of the properties developed by independent third-party property developers increased from 6.2 million sq.m. and 4.3 million sq.m. as of December 31, 2018 to 27.3 million sq.m. and 22.0 million sq.m. as of April 30, 2021, and the revenue contribution of such properties also increased from 2.4% in 2018 to 15.4% in the four months ended April 30, 2021 of our total revenue.

SOCIAL RESPONSIBILITY

Leveraging our resources and expertise, we have been and will continue to be committed to sustainable corporate responsibility projects. During the Track Record Period, we organized a total of 1,016 community benefit activities through our “Yuan Gong Yi” program and other channels. Our community benefit activities have earned wide social recognition. For instance, in December 2019, we were awarded “Outstanding Consumption-Focused Poverty Alleviation Enterprise” (消費扶貧企業貢獻獎) issued by China Poverty-Allevation Promotion of Volunteer Service Association and China Property Management Institute.

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Our “Yuan Gong Yi” program include the following projects:

• Community Benefit Initiatives (社區公益行動). We set the first Saturday of every month as the “Yuan Gong Yi” community service day, providing residents with free services including maintenance services for small household appliances, bicycle repairs, haircuts, blood pressure measurement and carpet washing.

• Caring for the Elderly Initiatives (敬老關愛行動). We hold the “Caring for the Elderly Service Day” event on Chongyang Festival to provide various on-site services such as health consultations, emergency knowledge lectures and cultural activities for elders in the community.

• Caring for Children Initiatives (童心關愛行動). We organize “Caring for Children” activities on Children’s Day and during summer breaks, including donations of books and stationery, and Children Scout Training Camps to cultivate their spirit of exploration and innovation.

• One “City” Helps One Village (一“城”幫一村). We carry out in our Centown projects the “One City Helps One Village” initiative to support low-income families, to match the supply of agricultural products in rural and alpine areas with the needs of property owners in communities, and provide free advertisement and delivery services for such products.

OUR CUSTOMERS

We have a large and loyal customer base primarily consisting of property owners, residents and property developers. The table below sets forth some details of our customers by business line:

Business Line Major Customers

Property management services ...... Property developers, property owners and residents

Value-added services

Community value-added services – Community living services, community space Property owners and residents management services and community retail services ......

– Value-added services to Property developers non-property owners ......

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In 2018, 2019 and 2020 and the four months ended April 30, 2021, revenue derived from sales to our five largest customers was RMB20.7 million, RMB31.5 million, RMB145.1 million, and RMB143.0 million, respectively, accounting for approximately 2.2%, 3.0%, 11.2%, and 25.0%, respectively, of our total revenue. During the Track Record Period, Century Golden Resources Group was among our five largest customers. See “Connected Transactions – Summary of Our Connected Transactions.”

Customer Relationship Management

We aim to build and maintain sustainable customer relationship by focusing on delivering superior customer value and satisfaction, which we believe are critical to the long-term success of our businesses. We have taken a wide range of measures to actively build long-term relationships with our customers.

OUR SUPPLIERS

We have established stable business relationships with most of our major suppliers. The table below sets forth some details of our suppliers by business line:

Business Line Major Suppliers

Property management services ...... Subcontractors providing security, cleaning, greening, gardening and fire suppression system maintenance services

Value-added services

Community value-added services – Community living services, community space Century Golden Resources Group providing services management services and community retail such as heating, and subcontractors providing home services ...... renovation services, suppliers for retail products, advertising operators, vendors providing IT support

– Value-added services to Subcontractors providing security, cleaning, greening non-property owners ...... and fire suppression system maintenance services

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In 2018, 2019 and 2020 and the four months ended April 30, 2021, purchases from our five largest suppliers were RMB56.0 million, RMB64.9 million, RMB89.4 million and RMB48.1 million, respectively, accounting for approximately 20.8%, 20.1%, 20.0%, and 19.2%, respectively, of our total purchases. During the Track Record Period, our largest supplier, Century Golden Resources Group was also our largest customer. See “Connected Transactions – Summary of Our Connected Transactions.”

SUBCONTRACTING

In line with market practice, we outsource certain specialized or technical services, primarily security, cleaning, greening and gardening and maintenance services, to subcontractors which are Independent Third Parties. We have more than five years of business relationships with most of our major subcontractors. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our subcontracting costs were RMB121.6 million, RMB149.8 million, RMB221.8 million, RMB54.0 million and RMB88.2 million, respectively, representing approximately 13.2%, 14.1%, 17.2%, 14.0% and 15.4%, respectively, of our total revenue.

Selection and Management of Subcontractors

We maintain a list of qualified subcontractors. For each subcontractor on the list, we usually track its background, qualifications and past performance in providing subcontracted services to us. Our list of qualified subcontractors is subject to periodic review.

We typically engage our subcontractors through a competitive tender and bidding process. Our quality center selects competent subcontractors to form a subcontractor pool. Our regional offices send invitations for bids to the subcontractors in such subcontractor pool. The regional offices assess the bids and consider a wide range of factors, including professional qualifications, industry reputation, quality of service, price competitiveness and environmental and social performance. The relevant regional office is usually responsible for approving the engagement.

After a selected subcontractor commences the contracted services, we regularly monitor and evaluate its performance to assure the quality of services provided. The subcontractors’ records will also be updated from time to time based on such evaluations. In each review, each subcontractor will be assigned a score. Different measures will be taken against our subcontractors according to their assigned scores. We have the ability to terminate the agreement with any subcontractor who repeatedly delivers sub-standard performances, and remove such subcontractor from our list of qualified subcontractors.

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Key Terms of Our Subcontracting Agreements

We enter into subcontracting agreements with subcontractors on normal commercial terms. The key terms of our typical subcontracting agreements include the following:

• Scope of service. We typically entrust subcontractors to provide security services, cleaning, greening and gardening services, repair and maintenance services and other services in the designated area or range.

• Term of service. The subcontracting agreements we enter into with subcontractors usually have a term ranging from one to two years.

• Our responsibilities. We are usually responsible for providing necessary office venues and facilities for on-site workers dispatched by subcontractors.

• Obligations of subcontractors. Subcontractors are responsible for providing services in accordance with the scope, frequency and standards agreed in the subcontracting agreement, and complying with relevant laws and regulations. If the service of the subcontractor does not meet the standards required, the necessary corrective measures shall be taken within the time limit specified by us. In the event that the subcontractor is unable to correct it, we are entitled to unilaterally terminate the subcontracting agreement. Subcontractors need to manage their employees themselves, and there is no employment relationship between the employees of subcontractors and us.

• Risk allocation. Subcontractor shall be responsible for all losses caused by them in the course of providing the service. Meanwhile, we will require subcontractors to compensate customers or third parties for any expenses that have been paid by us. Subcontractors are required to pay social security and housing provident fund fees for their employees in accordance with Chinese laws and regulations, and are required to bear any responsibility for any violation of PRC laws, regulations or industry standards.

• Procurement of raw materials. Raw materials are procured by the subcontractors themselves. The procurement costs are usually included in the subcontracting fees.

• Subcontracting fees. Subcontracting fees are usually paid on a quarterly or semi-annual basis. Subcontracting fees include costs of raw materials, labor costs, equipment costs, taxes and miscellaneous expenses.

• Termination. We monitor and assess the performance of subcontractors on a regular basis and can terminate the subcontracting agreement in the event of repeated sub-standard performance.

• No assignment. Without our prior consent, subcontractors shall not transfer or subcontract the obligations under their subcontracting agreements to any other party.

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INTELLECTUAL PROPERTY

We regard our intellectual property as a key component of our brand equity and an integral part of our business operations. As of the Latest Practicable Date, we had registered eight trademarks and three software copyrights and made 20 applications for trademarks in the PRC, and registered five trademarks in Hong Kong. During the Track Record Period, we had been licensed by Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources to use their intellectual property rights, including but not limited to trademarks, patents, copyrights and logos for our operation pursuant to the IP Licensing Framework Agreements, and these licenses will constitute fully exempt continuing connected transactions upon [REDACTED]. For further details, see “Connected Transactions – Fully Exempt Continuing Connected Transactions – 2. IP Licensing Framework Agreement.”

As of the Latest Practicable Date, we were not aware of any material infringement (i) by us of any intellectual property rights owned by third parties, or (ii) by any third parties of any intellectual property rights owned by us. For further details of our intellectual property rights, see “Appendix IV – Statutory and General Information – B. Further Information about Our Business – 2. Intellectual Property Rights of our Group.”

PROPERTIES

Our corporate headquarters is located in Beijing. As of the Latest Practicable Date, we did not own any properties. As of the Latest Practicable Date, we leased 70 properties in the PRC, with aggregate GFA of 22,407.7 sq.m. Our leased properties in the PRC are primarily used for purposes of property management services, offices, and staff dormitories.

As of the Latest Practicable Date, we had not filed 60 lease agreements for the properties we leased with the local housing administration authorities as required under PRC laws and regulations, primarily due to (i) the lack of cooperation of the relevant landlords at the time of the filing of the relevant lease agreements; and (ii) inability to file the lease agreements in accordance with the relevant laws and regulations due to the characteristics of the leased properties (for example, these leased properties primarily lack ownership certificates, mainly because the lessors are unable to provide us the ownership certificates or have not obtained the ownership certificates of such properties). According to applicable PRC administrative regulations, lessors of the related leases need to provide us with certain documents (such as their business licenses or personal identification information) in order to complete the administrative filing. There can be no assurance that the lessors of our leased properties will cooperate in the process of completing the filings. As advised by our PRC legal advisor, we may be ordered to rectify this non-filing by competent authorities and, if we fail to rectify within a prescribed period, a penalty of RMB1,000 to RMB10,000 per agreement may be imposed on us as a result of such non-filing. As such, the estimated maximum amount of penalty for our failure to file these lease agreements is approximately RMB600,000. As of the Latest Practicable Date, we had not received any notice from any regulatory authority with

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As at the Latest Practicable Date, the lessors of 48.53% of our leased properties in the PRC with aggregate GFA of approximately 10,875.0 sq.m. had not obtained or provided us with the relevant property title certificates they obtained or the proof of right to lease such properties. As advised by our PRC legal advisor, we are unable to ascertain whether the lessors have the legal right or requisite authority to lease such properties to us, whether such properties are subject to mortgages or third-party rights, or whether such leases are subject to challenge by third parties. Our Directors are of the view that, as the leased properties without building title certificates are mainly used for our property management services, offices and staff dormitories, and replacement premises are readily available, such defects will not have a material adverse effect on our business or financial condition taken as a whole.

As of April 30, 2021, none of the properties held or leased by us had a carrying amount of 15% or more of our consolidated total assets. According to Chapter 5 of the Hong Kong Listing Rules and section 6(2) of the Companies Ordinance (Exemption of Companies and Prospectuses from Compliance with Provisions) Notice, this document is exempt from the requirements of section 342(1)(b) of the Companies (Winding up and Miscellaneous Provisions) Ordinance to include all interests in land or buildings in a valuation report as described under paragraph 34(2) of the Third Schedule to the Companies (Winding up and Miscellaneous Provisions) Ordinance.

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AWARDS AND RECOGNITION

The following tables set forth some of our awards received.

Year Award/Recognition Awarding Entity 2020 No. 18 among “2020 China’s China Property Management Institute Top 500 Property Management and Shanghai E-house Real Estate Service Companies with Research Institute China Real Estate Comprehensive Strengths” Evaluation Center (“2020年中國物業服務企業綜合實力 500強”第18位) 2020 “Leading Enterprise in Residential China Property Management Institute Property Management 2020 (2020 and Shanghai E-house Real Estate 住宅物業領先企業) Research Institute China Real Estate Evaluation Center 2019 Outstanding Consumption-Focused China Poverty-Alleviation Promotion Poverty Alleviation Enterprise of Volunteer Service Association (消費扶貧企業貢獻獎) and China Property Management Institute 2019 Hunan Province Employment-Focused Department of Human Resources and Poverty Alleviation Base (湖南省就 Social Security of Hunan Province 業扶貧基地) 2019 Red Property (紅色物業) Guizhou Property Management Institute 2019 Demonstrating Community of Chongqing Property Management Intellectual Property Management Institute (智能物業示範小區) 2018 Demonstrating Project of Star-Level Guizhou Property Management Property Management Service in Institute Guizhou Province (貴州省物業管理星級服務示範項目) 2018 Excellent Enterprise of China’s China Index Academy Special Property Project (Commercialized Property Management) (中國專項物業項目(商業化物業管理)優秀企業) 2018 Garden-Style Community in Hunan Department of Housing and Urban- Province (湖南省園林式小區) Rural Development of Hunan Province 2017 China Property Services Professional China Index Academy Operations Leading Enterprise (中國物業服務專業化運營領先品牌企業)

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COMPETITION

The property management industry in the PRC is highly competitive and fragmented with numerous market participants, but is becoming increasingly concentrated. According to CPMRI, in recent years, major property management companies have experienced steady growth in GFA under management, and the market share of the Top 100 Property Management Companies had increased to 32.3% in 2020, 14.2 percentage points higher than that in 2015.

Our property management services compete primarily with large national and regional property management companies in the PRC. Our value-added services compete primarily with other property management companies as well as relevant industry participants providing similar services. We believe that we compete with our competitors on a number of factors, including property management portfolio, brand recognition, capital resources, pricing and service quality.

According to CPMRI, our Group ranked 18th among the Top 500 Property Management Companies in terms of comprehensive strength in 2020 (2020物業服務企業綜合實力500強). We were also awarded Leading Company in Residential Property Management Services in 2020 (2020住宅物業服務領先企業). For further details on the industry in which we operate, see “Industry Overview – Overview of the Property Management Industry in the PRC.”

EMPLOYEES

As of April 30, 2021, we had a total of 6,803 full-time employees in the PRC. The following table sets forth a breakdown of our employees by function as of April 30, 2021:

Number of Function employees % of total On-site property management services personnel ...... 5,205 76.5 Human resources and administrative staff ...... 290 4.3 Financial management personnel ...... 222 3.3 Efficiency management, market expansion and other personnel . . 1,086 15.9 Total...... 6,803 100.0

The following table sets forth a breakdown of our employees by geographic location as of April 30, 2021:

Number of Location employees % of total North China ...... 1,846 27.1 East China ...... 2,521 37.1 Central China ...... 319 4.7 Southwest China ...... 2,117 31.1 Total...... 6,803 100.0

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Recruiting

We believe that our success depends in part on our ability to attract, recruit and retain quality employees. We strive to recruit and retain talent in the market by offering more competitive compensation and benefits, systematic training opportunities and internal promotion. During our recruiting process, we seek talent that is best suited to our vacant positions by sourcing through a variety of channels, including online advertisements, headhunters and employee referrals. We screen and select our potential candidates through (i) review of their resumes by the human resources department, (ii) selection of the resumes by the department in need of personnel, and (iii) face-to-face interviews by the human resources department and the relevant department. We send offer letters to selected candidates once they pass such screening processes. In order to improve efficiency and optimize our recruiting criteria, from time to time we evaluate our recruiting process and results.

Remuneration

We are committed to establishing a competitive and fair remuneration and benefits system. In order to effectively motivate our employees through remuneration incentives and ensure that our employees receive market competitive remuneration packages, we continually refine our remuneration and incentive policies through market research and comparison with our competitors. We conduct performance evaluation for our employees annually to provide feedback on their performance. Compensation for our employees typically consists of basic salary, allowances (for some employees) and welfare subsidies (for some employees), performance-based bonus and year-end bonus.

We provide our employees with a basic pension scheme, basic medical insurance, workplace injury insurance, unemployment insurance, maternity insurance and housing providence funds in accordance with relevant PRC laws and regulations. We pay great attention to our employees’ welfare, and continually improve our welfare system. We offer employees additional benefits such as annual leave, business insurance (for some employees) and health examinations, among other things.

Training

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Corporate Culture

We believe that talent so cultivated has a deep understanding of our business and acknowledges our core values. In addition, we also have cultivated a corporate culture of warmth, emphasizing the working experience of our employees and providing them with personal support. For example, we care about the daily life and family conditions of our employees and provide financial aid to children of certain employees with financial difficulties to pursue higher education.

Our employees are not unionized. During the Track Record Period, we did not have any strikes, protests or other material labor conflicts that may materially impair our business and image.

Social Insurance and Housing Provident Fund Contributions

During the Track Record Period, we have made contributions to the social insurance and housing provident funds for most of our employees. During the Track Record Period, we did not register for and/or make full contributions to the social insurance and housing provident funds for certain employees, primarily because (i) a small number of our subsidiaries and branch offices did not hire any employees, (ii) a small number of new employees decided to resign before the monthly payment due date for the social insurance and housing provident funds, and (iii) certain employees were not willing to make full contribution and certain employees have made contributions to New Rural Cooperative Medical Insurance and New Rural Social Pension Insurance. Since January 2021, we have begun to make contributions for the social insurance and housing provident funds for all eligible employees gradually.

According to Regulations on Management of Housing Provident Fund (住房公積金管理條例), (i) for housing provident fund registrations that we fail to complete before the prescribed deadlines, we may be subject to a fine ranging from RMB10,000 to RMB50,000; and (ii) for housing provident fund contributions that we fail to pay within the prescribed deadlines, we may be subject to any order by the relevant people’s court to make such payments. According to Social Insurance Law of the PRC (中華人民共和國社會保險法), for outstanding social insurance fund contributions that we did not fully pay within the prescribed deadlines, we may be subject to a penalty rate of 0.05% compounded daily from the date the relevant contributions became payable. If payment is not made within the prescribed period, we may be liable to a fine of one to three times the outstanding contribution amount. For the most of the PRC subsidiaries and branch offices, we have obtained written confirmations from competent local social insurance and housing provident fund authorities (being the social insurance department and housing provident fund management center at city or district level). During the Track Record Period, (i) the outstanding amount of our social insurance contribution that arose in 2018, 2019 and 2020 and the four months ended April 30, 2021 was RMB1.4 million, RMB1.8 million, RMB1.0 million and RMB0.6 million, respectively; and (ii) the outstanding amount of our housing provident fund contribution that arose in 2018, 2019 and 2020 and the four months

– 197 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. BUSINESS ended April 30, 2020 and 2021 was nil, RMB0.0 million, RMB0.4 million and RMB0.2 million, respectively. Based on the outstanding amount of our social insurance contribution of RMB4.8 million during the Track Record Period, the potential maximum fine which may be imposed on us if we fail to make required payment within the prescribed period as required by the government equals to three times of the outstanding amount of our social insurance contribution.

As of the Latest Practicable Date, we have not had any major labor disputes with our employees in relation to payment of social insurance premiums and housing provident fund contributions, or received any legal documentation from the labor arbitration tribunals or the PRC courts regarding material disputes in this regard. Nevertheless, in the event that we are required by the relevant authorities to make full contributions, we will proceed accordingly.

In addition, we have implemented relevant internal controls to ensure that we will make contributions in relation to the social insurance and housing provident funds in accordance with the relevant policies and regulations. We have established internal policy about social insurance and housing provident fund under Labor Law of the PRC (中華人民共和國勞動法) and related regulations to monitor our compliance with such laws and regulations. We will review the calculation result of social insurance and housing provident funds for all eligible employees and periodically communicate with local human resources, social insurance bureau and housing fund management center on a regular basis, to ensure we acquire the most updated information about the relevant laws and regulations.

In view of the above, our PRC legal advisor is of the view that the risk of us being penalized for our aforementioned failure to register for and/or make full contributions to the social insurance and housing provident funds for our employees is low. Our Directors are of the view that such failure will not have a material adverse effect on our business operations, nor will such events constitute a material legal obstacle for the [REDACTED], based on: (i) written confirmations from local social insurance and housing provident fund authorities that no administrative penalty has been imposed due to violation of relevant PRC laws and regulations on social insurance and housing provident funds during the Track Record Period; (ii) their assessment of various factors including the nature and amount of the non-compliance; (iii) the indemnity from our Controlling Shareholders in favor of our Group in respect of non-compliance; (iv) that as of the Latest Practicable Date, we had not received any written notification from relevant PRC authorities alleging that we had not fully contributed to the social insurance premiums and housing provident funds and demanding payment of the same before a stipulated deadline; and (v) we have made provisions of RMB1.4 million, RMB1.8 million, RMB1.4 million and RMB0.8 million, respectively, on our financial statements in respect of such potential liabilities in 2018, 2019 and 2020 and the four months ended April 30, 2021. Nevertheless, in the event that we are required by the relevant authorities to make full contributions, we will proceed accordingly.

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CASH MANAGEMENT POLICY

We have implemented a bank account and cash management system to manage the cash inflows and outflows of our subsidiaries and branches in their ordinary course of business. We monitor the work process of our subsidiaries and branches and approve their bank account opening and cash payments at our headquarters. Moreover, our subsidiaries and branches shall deposit all cash received during the 24 hours before 14:00 in their bank accounts. We take stock of the bank accounts and check the cash balances daily and reconcile the accounts monthly to lower the risks associated with cash management. Additionally, we encourage our subsidiaries and branches to settle their transactions through bank transfers to enhance the safety of funds management.

Our customers can make payments of property management fees, deposits or service fees in cash, through bank transfers and credit cards, or via third-party online payment platforms including WeChat Pay and Alipay. Our relevant personnel are recommended to guide our customers to use the non-cash payment due to the risks inherent in cash transactions.

Below is a summary of our handling policies for different types of cash flow transactions:

• Payments of property management fees from property owners and residents to our subsidiaries and branches. We require our subsidiaries and branches to deposit cash received in their bank accounts in a timely manner. We check the bank account balances of our subsidiaries and branches on a regular basis.

• Cash transfers from our subsidiaries’ and branches’ bank accounts to our Company’s centralized bank account. We transfer the cash deposited in the bank accounts of our property management subsidiaries and branches to our Company’s centralized bank account through a bank-corporation direct transfer channel.

• Cash transfers from our Company’s centralized bank account to the bank accounts of our subsidiaries and branches. Our property management subsidiaries and branches prepare monthly financial reports. We transfer cash from our Company’s centralized bank account to our subsidiaries and branches once our financial department have reviewed and approved the cash budgets and plans proposed by our property management subsidiaries and branches.

• Payments made to suppliers, service providers and subcontractors of our subsidiaries and branches. We check and monitor the bank account balances and balances of cash in hand of our subsidiaries and branches on a regular basis. We require our subsidiaries and branches to conduct monthly reconciliations to identify on a timely basis any discrepancy in their bank account balance, cash in hand and internal accounting system. Any discrepancy will be analyzed and resolved quickly. Various levels of management approve payment applications according to the authority assigned to them in accordance with our internal policies.

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INSURANCE

We maintain pension insurance, medical insurance, maternity insurance, work-related injury insurance and unemployment insurance required by PRC laws. We also maintain property management liability insurance, motor vehicle insurance and public liability insurance. We believe that our insurance coverage is in line with general market practice.

As of the Latest Practicable Date, we did not have any material outstanding insurance claims in relation to our business. For details, see “Risk Factors – Risks Relating to Our Business and Industry – We are subject to risks of increased operational costs since our insurance may not sufficiently cover, or may not cover at all, losses and liabilities that we may encounter.”

HEALTH, SAFETY AND ENVIRONMENTAL MATTERS

We are subject to PRC laws and regulations in relation to labor, safety and environmental protection matters. We have established occupational safety and sanitation systems and provided employees with workplace safety training on a regular basis to increase their awareness of work safety issues. During the Track Record Period and up to the Latest Practicable Date, we had complied with PRC laws in relation to workplace safety in all material respects and have not had any incidents which have materially and adversely affected our operations.

We consider the protection of the environment important and have implemented measures to ensure our compliance with all applicable requirements. Given the nature of our operations, we do not believe we are subject to material environmental liability risk or compliance costs. During the Track Record Period and up to the Latest Practicable Date, we were not subject to any fines or penalties for non-compliance of PRC environmental laws, which could have a material adverse effect on our business, financial condition and results of operation.

A major utility that we use in our business operations is electricity purchased from other parties, and we implement energy-saving measures through technical upgrades and manual management. Our waste management includes waste disposal, waste collection by category and waste sorting under the guidance of local governmental authorities. We also take relevant measures in response to climate change, to maintain the condition of the properties under our management in extreme weather. In addition, we closely monitor evolvement of relevant regulatory policies.

We are committed to social responsibilities, and consider environmental, social and governance (“ESG”) essential to our continuous development. We focus on areas of responsibility such as economic, employee, customer, partner, environmental as well as public responsibility. We closely monitor the developments and changes of related policies to ensure rapid responses to relevant risks. We plan to set up metrics and targets for these ESG issues and to review our key ESG performance on a regular basis. Our Directors will actively participate in designing our ESG strategies and targets, and will evaluate, determine and address our ESG-related risk. We may from time to time engage independent professional third parties to help us make necessary improvements.

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RISK MANAGEMENT AND INTERNAL CONTROL

Our business and operations are subject to various risks. For details, see “Risk Factors.” We are committed to an effective risk management approach that is designed to ensure continuous legal and regulatory compliance and to achieve reasonable risk-adjusted returns.

Our all-around risk management includes risk identification, risk evaluation, risk strategy (including risk tolerance, risk avoidance, risk transfer and risk decrease), risk solution and improvement of supervision. We continuously collect relevant internal and external information related to risks and their management during our daily operation and management, and conduct the processing of the collected initial information, record and collate the data in appropriate forms necessary to identify the internal and external risks and establish and update the risk database. We analyze and order the identified risks based on the possibilities of risk occurrence and its impact, to determine the important and high priority risks, and analyze whether the risk could be avoided or reduced, the chances of its occurrence or impact, or whether they can be transferred or accepted based on the nature of the risk and risk level, and implement reasonable solutions accordingly.

Regarding the business risks during operations, we have adopted a range of counter- measures, primarily including: (i) our human resources and administration department monitoring the compliance by employees with our internal policies and employee manuals, to ensure standardized operations and reduce operational risks; (ii) our legal and compliance team monitoring our overall legal and regulatory compliance to reduce our legal risks; and (iii) our audit team regularly auditing our operational and financial performance to ensure our regulatory compliance and the trueness and accuracy of our financial data.

We continuously improve our internal control system, and conduct our business in compliance with our established internal control systems. We evaluate the operation of our internal control system routinely, and categorize the potential defects identified in the evaluation into high, medium and low levels based on the impact of the potential defects, and determine the rectification time accordingly. For purposes of the [REDACTED], we engaged an internal control advisor, who has identified incidents of deficiencies in the implementation of our internal control procedures. These incidents did not reveal any material risks and have not resulted in any material non-compliance or financial loss. In response to the these internal controls deficiencies, we have implemented a series of remedial measures, supervision mechanisms and policies to strengthen the implementation of internal control procedures. Following a revisit of remedial actions for the observed deficiencies, the internal control advisor has no further recommendations.

We have been committed to promoting a culture of compliance and will adopt policies and procedures on a number of compliance matters, including the Stock Exchange’s requirements on corporate governance and environmental, social and governance matters. Our Board will be collectively responsible for the management and operations, including the establishment of such mechanisms. Our Directors will be involved in the formulation of the mechanisms and the related policies.

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CERTIFICATES, LICENSES AND PERMITS

According to our PRC legal advisor, we have obtained all material licenses, permits, approvals and certificates that are material for our business operations in the PRC and such licenses, permits, approvals and certificates are valid and subsisting.

LEGAL PROCEEDINGS AND COMPLIANCE

During the Track Record Period and up to the Latest Practicable Date, we had not been and were not a party to any material legal, arbitral or administrative proceedings, and we were not aware of any pending or threatened legal, arbitral or administrative proceedings against us or our Directors that could, individually or in the aggregate, have a material adverse effect on our business, financial condition and results of operations.

During the Track Record Period and up to the Latest Practicable Date, we had not been and were not involved in any non-compliance incidents that led to fines, enforcement actions or other penalties that could, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations. Our Directors are of the view that we had complied, in all material respects, with all relevant laws and regulations in the jurisdictions in which we operate during the Track Record Period and up to the Latest Practicable Date.

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COVID-19 IMPACTS

In December 2019, COVID-19 was first identified and reported. On January 30, 2020, the WHO declared that the COVID-19 outbreaks constituted a public health emergency of international concern, explaining that its decision was based on the possible effects that the pathogen could have if it spreads to countries with weaker healthcare infrastructures. On March 12, 2020, WHO declared the COVID-19 outbreaks a pandemic.

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• We received government relief from social security payments for employment support relating to the COVID-19 pandemic, thereby reducing our staff costs, which amounted to RMB40.3 million in 2020.

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OVERVIEW

Our Company was owned by Mr. HUANG Tao and Mr. HUANG Shiying, being siblings. Mr. HUANG Tao and Mr. HUANG Shiying have jointly invested in the Group for several years and reached consensus on key decisions, and usually had unanimous voting patterns. Therefore, although Mr. HUANG Tao and Mr. HUANG Shiying have not entered into any acting in concert agreement, they should still be regarded as acting in concert and a group of Controlling Shareholders.

Immediately following the completion of the Capitalization Issue and the [REDACTED] (assuming the [REDACTED] is not exercised), Mr. HUANG Tao together with Mr. HUANG Shiying will continue to hold more than 30% of the voting rights in our Company and be the group of our Controlling Shareholders.

DELINEATION OF BUSINESS AND COMPETITION

Business of our Group and Controlling Shareholders Group

As at the Latest Practicable Date, in additional to interests in our Group, Mr. HUANG Tao and Mr. HUANG Shiying also controlled certain property development and investment companies (collectively, the “Controlling Shareholders Group”). The Controlling Shareholders Group principally engaged in property development, hotel and cultural travel, shopping malls operation, health and medical care.

Our Directors are of the view that there is clear delineation between the Controlling Shareholders Group’s principal business and our Group’s principal business. The table below sets forth the principal business operations of our Group and the Controlling Shareholders Group as of the Latest Practicable Date:

Name of the company Principal business operations Our Group provision of property management services such as security services, cleaning, greening and gardening services, and repair and maintenance services

The Controlling property development, hotel and cultural travel, Shareholders Group development and operation of shopping malls (with a focus on the recruiting of merchants and advertising other than providing property management service to merchants*), health and medical care

* For the avoidance of doubt, the shopping malls operation business of the Controlling Shareholders Group and our property management business have different business model as well as the expertise and resources required . While the shopping malls operation business provides the shopping malls which are intended to be leased with the recruitment of different merchants services, we provide the shopping malls with commercial properties management. Therefore, our property management business is distinctly different from the shopping mall operation.

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Business Retained by Controlling Shareholders Group

Our Group is the main platform to engage in provision of property management services. While Controlling Shareholders Group focused and will continue to focus on properties development business as illustrated above, due to various reasons (as further illustrated below), the Controlling Shareholders Group indirectly hold interests in the following operating entities which operate and will continue to operate certain business which are similar to our Group but have not been injected into our Group as of the Latest Practicable Date (the “Retained Business”). Based on the following reasons, our Directors believe there is clear delineation between the businesses of our Group and those of the Controlling Shareholders Group, and there is no substantive competition between the businesses of our Group and that of the Controlling Shareholders Group.

The Retained Business principally includes:

(i) property management service for apartments

The Controlling Shareholders Group currently provides and will continue providing property management service for apartments including one residential building and one apartment building in Chongqing, the PRC, and one apartment building in Beijing, the PRC. The revenue generated from property management service for these apartments in 2020 is approximately RMB5.9 million with GFA of approximately 0.3 million sq.m.

The reason for the non-inclusion of the current property management service for these apartments is mainly due to: (i) the fact that the current property management service for these apartments forms an integral and inseparable part of the current cost system of the Controlling Shareholders Group as the apartments are located in the same area of the hotels and share the staff, various administrative facilities and services with such hotels, especially the apartment buildings in Beijing and Chongqing, which are respectively located in the same buildings of the hotels owned and operated by the Controlling Shareholders Group (apartments are located on one side of the building and the hotel is in the middle of such building), (ii) the Controlling Shareholders Group had started to provide the above service, which forms an inseparable part of its hotel and property management services even before we started to independently provide the property management service to external parties; (iii) the change of services suppliers of the property management of these apartments requires the consent of counterparties of the property management services, in particular, over half of both the number of owners and the floor area of such properties, which is difficult in practical and not controlled by us or our Controlling Shareholders Group, as, to the best knowledge of the Company, there are over 1,500 owners of the apartment and the majority of such owners are not reside in the same city of the respective apartments and it will be practically difficult for us to liaise with all of these owners to obtain their consent. The Controlling Shareholders Group confirmed that they had attempted for months with great effort to seek for consent from the owners of such properties to change the property management service provider. The feedback showed that most of owners were not willing to change the service suppliers as they were accustomed to the existing property services. Therefore, it is not only difficult to get consent from the owners of properties but also might cause the disappointment of the owners and therefore result in the loss of

– 207 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RELATIONSHIP WITH CONTROLLING SHAREHOLDERS business, (iv) the change of the services providers will incur cost for us and has minimal benefits for long-term customer retention due to the lack of the understanding of the owners’ preferences compared to the Controlling Shareholders Group which has provided such owners with its services for about ten years, and (v) the revenue generated from the aforementioned business is immaterial to our Group, which is approximately RMB4.7 million, RMB4.3 million, RMB5.9 million and RMB2.3 million for the years ended 2018, 2019, 2020 and the four months ended 30 April 2021, respectively, representing approximately 0.51%, 0.41%, and 0.46% of our total revenue in the same year and 0.70%, 0.56%, 0.70% and 0.77% of our revenue generated from property management services of residential properties in the same period.

(ii) property management service for commercial places and office buildings

The Controlling Shareholders Group currently provides and will continue providing property management service for five office buildings in Beijing and five office buildings in Guizhou in the PRC, and several ancillary commercial places including one in Guizhou, one in Chongqing, one in Hunan and one in Zhejiang in the PRC. The revenue generated from property management service of these commercial places and office buildings in 2020 is approximately RMB16.3 million with GFA of approximately 0.2 million sq.m.

The reason for the non-inclusion of the current property management service for commercial places and office buildings is mainly due to: (i) the fact that the current property management service for these commercial properties forms an integral and inseparable part of the current cost system of the Controlling Shareholders Group as the offices are located in the same area of the hotels and share the staff, various administrative facilities and services with such hotels, especially one office building in Beijing, which is in the same building of the hotel owned and operated by the Controlling Shareholders Group (the offices are located on the one side and the hotel is in the middle of such estate), (ii) the Controlling ShareholdersGroup had started to provide the above service, which forms an inseparable part of its hotel and property management services even before we started to independently provide the property management service to external parties; (iii) the change of services suppliers of the property management of these commercial places and office buildings requires the consent of counterparties of the property management services, in particular, over half of both the number of owners and the floor area of such properties, which is difficult in practical and not controlled by us or our Controlling Shareholders, as, to the best knowledge of the Company, there are over 1,200 owners of the offices which are the majority of such owners are not reside in the same city of the respective office buildings and it will be practically difficult for us to liaise with all of these owners to obtain their consent, (iv) the change of the services providers will incur cost for us and has minimal benefits for long-term customer retention due to the lack of the understanding of the owners’ preferences compared to the Controlling Shareholders Group which has provided such owners with its services for about ten years, and (v) the revenue generated from the aforementioned business is immaterial to our Group, which is approximately RMB14.8 million, RMB15.4 million, RMB16.3 million and RMB8.1 million for the years ended 2018, 2019, 2020 and the four months ended 30 April 2021, respectively, representing approximately 1.61%, 1.46%, 1.27% and 1.42% of our total revenue in the same

– 208 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. RELATIONSHIP WITH CONTROLLING SHAREHOLDERS period and representing 12.48% of our revenue generated from property management services of commercial properties and office buildings for the year ended December 31, 2020. For the revenue generated from the property management services of commercial properties and office buildings in the three years ended December 31, 2020, see “Financial Information – Description of Certain Consolidated Statement of Financial Position Items – Revenue – Revenue from property management services.” Only the figure of year ended December 31, 2020 is indicative, as we focused on property management service of commercial properties and office buildings as our principal business from 2020.

Ancillary Business Retained by our Group

(iii) carpark management service

Provision of carpark management service is a part of the Controlling Shareholders Group’s principal business and is offered to a diverse clientele (i.e. the customers of the shopping malls or hotels) being a non-fixed group. As an ancillary business to our properties management service business, we also provided carpark management service to our clients which is insignificant to our Group as a whole. Unlike the targeted customers of the carpark management service provided by the Controlling Shareholders Group, we provided carpark management service for the convenience of our properties manage services customers, majority of whom are relatively fixed (i.e. owners or tenants of the properties managed by our Group), compared with those who use the parking lots in the shopping malls or hotels.

The reason for the non-inclusion of the current carpark management service is mainly due to (i) our Group principally engaged in the provision of the property management services. The carpark management service is not our principal business which is only provided to accommodate the property management services with the targeted customers as the owners or tenants of the properties managed by our Group. In order to focus on our resources on property management services, we decided not to inject the carpark management service currently operated by the Controlling Shareholders Group into our Group, (ii) the carpark management service currently operated by the Controlling Shareholders Group is provided to the parking lots which form an integral and inseparable part of its hotels and shopping malls, and (iii) the revenue generated from the parking business of our Group is immaterial to us, representing only approximately 1.67% of our total revenue in 2020.

Save as disclosed above, given there is no overlap between the main business operations of our Group and the Controlling Shareholders Group, there is clear delineation between the businesses of our Group and that of the Controlling Shareholders Group, our Directors are of the view that there is no substantive competition between the businesses of our Group and that of the Controlling Shareholders Group.

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Non-competition Undertaking

Each of Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources has signed a non-competition undertaking on [●], 2021 in favor of our Group (the “Non- competition Undertaking”). Pursuant to the Non-competition Undertaking, the Controlling Shareholders have irrevocably undertaken that, save as the Retained Business as disclosed in this document, they would not and will procure that its associates (except any members of our Group) would not, directly or indirectly, whether as principal or agent, either on their own account or in conjunction with or on behalf of any person, firm or company, whether inside or outside the PRC, among other things, carry on, engage, participate or hold any right or interest in or render any services to or otherwise be involved in any business which is or may be in competition with the principal business of any member of our Group from time to time (the “Restricted Business”). If there is any new business opportunity in the Restricted Business, the Undertaken Parties shall refer such new business opportunity to our Group within thirty (30) business days. Such business opportunity shall have first been offered or made available to us and be considered by our independent non-executive Directors or its committees which do not have a material interest in the business opportunity. Each of the Undertaken Parties shall not invest, participate, be engaged in and/or operate in such business opportunity unless our Board or its committees have declined in writing or failed to respond within thirty (30) working days after being notified of such opportunity.

The above undertaking does not apply where:

(i) the Controlling Shareholders and/or their associates hold any interests in the shares of any member of our Group or conduct business on behalf of any member of our Group;

(ii) the Controlling Shareholders and/or their associates hold, directly or indirectly, any equity interests in any companies listed on an accepted stock exchange other than our Group, and such companies are not engaged in the Restricted Business;

(iii) the Controlling Shareholders and/or their associates hold any equity interests in any company other than our Group, except that:

(a) according to the latest audited accounts of such company, the Restricted Business in which such company is engaged (and its related assets) accounts for less than 10% of its consolidated sales or consolidated assets; and

(b) the total number of shares in such company held by the Controlling Shareholders and/or their associates account for no more than 5% of the shares of the same class issued by the relevant company, and the Controlling Shareholders and/or their associates have no right to appoint most of the directors of such company;

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(iv) any opportunity to invest, participate, be engaged in and/or operate any Restricted Business has first been offered or made available by the Controlling Shareholders and/or their respective related parties to us, and after decision by our Company, has been declined in writing or failed to respond within thirty (30) working days after being notified of such opportunity to invest, participate, be engaged in or operate the Restricted Business.

Pursuant to the Non-competition Undertaking, the above restrictions would only cease to have effect upon the earlier of: (i) the Shares of our Company cease to be listed on the Stock Exchange; (ii) our Group no longer holds, directly or indirectly, the shares of any member of the group which is engaged in the Restricted Business; and (iii) such Controlling Shareholder ceases to be a Controlling Shareholder.

Option for New Business Opportunities

Our Controlling Shareholders have undertaken in the Non-competition Undertaking that if our Controlling Shareholders and their associates (excluding the Group’s member companies) become aware of, have received notice about, are recommended or provided with new business opportunities which will or may directly or indirectly compete with the Restricted Business, including but not limited to the opportunities which are the same as or similar to the Restricted Business (the “New Business Opportunities”), our Controlling Shareholders shall refer or recommend, and shall procure their associates (excluding the Group’s member companies) to refer or recommend, the New Business Opportunities to our Group subject to relevant laws, requirements or contractual arrangements with third parties in accordance with the following:

(i) Within thirty (30) business days after the appearance of the New Business Opportunities, our Controlling Shareholders shall provide our Group with a written notification which includes all reasonable and necessary information known to our Controlling Shareholders and/or their associates (excluding the Group’s member companies) (including but not limited to the nature of the New Business Opportunities and necessary information relating to the cost of the relevant investment or acquisition) for our Group to consider (a) whether the New Business Opportunities constitute competition or potential competition to the Restricted Business; and (b) whether engaging in such New Business Opportunities would be in the best interests of our Group (the “Offer Notice”); and

(ii) The Group shall respond to our Controlling Shareholders and/or their associates (excluding the Group’s member companies) within thirty (30) working days upon receipt of the Offer Notice. If our Group fails to reply to our Controlling Shareholders and/or their associates (excluding the Group’s member companies) within the above period, it shall be deemed to have abandoned the New Business Opportunities. If our Group determines to take up the New Business Opportunities, our Controlling Shareholders and/or their associates (excluding the Group’s member companies) would be obligated to offer such New Business Opportunities to our Group.

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Pre-emptive Right

Our Controlling Shareholders have undertaken that if our Controlling Shareholders and/or their associates (excluding the Group’s member companies) intend to transfer, sell, lease or license concession to a third party any businesses engaged in by our Controlling Shareholders and/or their associates which competes or may competes with the Restricted Business or any other businesses which would cause direct or indirect competition with the Restricted Business, it shall offer our Group such opportunity with a pre-emptive right on equal terms subject to the relevant laws, regulations and contractual arrangements with third parties in accordance with the following:

(i) Our Controlling Shareholders and/or their associates (excluding the Group’s member companies) shall provide the Company with written notice no later than the time of any such disposal (the “Disposal Notice”). For the avoidance of doubt, our Controlling Shareholders and/or their associates (excluding the Group’s member companies) are entitled to provide information and/or a Disposal Notice relating to such disposal to any third parties at the same time as or after providing the Disposal Notice to the Company;

(ii) The Company shall reply to our Controlling Shareholders and/or their associates (excluding the Group’s member companies) in writing by whichever is the later of the thirtieth (30th) working day after receipt of the Disposal Notice or the expiration of the period offered to third parties for them to reply in writing, before exercising the pre-emptive right;

(iii) If the Company intends to take up such pre-emptive right, the terms shall be determined with reference to fair market price; and

(iv) Our Controlling Shareholders and/or their associates (excluding the Group’s member companies) shall not dispose of such businesses and interests to any third parties unless (a) the Company declines to purchase such businesses and interests in writing; (b) the notice of exercising such pre-emptive right has not been received by our Controlling Shareholders and/or their associates (excluding the Group’s member companies) from the Company by whichever is the later of the thirtieth (30th) working day after receipt of the Disposal Notice and the expiration of the period offered to third parties for them to reply; or (c) the Company and/or the Group fails to offer our Controlling Shareholders and/or their associates (excluding the Group’s member companies) the same or more favorable terms of acquisition than those offered by any third parties to our Controlling Shareholders and/or their associates.

For the avoidance of doubt, the terms of disposal offered by our Controlling Shareholders and/or their associates (excluding the Group’s member companies) to any third parties shall not be more favorable than those to be offered to the Company.

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Option for Purchase

To the extent that no relevant laws and regulations are breached and agreements with third parties are complied with, the Company is entitled to acquire any businesses operated by our Controlling Shareholders and/or their associates (excluding the Group’s member companies) which compete or may compete with the Restricted Business or have the option to acquire any businesses or any interests engaged in by our Controlling Shareholders and/or their associates (excluding the Group’s member companies) through the abovementioned New Business Opportunities (the “Option for Purchase”). The Company is entitled to exercise the Option for Purchase, whether singly or separately, at any time, and our Controlling Shareholders and/or their associates (excluding the Group’s member companies) shall offer the Option for Purchase to the Company on the condition that the commercial terms of a proposed acquisition shall be arrived at solely by a committee consisting of our independent non-executive Directors after consulting the views of independent experts. Furthermore, such commercial terms shall be based on negotiation between the parties involved in line with the normal commercial practice of the Company, and shall be fair, reasonable and in the interests of the Company as a whole through the negotiation with our Controlling Shareholders and their associates (other than the Group’s member companies).

However, if a third party has the pre-emptive right in accordance with applicable laws and regulations and/or a prior legally binding document (including, but not limited to, articles of association and/or shareholders’ agreements), the Company’s Option for Purchase shall be subject to such third-party rights. In such case, our Controlling Shareholders and/or their associates (excluding the Group’s member companies) will use their best efforts to persuade the third party to waive its pre-emptive rights.

Controlling Shareholders’ Further Undertakings

Our Controlling Shareholders have further undertaken that, subject to relevant laws, regulations or contractual arrangements with third parties:

(i) during the term of the Non-competition Undertaking, indemnify the Company against all losses, liabilities, damages, costs and etc., resulting from the Controlling Shareholders’ breach of the Non-competition Undertaking;

(ii) it shall provide, and shall procure that their associates (excluding the Group’s member companies) will provide, any necessary information for the implementation of the Non-competition Undertaking;

(iii) they shall allow the authorized representatives or auditors of the Group to have reasonable access to the financial and corporate information necessary to its transactions with third parties, which would assist with the judgment of the Group in respect of whether our Controlling Shareholders and/or their associates have complied with the Non-competition Undertaking; and

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(iv) they shall ensure that, within ten (10) working days of receipt of the written request from the Group, necessary confirmation shall be made in writing to the Group as to the performance of the Non-competition Undertaking by our Controlling Shareholders and their associates (other than the Group’s member companies), and the consent of our Controlling Shareholders and their associates to allow such confirmation to be included in the our annual reports.

INDEPENDENCE FROM CONTROLLING SHAREHOLDER

Having considered the following factors, the Directors believe that our Group can conduct our business independently from our Controlling Shareholders and their close associates after the completion of the [REDACTED].

Management Independence

The Board of our Company consists of nine Directors, including three executive Directors, three non-executive Directors and three independent non-executive Directors. The following table sets forth the positions held by our Directors in the Controlling Shareholders’ close associates (the “Overlapping Management”) as of the Latest Practicable Date:

Position with our Positions with the Controlling Name Company Shareholders’ close associates Mr. ZHAI Bingquan ...... Executive Director None

Mr. YU Guangfeng ...... Executive Director None

Mr. LIU Zhanjun ...... Executive Director None

Mr. BIAN Sifang ...... Non-executive Director Executive director of Beijing Century Huixin Wealth Investment Management Co., Ltd. (北京世紀匯信財富投資管理有限公司), a subsidiary of Tibet Jingyuan Investment Management Co., Ltd. (西藏景源投資管理有限公司), which is wholly-owned by Mr. HUANG Tao and Mr. HUANG Shiying

Mr. LIN Zhonghua ...... Non-executive Director Director of the board of directors, senior vice president and head of financial management center of Century Golden Resources

Mr. JIANG Jianguo ...... Non-executive Director Director of the president office of Century Golden Resources

Mr. ZHU Keshi ...... Independent None non-executive Director

Mr. HONG Deli...... Independent None non-executive Director

Ms. ZHANG Yunyan...... Independent None non-executive Director

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As of the Latest Practicable Date, none of our executive Directors, independent non-executive Directors or senior management holds any position in our Controlling Shareholders and/or their close associates.

Our Company has been and will continue to be under the operation and management of our current executive Directors and senior management who possess relevant expertise and extensive industry experience, which is in line with our corporate management strategies. In additional to our business, our Controlling Shareholders have been engaged in a variety of business activities. It is to the best interest of our Company and Shareholders as a whole that our Company to be operated mainly by professional management who have been and will continue to devote sufficient time in our Company. Mr. HUANG Tao and Mr. HUANG Shiying will still continue to support our Company’s development as our Controlling Shareholders. Therefore, Mr. HUANG Tao and Mr. HUANG Shiying have not been appointed as a director in our Company.

Even though there are three non-executive Directors also served as the directors and/or senior management in the close associates of the Controlling Shareholders, as our non-executive Directors, they do not participate in the daily management of the Company. Therefore, the Company and the Controlling Shareholders’ close associates are managed by separate management teams. Hence, we have sufficient management team members who do not hold any position in our Controlling Shareholders and/or their close associates, and are independent and have the adequate relevant experience to ensure the operation of the daily business and management of our Group.

The Directors believe that our management is capable of managing the Group’s business and operation independently of the Controlling Shareholders after the [REDACTED] for the following reasons:

(i) the management personnel of the Company have clear reporting lines, and ultimately the management team reports to the executive Directors, who are responsible for reporting to the Board. The Board supervises and monitors the performance of our Company’s management team generally through the regular reports made by our executive Directors to the Board, regular meetings of the Board and ad hoc meetings of the Board to consider, deliberate and approve material matters which exceed the delegated authorities of management team, as well as the regular updates of operational and financial data and information that are provided to our Directors;

(ii) each of the Directors of our Company is aware of his/her fiduciary duties as a Director, which require, among other things, that he/she acts for the benefit and in the best interests of our Company and the Shareholders;

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(iii) according to the Articles of Association, in case of any conflict of interest or potential conflict of interest issues relating to transactions entered into by us with any corporation or entity in which our Directors or their close associates hold concurrent positions or any contract or arrangement or any other matters where they or any of their close associates has a material interest, the interested Directors shall abstain from voting on the resolutions to approve such matters, and shall not be counted into the quorum present at the meeting or participate in the discussion, therefore the overlapping roles of the Directors will not affect the independence of their roles or the independence of the Board;

(iv) Having considered (i) the fact that, save as disclosed above, none of the Controlling Shareholder or its close associates is engaged in businesses which are similar to the core businesses of our Group and (ii) the management system on connected transactions adopted and implemented by us as set out in “Connected Transactions – Internal Control Measures,” the Company believes that the possibility of conflict of interest or potential conflict of interest issues in discharging the Overlapping Management’s duties of business and operation management of our Group is relatively low;

(v) The Board of our Company comprises nine Directors, and three of them are independent non-executive Directors who represent not less than one-third of the members of the Board. This provides a balance between the number of interested Directors and independent non-executive Directors, with a view to promoting the interests of the Company and its shareholders as a whole. This is also in line with the requirement as set out in the Listing Rules.

Based on the above, our Directors believe that we are capable of maintaining management independence from our Controlling Shareholders and/or their close associates.

Operational Independence

Currently, our Company is in possession of all production and operating facilities relating to our Group’s business. Our Company makes and implements operational decisions independently of the Controlling Shareholder. Our Company has its own organizational structure with independent departments, each with specific areas of responsibility. Our Company also maintains a set of comprehensive internal control measures to facilitate the effective operation of our business. Our Company has independent access to customers and is not dependent on the Controlling Shareholder and its close associates with respect to suppliers for our business operations. Our Company has its own employees to operate the business and can independently manage its human resources. We have obtained relevant licenses, approvals and permits from relevant regulatory authorities which are material to our operations in the PRC.

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Due to the features and characteristics of our businesses, we entered into certain continuing connected transactions with our Controlling Shareholders and/or its associates in respect of some of our business lines. For more details, see “Connected Transactions.” Considering that our access to independent sources and the sufficiently competitive market, our Directors believe that, even if such agreements are terminated, the Company will be able to identify other suitable partners or substitutes through fair negotiation at similar terms and conditions in line with the market terms to meet our business and the operational needs for the reasons detailed below.

Business relationship with our Controlling Shareholders Group

We consider our close business relationship between our Group and our Controlling Shareholders Group to be mutually beneficial and complementary, which is common among property management service providers and their parent companies in the PRC. Our Controlling Shareholders Group is mutually dependent on our Group as we are the major supplier of properties management service to our Controlling Shareholders Group, and has an established long-term relationship with our Controlling Shareholders.

Over years of cooperation, both our Group and our Controlling Shareholders Group have developed a mutual and deep understanding of their respective business operations. Given the long and close relationship between our Group and our Controlling Shareholders Group, our Group is familiar with our Controlling Shareholders Group’s business demand, specific requirements and expected deliverables, which helped to reduce communication costs, accumulate tacit knowledge of service provisions to our Controlling Shareholders Group, build mutual trust and has enabled us to constantly provide the high-quality property management services that met our Controlling Shareholders Group’s specific requirements. In addition, our Group has always provided tailored quality services, which helped to enhance our Controlling Shareholders Group’s brand image, thereby attracting more customers to purchase properties from our Controlling Shareholders Group, and will in turn likely bring more business from the Independent Third Parties to our Group. Going forward, based on our mutual and complementary business relationship, we consider that it may also not be in the best interest of our Controlling Shareholders Group to engage a new service provider in place of our Group, considering the time required and the uncertainties involved for our Controlling Shareholders Group to engage a new service provider which is able to provide equally satisfactory services. We believe that we have a competitive advantage which distinguishes us from our competitors and we believe we will continue to secure future engagements from our Controlling Shareholders Group.

Thus we believe the likelihood that our relationship with our Controlling Shareholders will material adverse change is low.

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In addition, we are continuously expanding our business scope (including the value-added services related to education services, elderly care and automobile maintenance services), such services are provided by us to third parties independently (rather than through our Controlling Shareholders Group) with the brand effect, and also bring our Controlling Shareholders Group a favorable promotional effect, which generates positive mutual synergy effect.

Active business expansion to Independent Third Parties

In recent years, our Company vigorously promoted its market expansion and actively expanded its business to provide services to Independent Third Parties, in particular, establishing strategic cooperation with independent property developers. As of the Latest Practicable Date, we have more than fifty cooperation projects under negotiation with Independent Third Parties engaged in diversified sectors (including schools, residences, shopping malls and parks).

Moreover, we entered into a strategic cooperation agreement with Xishuangbanna Guancheng Real Estate Co., Ltd. (“Xishuangbanna Guancheng”, 西雙版納冠城置業有限公司) on September 30, 2018, an independent property developer, in relation to our provision of high-quality property service for all types of its investments properties developed by Xishuangbanna Guancheng, subject to any applicable laws and regulations from time to time, as their sole property service provider for a term of ten years. The scope of the service and payment and settlement terms shall be agreed separately between the relevant parties in implementation agreements. As of the Latest Practicable Date, we have provided residential property management services to Xishuangbanna Guancheng in seven projects (with a total GFA of approximately 926 thousand square meters). The revenue generated from such properties was approximately RMB456 thousand, RMB2,823 thousand and RMB4,007 thousand for the years ended December 31, 2021, respectively. We were the sole property service provider due to (a) our extensive experiences as a property service provider for large residential properties in Xishuangbanna (such as Xishuangbanna riverside orchard resort project “西雙版納濱江果園避寒度假山莊項目” with a GFA of 1,650,000 square meters), (b) our competitive price compare with the other property service providers on the residential properties with equal quality in Xishuangbanna, which took into account the long-term cooperation with Xishuangbanna Guancheng, (c) our high quality in maintenance of facilities and equipment (such as large-scale project transformation, greening renovation and replanting), (d) our wide range of lifestyle services and activities based on diversified demand of the clients (such as visiting elderly owners on Double Ninth Festival, and the owner’s water splashing activities on Water Splashing Festival), (e) our energetic and young team, (f) our strong social responsibility (for instance, our company has actively participated in the state and municipal militia training, anti-terrorism events and stability maintenance, security events, epidemic prevention and control) and the honors we won (e.g. Yongjiang garden (咏江苑), which we serve, is the only project in Xishuangbanna that has won the honorary title of demonstration residential property in Yunnan Province (雲南省物業管理示範住宅小區)).

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Establishing support for marketing

Meanwhile, to capitalize on our brand value and market reputation to develop new business and customers, prioritizing expansions in cities where we already have business operations in order to capitalize on economies of scale and achieve a balance of geographical presence and profitability, we established a marketing team in 2018, comprising 89 employees as of the Latest Practicable Date. We also have employees working part-time on market development and life services.

In the future, the marketing team will expand its staff according to the contract amount task indicators, and the life service team will be divided into business department, marketing department, life housekeeping department and platform department, and will land in every city with projects of Century Life with the same structure. The city-level staffing will be around 5 to 10 people depending on the scale of the business. We conduct training sessions on market conditions, sales techniques, knowledge of the property management market, among other topics for our staff from time to time. We offer performance-based remuneration packages for the team members for marketing expansions in order to create incentives for them to achieve our marketing goals.

In respect of our property services, leveraging our understanding of our target customers, we perform a range of sales and marketing activities through various channels to reach potential independent customers including (i) collecting bidding projects by collecting government procurement network, public resources trading network or third-party website with bidding listing qualification around the world, and actively participating in those that meet our company’s bidding requirements; (ii) collecting project information among internal staff and owners, to create an atmosphere of all staff expansion; (iii) participating in the activities held by chambers of commerce, industry associations and corporates, to broaden information channels and increase the possibility of cooperation; (iv) advertising on various media, including newspapers, the Internet, billboards and other “online + offline” publicity combination to promote the expansion and develop business opportunities; (v) through professional services, excellent quality, to obtain the trust of current customers, and develop the potential customers recommended by current customers; and (vi) developing a series of auxiliary expansion system in relation to the project management, reward and staffing, to provide background support for market development personnel.

In respect of our value-added services, we will mainly focus on offline promotion and experience at the early stage. After the formation of user reputation, we will gradually transfer to an online platform and community for continuous promotion. We intend to establish a membership-based service and believe such private domain operation will be transferred from offline to online for continuous service. The aforementioned marketing model can effectively save promotion costs while expanding business volume. The media platforms that we will cooperate with will be new media such as TikTok, Kuaishou and WeChat Moments, which can cover 2 to 3 km around with location based services (LBS) technology and effectively achieve the promotional effect.

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Based on the above, our Directors believe that we are able to operate our business independently from our Controlling Shareholders and/or their close associates.

Financial Independence

Our Company has established its own finance department with a team of independent financial staff responsible for discharging treasury, accounting, reporting, group credit and internal control functions independent from the Controlling Shareholders and their respective close associates, as well as a sound and independent financial system, and makes independent financial decisions according to our own business needs. Our Company maintains bank accounts independently and does not share any bank account with the Controlling Shareholders. Our Company makes tax registration and pays tax independently with its own funds. As such, our Company’s financial functions, such as cash and accounting management, invoices and bills, operate independently of the Controlling Shareholders and their close associates.

All non-trade nature transaction between the Controlling Shareholders and/or their close associates, and us have been settled, and all guarantees provided to us by the Controlling Shareholders and/or their close associates have been released as of the Latest Practicable Date.

Based on the above, our Directors believe that we are able to maintain financial independence from our Controlling Shareholders and their respective close associates.

CORPORATE GOVERNANCE MEASURES

Our Directors recognize the importance of good corporate governance to protect the interests of our Shareholders. We would adopt the following corporate governance measures to manage potential conflict of interests between our Group and the Controlling Shareholders:

(i) where a Board meeting is held for the matters in which a Director has a material interest, such Director shall abstain from voting on the relevant resolutions and shall not be counted in the quorum for the voting;

(ii) our Board will consist of a balanced composition of executive and non-executive Directors, including not less than one-third of independent non-executive Directors, to ensure that our Board is able to effectively exercise independent judgment in its decision-making process and provide independent advice to our Shareholders. Our independent non-executive Directors, individually and collectively, possess the requisite knowledge and experience. They are committed to providing impartial and professional advice to protect the interests of our minority Shareholders;

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(iii) our independent non-executive Directors will review, on an annual basis, compliance with the Non-competition Undertaking given by the Controlling Shareholders and Century Golden Resources. Our Company will disclose decisions relating to compliance and enforcement of the Non-competition Undertaking of the Controlling Shareholders and Century Golden Resources (including our independent non-executive Directors’ views for such decision) in its annual reports and/or announcements;

(iv) in the event that our independent non-executive Directors are requested to review any conflict of interests between our Group and the Controlling Shareholders, the Controlling Shareholders shall provide the independent non-executive Directors with all necessary information and our Company shall disclose the decisions of the independent non-executive Directors either in its annual reports or by way of announcements; and

(v) we have appointed Red Solar Capital Limited as our compliance advisor, which will provide advice and guidance to us in respect of compliance with the applicable laws and the Listing Rules, including various requirements relating to directors’ duties and corporate governance.

Based on the above, our Directors are satisfied that sufficient corporate governance measures have been put in place to manage conflicts of interest between our Group and the Controlling Shareholders and/or Directors to protect minority Shareholders’ rights after the [REDACTED].

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Upon [REDACTED], transactions between members of our Group and our connected persons will constitute our connected transactions or continuing connected transactions under Chapter 14A of the Listing Rules.

CONNECTED PERSONS

The table below sets forth parties who will become our connected persons upon the [REDACTED] and the nature of their relationship with our Group.

Name Connected relationship

Mr. HUANG Tao and Mr. HUANG Shiying ...... OurControlling Shareholders

Century Golden Resources ...... A company owned by Mr. HUANG Tao and Mr. HUANG Shiying as to 60% and 40% respectively and therefore is an associate of our Controlling Shareholders

SUMMARY OF OUR CONNECTED TRANSACTIONS

The table below sets out a summary of transactions which constituted one-off connected transaction or will constitute continuing connected transactions upon [REDACTED]:

Annual caps for the years ending December 31, Continuing connected 2021, 2022 and No. transactions Applicable rules Waivers sought 2023 (RMB in thousands) One-off connected transactions 1. . Property Leasing Agreements 14A.34 N/A N/A

Fully exempt continuing connected transactions 2. . . IP Licensing Framework 14A.34, 14A.52, N/A N/A Agreement 14A.53 and 14A.76

3 . . Provision and Procurement of 14A.34, 14A.52, N/A N/A Products and Services 14A.53 and 14A.76 Framework Agreement (in respect of the products provision)

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Annual caps for the years ending December 31, Continuing connected 2021, 2022 and No. transactions Applicable rules Waivers sought 2023

(RMB in thousands) Non-exempt continuing connected transactions 4. . . Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement) the aggregate amounts of the 14A.34, 14A.35, Announcement 2021: 2,550 fees paid/payable by our 14A.49, 14A.52, requirement 2022: 2,805 Group to the Controlling 14A.53 to 59, 2023: 3,086 Shareholders Group in respect 14A.71, 14A.76 and of the procurement of products 14A.105 the aggregate amounts of the 14A.34, 14A.35, Announcement 2021: 25,684 fees paid/payable by our 14A.49, 14A.52, requirement 2022: 27,908 Group to the Controlling 14A.53 to 59, 2023: 30,473 Shareholders Group in respect 14A.71, 14A.76 and of the procurement of services 14A.105

5. . . Provision and Procurement of Products and Services Framework Agreement (in respect of the services provision) the aggregate amounts of the 14A.34, 14A.35, Announcement and 2021: 632,686 fees paid/payable by the 14A.36, 14A.49, independent 2022: 675,904 Controlling Shareholders 14A.52, 14A.53, shareholders’ 2023: 721,071 Group to our Group in respect 14A.71 and 14A.105 approval of the provision of services requirements

ONE-OFF CONNECTED TRANSACTIONS

1. Property Leasing Agreements

Our Group has entered into certain property leasing agreements with members of the Controlling Shareholders Group, pursuant to which the Group has rent certain properties from members of the Controlling Shareholders Group for the use of office, business operation, employee dormitories and other purposes (the “Property Leasing Agreements”).

We have historically leased certain properties from members of the Controlling Shareholders Group. Relocating our offices to other premises will cause unnecessary disruptions to our normal business operation and incur unnecessary costs. We believe these Property Leasing Agreements will ensure the continuing smooth operation of our Group and to save costs, which is in the interests of our Group and our Shareholders as a whole.

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In accordance with IFRS 16 “Leases” (which became effective from January 1, 2019), the leases under the Property Leasing Agreements are recognised as right-of-use assets on our balance sheet. Therefore, the entering into of the Property Leasing Agreements will be regarded as the acquisition of capital assets and one-off connected transactions, rather than continuing connected transactions. Accordingly, the reporting, announcement, annual review and independent shareholders’ approval requirements in Chapter 14A of the Listing Rules will not be applicable.

FULLY EXEMPT CONTINUING CONNECTED TRANSACTIONS

2. IP Licensing Framework Agreement

Principal terms

On [●], our Company (for itself and on behalf of the Group) entered into a framework agreement with Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources, pursuant to which Mr. HUANG Tao, Mr. HUANG Shiying, Century Golden Resources and their respective subsidiaries and associates (the “Controlling Shareholders Group”, for the purpose of this section, including Mr. HUANG Tao, Mr. HUANG Shiying, Century Golden Resources and their respective subsidiaries and associates) will grant our Group a non-transferable license to use all of their intellectual property rights, including but not limited to trademarks, patents, copyrights and logos (the “Licensed IP Rights”) on a royalty-free basis (the “IP Licensing Framework Agreement”). The initial term of the IP Licensing Framework Agreement will commence on the [REDACTED] and end on December 31, 2031. Our Group has an option, in its entire discretion, to renew the IP Licensing Framework Agreement upon expiry (subject to adjustment of fees where necessary) for another term of ten years. For details of the Licensed IP Rights, please see the section headed “Appendix IV – Statutory and General Information – B. Further Information about our Business – 2. Intellectual Property rights of our Group” in this document.

As required by Rule 14A.52 of the Listing Rules, the period for the agreement for the continuing connected transactions must not exceed three years, except in cases where the nature of the transaction requires the agreement to be of a duration longer than three years. The Directors are of the view that the IP Licensing Framework Agreement was entered into on normal commercial terms or better and is in the interests of our Company and our Shareholders as a whole and the Licensed IP Rights are necessary for our business operations and a longer duration of the agreement will avoid any unnecessary business interruption and help ensure the long-term development and continuity of our business. The Sole Sponsor agrees with the Company’s reasons for requiring a longer term for the IP Licensing Framework Agreement, and is of the view that entering into such agreement with a duration of over three years is in line with normal business practice and in the interests of our Company and our Shareholders as a whole.

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Reasons and benefits for the transaction

We have been using the Licensed IP Rights of Controlling Shareholders Group for several years and earned market recognition. It is in the best interests of our Company and our Shareholders to continue to use the Licensed IP Rights upon [REDACTED] to ensure the stability of our operation.

Historical transaction amounts

There was no historical amount for the IP Licensing Framework Agreement for the three years ended December 31, 2018, 2019, 2020 and four months ended April 30, 2021.

3. Provision and Procurement of Products and Services Framework Agreement (in respect of products provision)

Principal terms

On [●], our Company (for itself and on behalf of the Group) entered into a framework agreement with Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources, pursuant to which our Group may provide the Controlling Shareholders Group with certain products (including but not limited to hot water supply) as well as providing services and procuring certain products and services from the Controlling Shareholders Group (the “Provision and Procurement of Products and Services Framework Agreement”).

For further details of the products and services procurement, see “– 4. Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement).” For further details of the services provision, see “– 5. Provision and Procurement of Products and Services Framework Agreement (in respect of the services provision).”

The initial term of the Provision and Procurement of Products and Services Framework Agreement will commence on the [REDACTED] and end on December 31, 2023. Our Group has an option, in its entire discretion, to renew the Provision and Procurement of Products and Services Framework Agreement upon expiry (subject to adjustment of fees where necessary) for another term of three years. The parties and their respective subsidiaries and associates will enter into separate agreements setting out the specific terms and conditions (including the fees of the products and/or services and payment methods) in respect of the relevant products and/or services based on the principles under the Provision and Procurement of Products and Services Framework Agreement.

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Reasons and benefits for the transaction

The Controlling Shareholders Group operates hotels and shopping malls which requires products from our Company. The provision of such products not only meets the Controlling Shareholders’ demands, but also enables us to increase the added value to our services which is in line with our business strategy and could generate more revenue.

Historical transaction amounts

For the three years ended December 31, 2018, 2019 and 2020 and four months ended April 30, 2021, the aggregate amounts of the fees payable by the Controlling Shareholders Group to our Group in respect of the provision of products by our Group are nil, RMB33 thousand, RMB5.4 thousand and nil, respectively.

Listing Rules implications

Taking into account the consideration paid by us during the Track Record Period, our Directors currently expect that all the relevant percentage ratios of transactions under the IP Licensing Framework Agreement and the Provision and Procurement of Products and Services Framework Agreement (in respect of products provision) calculated for the purpose of Chapter 14A of the Listing Rules will be less than 0.1% on an annual basis. Therefore, the transactions under the IP Licensing Framework Agreement and the Provision and Procurement of Products and Services Framework Agreement (in respect of products provision) constitute de minimis transactions and are fully exempt from the annual reporting, announcement, independent Shareholders’ approval and annual review requirements under Chapter 14A of the Listing Rules. If the relevant percentage ratios calculated based on the consideration of such transactions exceed the de minimis threshold stipulated under the Listing Rules, we will comply with the applicable requirements thereunder.

NON-EXEMPT CONTINUING CONNECTED TRANSACTIONS

Continuing Connected Transactions subject to the Reporting, Annual Review and Announcement Requirements

The following transactions are conducted in the ordinary and usual course of business of our Group and on normal commercial terms or better, where the highest relevant percentage ratios (except for the profits ratio) for the three years ending December 31, 2023 calculated for the purpose of Chapter 14A of the Listing Rules will, as our Directors currently expect, be more than 0.1% but less than 5% on an annual basis. By virtue of Rules 14A.49, 14A.71, 14A.35 and 14A.76(2)(a) of the Listing Rules, the transactions will be subject to the reporting, annual review and announcement requirements, but are exempt from the independent shareholders’ approval requirement.

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4. Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement)

Parties: Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources; and Our Company.

Principal terms

On [●], our Company (for itself and on behalf of the Group) entered into a framework agreement with Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources, pursuant to which our Group may provide the Controlling Shareholders Group with certain products and services and procure certain products and services from the Controlling Shareholders Group (the “Provision and Procurement of Products and Services Framework Agreement”). Certain products (such as rice dumplings and moon cakes and employee benefits products) and certain services (such as catering service, hosting service for annual reception and business event, business travel accommodation service and payment service) that Century Golden Resources Group provides to our Group are for the Group’s internal administration and operation purposes, as opposed to for purposes of our major businesses.

• Products Procurement: our Group may procure products including but not limited to merchandise (such as rice dumplings and moon cakes) and employee benefits products from the Controlling Shareholders Group; and

• Services Procurement: our Group may procure services including but not limited to catering service, hosting service for annual reception and business event, business travel accommodation service, heating supply service and payment service from the Controlling Shareholders Group.

For further details of products provision, see “– 3. Provision and Procurement of Products and Services Framework Agreement (in respect of the products provision).” For further details of the services provision, see “– 5. Provision and Procurement of Products and Services Framework Agreement (in respect of the services provision).”

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Reasons for and benefits of the transaction

• Products Procurement: The Controlling Shareholders Group is capable of fulfilling our demands efficiently and reliably with a high quality supply of products which could meet our quality requirements and needs for the employment benefits, with preferential prices and terms over the market.

• Services Procurement: The Group has demands on the services provided by the hotel for administration and commercial purposes. Leveraging on the extensive geographical coverage of the services provided by the hotels operated by the Controlling Shareholders Group, our Group could enjoy the convenience of the Controlling Shareholders Group’s services and save costs on the services procurement.

Our Group and the Controlling Shareholders Group have a long-term and stable business relationship and established a great foundation for mutual trust. Our Group and the Controlling Shareholders Group are familiar with the business needs, quality standards and operational requirements of each other, and are able to supply the products and services needed by each other on a constant basis. Our Directors believe that maintaining a stable and quality business relationship with the Controlling Shareholders Group will facilitate our current and future business operations.

Pricing policy

Products Procurement: the prices of the procurement of products charged by the Controlling Shareholders Group will be determined on the basis of arm’s length negotiations between the relevant parties, taking into account (i) cost of raw materials, consumables used and labor; and (ii) the prevailing market price of similar services provided to the Independent Third Parties; In determining the prevailing market price, our Group will consider quotes offered by the Independent Third Parties for products of the same or similar quality for comparison from time to time.

Services Procurement: the prices of the procurement of services charged by the Controlling Shareholders Group will be determined on the basis of arm’s length negotiations between the relevant parties, taking into account:

(1) in respect of catering service, (i) cost of raw materials, consumables used and labor; and (ii) the prevailing market price of similar services provided to the Independent Third Parties;

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(2) in respect of hosting service for annual reception and business event and the business travel accommodation service, the prevailing market price with applicable discount (considering the procurement volume) in accordance with Controlling Shareholders Group’s internal policy;

(3) in respect of heating supply service, (i) floor area of the heating supply; and (ii) the government-guided price;

(4) in respect of payment service, a percentage of the transaction amount with reference to the prevailing market rate of similar services provided by Independent Third Parties.

In determining the prevailing market price, our Group will consider quotes offered by the Independent Third Parties for services of the same or similar quality for comparison from time to time.

Historical transaction amounts

The historical amounts paid by our Group to the Controlling Shareholders Group for the three years ended December 31, 2018, 2019 and 2020, and four months ended April 30, 2021 are set out as below:

For four months ended For the year ended December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) The aggregate amounts of: the fees paid by our Group to the Controlling Shareholders Group respect of the procurement of products ...... 15,594 15,630 5,183 173 the fees paid by our Group to the Controlling Shareholders Group in respect of the procurement of services ...... 14,234 18,598 21,045 8,959

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Annual caps and basis of determination

The annual caps of the fees payable to the Controlling Shareholders Group by our Group for the three years ending December 31, 2023 shall not exceed the caps as set out in the table below:

Annual caps for the year ending December 31,

2021 2022 2023

(RMB in thousands) The aggregate amounts of: the fees payable by our Group to the Controlling Shareholders Group respect of the procurement of products ...... 2,550 2,805 3,086 the fees payable by our Group to the Controlling Shareholders Group in respect of the procurement of services...... 25,684 27,908 30,473

The above annual caps of the fees payable to the Controlling Shareholders Group were determined with reference to:

in respect of products procurement: (i) the historical transaction amount during the Track Record Period. The substantial decrease of the transaction amount in 2020 and the four months ended April 30, 2021 was because we terminated procuring certain products from the Controlling Shareholders Group since 2020; (ii) our needs for remaining products to be provided by the Controlling Shareholders Group in supporting our business operation which are expected to grow by about 10% per annum, taking into account the expected growth in our operational scale in the three years ending December 31, 2023; and (iii) the expected increase of the unit price of products to be charged by the Controlling Shareholders Group due to the estimated increase of cost of the products provided by the Controlling Shareholders Group;

in respect of services procurement: (i) the historical transaction amounts and growth trend of the services procurement in particular for the years 2018 and 2019, as the outbreak of COVID-19 in 2020 caused the reduction of our needs for services procurement (in particular for hosting service for annual reception and business event, and business travel accommodation service, due to the restriction on business travel) in the year 2020. We expect our needs for services procurement in the three years ending December 31, 2023 will resume and increase significantly as compared with that in the year 2020, which can also be evidenced by the significant growth in the four months ended April 30, 2021; (ii) the new business cooperation between our Group and the Controlling Shareholders Group on the provision of property management services to the ten shopping malls and one outlet store of the Controlling Shareholders Group commenced in September 2020, which led to an increase of catering service from the Controlling Shareholders Group to our additional employees working at such premises.

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We expect that an increase of catering service to around 800 additional employees at the price of RMB12 per employee per day would be needed for the year ending December 31, 2021; (iii) the expected business and operation expansion of our Group in the two years ending December 31, 2023, which we expect will lead to a 10% per annum increase of the number of our employees who need such services from our Controlling Shareholders Group; (iv) due to the expected business and operation expansion of our Group and increase in number of our employees in the three years ending December 31, 2023, our needs for services to be provided by the Controlling Shareholders Group are expected to grow accordingly; and (v) the expected steady increase of the services fees to be charged by the Controlling Shareholders Group due to the estimated increase of cost of the labor and materials for the services to be provided.

Continuing Connected Transactions subject to the Reporting, Annual Review, Announcement and Independent Shareholders’ Approval Requirements

The following transactions are conducted in the ordinary and usual course of business of our Group and on normal commercial terms or better, where the highest relevant percentage ratios (except for the profits ratio) for the three years ending December 31, 2023 calculated for the purpose of Chapter 14A of the Listing Rules will, as our Directors currently expect, be more than 5% on an annual basis. By virtue of Rules 14A.49, 14A.71, 14A.35 and 14A.36 of the Listing Rules, the transactions will be subject to the reporting, annual review, announcement and independent shareholders’ approval requirements.

5. Provision and Procurement of Products and Services Framework Agreement (in respect of the services provision)

Parties: Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources; and

Our Company.

Principal terms

On [●], our Company (for itself and on behalf of the Group) entered into a framework agreement with Mr. HUANG Tao, Mr. HUANG Shiying and Century Golden Resources, pursuant to which our Group may provide the Controlling Shareholders Group with certain products and services and procure certain products and services from the Controlling Shareholders Group (the “Provision and Procurement of Products and Services Framework Agreement”). The services our Group may provide to the Controlling Shareholders Group includes but not limited to:

(1) property management services for residential properties;

(2) property management services for commercial properties; and

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(3) value-added services (including but not limited to the pre-delivery management services, sales office management service, elevator maintenance service, inspection service, catering service and renovation service).

For further details of the products provision, see “– 3. Provision and Procurement of Products and Services Framework Agreement (in respect of products provision).” For further details of the products and services procurement, see “– 4. Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement).”

Reasons for and benefits of the transaction

Our Group principally engages in providing property management service. Our Controlling Shareholders Group is mainly engaged in properties development business (both residential properties and commercial properties) thus has business demand on our property management service and value-added services as the complementary services to property management service. Considering the costs and benefits, the two parties have integrated their respective services and products resources on the cooperation projects. Through the cooperation between the Controlling Shareholders Group and us in respect of the provision of property management services and value-added services, it is expected that our Group could leverage on the great business needs from the large client basis of the Controlling Shareholders Group and our collaboration may bring synergy into full play and share development achievements of both parties.

Pricing policy

The prices/rates of the provision of services charged by our Group will be determined on the basis of arm’s length negotiations between the relevant parties, taking into account:

in respect of the property management services for residential properties: (i) nature and location of the property; (ii) gross floor area of the property; (iii) the operation costs, including primarily staff costs and administration expenses; (iv) prevailing market price of similar services and (v) the government-guided price (if applicable);

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in respect of the property management services for commercial properties: (i) nature and location of the property; (ii) gross floor area of the property; (iii) the operation costs, including primarily staff costs and administration expenses; (iv) prevailing market price of similar services;

in respect of the value-added services: (i) nature and location of the property; (ii) market positioning of the development project; (iii) gross floor area of the property; (iv) the cost of raw materials and labor and administration expenses; and (v) the prevailing market price of similar services provided to Independent Third Parties and shall not be lower than the prices of similar services which the Group provided to Independent Third Parties. For instance, the Group will assess the industry norm and compare the service fees offered to the Controlling Shareholders Group with the services fees offered by at least two other comparable services provider in the PRC property management.

In determining the prevailing market price/rate, our Group will consider quotes offered to the Independent Third Parties for services of the same or similar quality for comparison from time to time.

Historical transaction amounts

The historical amounts paid by the Controlling Shareholders Group to our Group for the three years ended December 31, 2018, 2019 and 2020, and the four months ended April 30, 2021 are set out as below:

For the four months ended For the year ended December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) The aggregate amounts of the fees paid by the Controlling Shareholders Group to our Group in respect of: the provision of property management services for residential properties ...... 13,342 10,713 8,045 5,942 the provision of property management services for commercial properties ...... Nil Nil 114,946 130,831 the provision of value-added services ...... 5,019 2,911 6,357 8,692 Total...... 18,361 13,624 129,348 145,465

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Annual caps and basis of determination

The annual caps of the fees payable to our Group by Controlling Shareholders Group for the three years ending December 31, 2023 shall not exceed the caps as set out in the table below:

Annual caps for the year ending December 31,

2021 2022 2023

(RMB in thousands) The aggregate amounts of the fees payable by the Controlling Shareholders Group to our Group in respect of: the provision of property management services for residential properties ...... 12,360 12,978 13,628 the provision of property management services for commercial properties ...... 396,250 416,070 436,870 the provision of value-added services...... 224,076 246,856 270,573 Total...... 632,686 675,904 721,071

The above annual caps of the fees payable to the Controlling Shareholders Group or our Group were determined with reference to:

in respect of the property management services for residential properties: (i) the historical transaction amount of the overall service fee from the property management services for residential properties; and (ii) the estimated annual increase of 5% for service fee from vacant properties management service for the three years ending December 31, 2023 which is estimated taking into account (a) the significant increase of revenue from the vacant properties management service in the four months ended April 30, 2021, which is RMB5.9 million, comparing to the relevant period in the year 2020, (b) the current vacant properties owned by the Controlling Shareholders Group, and (c) the future properties development plan of the Controlling Shareholders Group;

in respect of the property management services for commercial properties: (i) the cooperation agreements our Group and the Controlling Shareholders Group have already entered into, pursuant to which our Group will provide the property management services to the ten shopping malls and one outlet store of the Controlling Shareholders Group. The transaction amount of the property management services for commercial properties for the years ended December 31, 2018, 2019 and 2020 were nil, nil and RMB114.9 million as we only commenced such service in September 2020 due to our business expansion and development. Thus, we expect that the service under such agreements will contribute to approximately RMB396.3 million of the transaction amount for the year ending December 31, 2021 and the annual increase of 5% for the two years ending December 31, 2023, which can also be evidenced by the significant increased historical figure for the four months ended April 30, 2021; (ii) the expected business and operation expansion of

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our Group that we may provide more property management services for commercial properties to the Controlling Shareholders Group in the two years ending December 31, 2023, and (iii) the expected increase of the services fees to be charged by us due to the estimated increase of cost of labor for the provision of services by our Group, which may lead to a 5% per annum increase of the transaction amount for the three years ending December 31, 2023;

in respect of the value-added services: (i) the historical transaction amount and the existing cooperative arrangement of the sales office management service, the elevator maintenance service, catering service and other miscellaneous services which we historically provided to the Controlling Shareholders Group, and the expected steady increase of service fee due to the estimated increase of cost of labor and raw materials for the provision of services by our Group; (ii) the expected transaction amount of our newly established renovation and installation services to be provided to the Controlling Shareholders Group. We obtained the qualification for the provision of renovation service in 2020. Given that the Controlling Shareholders Group incurred and will continue to incur cost for renovation and installation services for its hotels and commercial properties, we estimate that we could provide renovation and installation services to the Controlling Shareholders Group on approximately 30 renovation projects, most of which are estimated to be charged a service fee ranging from RMB1 million to RMB100 million per project for the year ending December 31, 2021 with an annual increase of 10% on the projects to be undertook by our Company for the two years ending December 31, 2023. In reaching such estimation, we took into account the historical amount of renovation and installation services needed by the Controlling Shareholders Group and its future business development plan, our capacity of undertaking such renovation projects, and the expected increase of services fees to be charged by us due to the estimated increase of cost of labor and raw materials; and (iii) we also plan to start providing additional value-added services (such as pre-delivery management service, inspection service, etc) to our Controlling Shareholders Group since 2021. Based on the current negotiation between the Controlling Shareholders Group and us, the Company is estimated to provide value added services to about five projects of the Controlling Shareholders Group with a GFA of approximately 0.6 million square metres, where the estimated transaction amount is approximately RMB6.8 million for the year ending December 31, 2021 and the annual increase is 5% of the projects developed by the Controlling Shareholders Group based on its business expansion for the two years ending December 31, 2023.

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INTERNAL CONTROL MEASURES

In order to ensure that the terms under relevant framework agreements for the continuing connected transactions are fair and reasonable, and no less favorable to us than terms available to or from Independent Third Parties, and the connected transactions are carried out under normal commercial terms, we have adopted the following internal control procedures:

• we have adopted and implemented a management system on connected transactions. Under such system, the Audit Committee under the Board is responsible for the review on compliance with relevant laws, regulations, the Company’s policies and the Listing Rules in respect of the continuing connected transactions. In addition, the Audit Committee under the Board, the Board and various internal departments of the Company (including but not limited to the finance department and legal department) are jointly responsible for evaluating the terms under framework agreements for the continuing connected transactions, in particular, the fairness of the pricing policies and annual caps under each transaction;

• the Audit Committee under the Board, the Board and various internal departments of the Company also regularly monitor the fulfillment status and the transaction updates under the framework agreements. In addition, the management of the Company also regularly reviews the pricing policies of the framework agreements;

• our independent non-executive Directors and auditors will conduct annual review of the continuing connected transactions under the framework agreements and provide annual confirmation to ensure that, in accordance with the Listing Rules, the continuing connected transactions are conducted in accordance with the terms of the agreements, on normal commercial terms, in accordance with the pricing policy, are fair and reasonable and in the interests of the Shareholders as a whole; and

• when considering the rents, products fees, service fees, and other fees provided by us to the connected persons and we will charge the connected persons, the Company will continue to regularly research in prevailing market conditions and practices and make reference to the pricing and terms between the Company and Independent Third Parties for similar transactions, to ensure that the pricing and terms offered by the above connected persons, either from bidding procedures or mutual commercial negotiations (as the case may be), are fair, reasonable and are no less favorable than those offered to Independent Third Parties.

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CONFIRMATION BY DIRECTORS

The Directors (including independent non-executive Directors) are of the view that the non-exempt continuing connected transactions set out above have been and will continue to be carried out in the ordinary and usual course of business of our Company and are on normal commercial terms, fair and reasonable and in the interests of our Company and our Shareholders as a whole, and that the annual caps for the non-exempt continuing connected transactions are fair and reasonable and in the interests of the Company and our Shareholders as a whole.

SOLE SPONSOR’S CONFIRMATION

The Sole Sponsor is of the view that the non-exempt continuing connected transactions set out above have been and will continue to be carried out in the ordinary and usual course of business of our Company and are on normal commercial terms, fair and reasonable and in the interests of our Company and our Shareholders as a whole, and that the annual caps for the non-exempt continuing connected transactions are fair and reasonable and in the interests of the Company and our Shareholders as a whole.

WAIVERS GRANTED BY THE STOCK EXCHANGE

As we expect such non-exempt continuing connected transactions under each of the Provision and Procurement of Products and Services Framework Agreement (in respect of the products and services procurement), the Provision and Procurement of Products and Services Framework Agreement (in respect of the services provision) (collectively, the “Non-exempt Framework Agreement”) will continue on a recurring and continuing basis, the Directors of our Company (including the independent non-executive Directors) consider that strict compliance with the above announcement and independent shareholders’ approval requirements (as the case may be) would add unnecessary administrative costs and would be unduly burdensome. Accordingly, the Company has applied to the Stock Exchange for, and the Stock Exchange [has granted] the Company, a waiver under Rule 14A.105 of the Listing Rules from strict compliance with the announcement and independent shareholders’ approval (if applicable) requirements in respect of the non-exempt continuing connected transactions under each of the Non-exempt Framework Agreements. Our Company will comply with the applicable requirements under the Listing Rules if any of the proposed caps set out above are exceeded, or when there is a material change in the terms of these transactions. Apart from the announcement and independent shareholders’ approval requirements (as the case may be) for which waiver have been sought, our Group will comply with the relevant requirements under Chapter 14A of the Listing Rules.

If any terms of the transactions contemplated under the abovementioned agreements are altered or if our Company enters into any new agreements with any connected persons in the future, we will fully comply with the relevant requirements under Chapter 14A of the Listing Rules unless we apply for and obtain a separate waiver from the Hong Kong Stock Exchange.

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OVERVIEW

The Board currently consists of nine Directors, amongst whom three are executive Directors, three are non-executive Directors and three are independent non-executive Directors. The Board is responsible, and has the general authority for, the management and operation of the Company. Our Directors are appointed for a term of three years and are eligible for re-election upon expiry of their term of office.

Our senior management is responsible for the management of day-to-day operations of the Company.

DIRECTORS AND SENIOR MANAGEMENT

The following table shows the key information of our Directors as of the Latest Practicable Date. All of our Directors meet the qualification requirements under the Listing Rules for their positions.

Relationship with Date of Date of other Directors joining the appointment and senior Name Age Group as Director Position Responsibility management Mr. ZHAI Bingquan 46 January 4, August 24, Chairman and Supervising overall operations, None (翟兵權) 2012 2020 executive management, strategic Director planning and business development

Mr. YU Guangfeng 47 March 5, January 11, Executive Supervising daily operations None (俞廣峰) 2001(1) 2021 Director and business development, supervising overall business planning and implementation, and overall management and management of bidding and the procurement of the residential property management group

Mr. LIU Zhanjun 41 December 24, January 11, Executive Daily operations and None (劉佔軍) 2002 2021 Director investment plans of the Company, and overall management of high-end business groups

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Relationship with Date of Date of other Directors joining the appointment and senior Name Age Group as Director Position Responsibility management Mr. BIAN Sifang 43 January 11, January 11, Non-executive Participating in formulation of None (邊四方) 2021 2021 Director business plans, strategic and major decisions of Group through the Board

Mr. LIN Zhonghua 54 January 11, January 11, Non-executive Participating in formulation of None (林中華) 2021 2021 Director business plans, strategic and major decisions of Group through the Board

Mr. JIANG Jianguo 45 January 11, January 11, Non-executive Participating in formulation of None (姜建國) 2021 2021 Director business plans, strategic and major decisions of Group through the Board

Mr. ZHU Keshi 54 January 11, January 11, Independent Supervising and offering None (朱克實) 2021 2021 non-executive independent judgment to the Director Board

Mr. HONG Deli 43 January 11, January 11, Independent Supervising and offering None (洪德利) 2021 2021 non-executive independent judgment to the Director Board

Ms. ZHANG Yunyan 45 January 11, January 11, Independent Supervising and offering None (張雲燕) 2021 2021 non-executive independent judgment to the Director Board

Note:

(1) Mr. YU Guangfeng left our Group and worked in Fujian Guian Xintiandi Tourism Culture Development Co., Ltd. (福建貴安新天地旅遊文化開發有限公司) from April 2013 to June 2018, and rejoined our Group in June 2018. See his biographical details below for details.

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The following table shows the key information of our senior management:

Date of Relationship with Date of appointment other Directors joining the as senior and senior Name Age Group management Position Responsibility management Mr. ZHAI Bingquan 46 January 4, August 24, President Supervising overall operations, None (翟兵權) 2012 2020 management, strategic planning and business development

Mr. YU Guangfeng 47 March 5, January 11, Vice president Supervising daily operations None (俞廣峰) 2001 2021 and business development, supervising overall business planning and implementation, and overall management and management of bidding and the procurement of the residential property management group

Mr. LIU Zhanjun 41 December 24, January 11, Vice president Daily operations and None (劉佔軍) 2002 2021 investment plans of the Company, and overall management of high-end business groups

Mr. LIU Yundong 49 November 10, January 11, General manager Overall management of None (劉運東) 2000 2021 of Southwest projects in Southwest China China region region, dealing with and making plans for major events and important business activities

Mr. XU Haoming 42 February 21, January 11, General manager Overall management of None (徐浩明) 2004 2021 of Central projects in Central China China region region, dealing with and making plans for major events and business activities

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Date of Relationship with Date of appointment other Directors joining the as senior and senior Name Age Group management Position Responsibility management Mr. YANG Huisen 39 March 19, January 11, General manager Human resources management, None (楊輝森) 2008 2021 of the human administrative management, resources management of group organizational development, management of talent development, legal and internal control and brand management

Ms. ZHAO Fuxiang 49 June 8, 2020 January 11, General manager Managing financial policies, None (趙福香) 2021 of the finance system building, accounting, and asset assets and capital management group

Mr. WANG Yubo 35 September 10, January 11, General manager Managing daily operations and None (王宇博) 2020 2021 of the center business development, of quality focusing on quality management management

DIRECTORS

Executive Directors

Mr. ZHAI Bingquan (翟兵權), aged 46, has served as an executive Director since August 24, 2020. Mr. Zhai was appointed as the chairman of the Board and the president of the Company on January 11, 2021. Mr. Zhai has approximately 18 years of experience in the real estate and property industry. He held several positions with Century Life Property Group from January 2012 to January 2016, and has served as its president since January 2016. Prior to joining our Group, Mr. Zhai was responsible for human resources management with Century Golden Resources from February 2006 to February 2012, with his last position serving as the head of human resources management center of the board.

Mr. Zhai obtained his bachelor’s degree in post and telecommunications management engineering (Communications) from Nanjing University of Posts and Telecommunications (南京郵電大學) (formerly known as Nanjing College of Posts and Telecommunication, 南京郵電學院) in the PRC in July 1997, and is currently pursuing an executive master of business administration (EMBA) degree at China Europe International Business School (中歐國際工商學院).

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Mr. YU Guangfeng (俞廣峰), aged 47, was appointed as an executive Director and vice president of the Company on January 11, 2021. He has served as the vice president of Century Life Property Group since December 2018. Mr. Yu has 15 years’ experience in property services and property management. He held several positions with Beijing Centown Property from March 2001 to April 2008, with his last position serving as a standing deputy general manager. He then held several positions with Century Yihe Property Company from April 2008 to September 2012 with his last position serving as a general manager. From September 2012 to April 2013, Mr. Yu successively served as a general manager and the chairman of the board of directors of Century Golden Resources Property Services Group Co., Ltd. Lianjiang Branch (世紀金源物業服務集團有限公司連江分公司) (formerly known as Kunming Centown Property Management Co., Ltd. Lianjiang Branch, 昆明世紀城物業管理有限公司連江分公司), a general manager of Fujian Guian Xintiandi Tourism Culture Development Co., Ltd. (福建貴安新天地旅遊文化開發有限公司) from April 2013 to June 2018, and a general manager of market development of Century Life Property Group from June 2018 to December 2018.

Mr. Yu graduated from Shandong University (山東大學) in the PRC with an associate degree in legal affairs (distance learning) in January 2020. Mr. Yu was awarded the title of “Model Worker of Guiyang” by Guiyang People’s Government in April 2010.

Mr. LIU Zhanjun (劉佔軍), aged 41, was appointed as an executive Director and vice president of the Company on January 11, 2021. He has served as an assistant to the president of Century Life Property Group since July 2019. Mr. Liu has 19 years’ experience in property services and property management. He held several positions with Beijing Centown Property from December 2002 to April 2013, with his last position serving as the head of the customer service center. After that, Mr. Liu successively acted as an assistant to the general manager of Century Golden Resources Property Services Group Co., Ltd. Hefei Branch (世紀金源物業服務集團有限公司合肥分公司) (formerly known as Kunming Centown Property Management Co., Ltd. Hefei Branch, 昆明世紀城物業管理有限公司合肥分公司) from April 2013 to March 2014, an assistant to the general manager of Hefei Binhu Centown Property Management Co., Ltd. (合肥濱湖世紀城物業管理有限公司) from March 2014 to December 2014, and a general manager of Changsha Century Golden Resources Property Management Co., Ltd. (長沙世紀金源物業管理有限責任公司) from December 2014 to July 2019.

Mr. Liu graduated from Xidian University (西安電子科技大學) in the PRC with an associate degree in sales and marketing (distance learning) in January 2020.

Non-executive Directors

Mr. BIAN Sifang (邊四方), aged 43, was appointed as a non-executive Director of the Company on January 11, 2021. He has served as an executive director of Beijing Century Huixin Fortune Investment Management Co., Ltd. (北京世紀匯信財富投資管理有限公司) since July 2015. Mr. Bian has ten years’ experience in corporate governance and marketing. Mr. Bian served as a brand director of marketing center and marketing brand department of China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商局蛇口工業區控股股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 001979) from July 2011 to June 2015.

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Mr. Bian graduated from the Department of Philosophy of Peking University (北京大學) in the PRC in July 1999.

Mr. LIN Zhonghua (林中華), aged 54, was appointed as a non-executive Director of the Company on January 11, 2021. He joined Century Golden Resources in November 2010, and has served as its director of the board of directors since June 2011, head of financial management center since December 2012, and senior vice president since December 2018. He has served as a supervisor for Fudian Bank Co., Ltd. (富滇銀行股份有限公司) since October 2014, a director of Agricultural Bank of China Life Insurance Co., Ltd. (農銀人壽保險股份有限公司) since October 2017, a non-executive director of Beijing Prime Hotel Co., Ltd. (北京華僑大廈有限公司) since March 2019, and the chairman of the board of directors of Huadun Wangyu (Beijing) Technology Co., Ltd. (華盾網禦(北京)科技有限公司) since October 2020.

Mr. Lin has 29 years’ experience in corporate governance and finance management. He held several positions with China Light Industry Raw Materials Co., Ltd. (中國輕工業原材料總公司) from August 1992 to December 1999, with his last position serving as the manager of finance and audit department. He then served as the manager of finance and planning department of the State Development & Investment Corporation Agricultural Branch (國家開發投資公司農業公司) from January 2000 to January 2003. After that, he joined the State Development & Investment Corporation Zhonglu Fruit Juice Co., Ltd. (國投中魯果汁股份有限公司) (a company listed on the Shanghai Stock Exchange, stock code: 600962) from February 2003 to October 2007, during which time he consecutively served as a member of the administrative group of share transformation and listing, a finance manager, a logistics manager, an assistant to general manager and a supervisor. He then served as a financial director of China Central Television Home Shopping Co., Ltd. (中視購物有限公司) from November 2007 to October 2009. Mr. Lin acted as the head of finance department of China Non-ferrous Metal Renewable Resources Co., Ltd. (中國有色金屬再生資源有限公司) from November 2009 to October 2010.

Mr. Lin obtained his bachelor’s degree in accountancy of materials from Beijing Wuzi University (北京物資學院) in the PRC in July 1992. Mr. Lin was admitted as a certified public accountant certified by the Beijing Institute of Certified Public Accountants in May 2002.

Mr. JIANG Jianguo (姜建國), aged 45, was appointed as a non-executive Director of the Company on January 11, 2021. He has served as the head of president’s office of Century Golden Resources since January 2018, an executive director and manager of Tibet Wanqing Investment Management Co., Ltd. (西藏萬青投資管理有限公司) since January 2015, an executive director and manager of Beijing Huaxin Shengjia Technology Co., Ltd. (北京華信盛嘉科技有限公司) since March 2016, an executive director and manager of Qushui Baiying Enterprise Management Co., Ltd. (曲水百盈企業管理有限責任公司) since May 2017, an executive director and manager of Tengyun Great Health Management Co., Ltd. (騰雲大健康管理有限公司) since July 2017, an executive director and manager of Tengyun Shengshi Technology Co., Ltd. (騰雲盛世科技有限公司) since June 2016, and an executive director and

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Mr. Jiang graduated from Peking University (北京大學) in the PRC with an associate degree in law (distance learning) (函授) in June 2001.

Independent Non-executive Directors

Mr. ZHU Keshi (朱克實), aged 54, was appointed as an independent non-executive Director of the Company on January 11, 2021. He has served as the head of Coordination of Finance and Financial Policy Research Institute at Beijing National Accounting Institute (北京國家會計學院) since November 2015, an independent non-executive director and chairman of remuneration committee of Shenyang Blue Silver Industry Automatic Equipment Co., Ltd. (沈陽藍英工業自動化裝備股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 300293) since May 2016, an independent non-executive director and chairman of the audit committee of Hiersun Industrial Co., Ltd. (恒信璽利實業股份有限公司) (a company listed on the National Equities Exchange and Quotation, stock code: 832737) since October 2017, an independent non-executive director and chairman of the audit committee of Hangzhou Boiler Group Co., Ltd. (杭州鍋爐集團股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 002534) since November 2019, and an independent non-executive director and chairman of the audit committee of Angang Steel Company Limited (鞍鋼股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 000898 and the Hong Kong Stock Exchange, stock code: 00347) since November 2020.

Mr. Zhu has about five years’ experience in financial management. He worked as a financials and taxation editor from January 2005 to December 2006, the director of services division from January 2007 to December 2008 and the chief accountant of Beijing Aviation Online Network Technology Co., Ltd. (北京航天在線網絡科技有限公司) from January 2009 till July 2013. From June 2015 to May 2020, Mr. Zhu was an independent non-executive director and chairman of nomination committee of Liaoning Energy Industry Co., Ltd. (遼寧能源煤電產業股份有限公司) (a company listed on the Shanghai Stock Exchange, stock code: 600758, formerly known as Liaoning Jindi Construction Consortium Co., Ltd, 遼寧金帝建設集團股份有限公司, and Liaoning Hongyang Energy Resource Invest Co., Ltd, 遼寧紅陽能源投資股份有限公司).

Mr. Zhu obtained his master’s degree in accounting from Liaoning University (遼寧大學) in the PRC in December 1992 and his doctoral degree in public finance (財政學) from Renmin University of China (中國人民大學) in the PRC in January 2010. Mr. Zhu obtained his certificate of Certified Tax Agent issued by Beijing Municipal Human Resources and Social Security Bureau (formerly known as Beijing Human Resources Bureau) in June 2007. He was qualified as a professor-level senior accountant by China Aerospace Science and Industry

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Corporation (中國航天科工集團有限公司) (formerly known as China Aerospace Science and Industry Group Co. Ltd., 中國航天科工集團公司) with effect from August 2010. He was qualified as a professor by Department of Personnel and Education, Ministry of Finance in June 2018.

Mr. HONG Deli (洪德利), aged 43, was appointed as an independent non-executive Director of the Company on January 11, 2021. He has served as the chairman of the board of directors of Fujian Langchao Group Co., Ltd. (福建狼巢集團有限公司) since June 2012, Langchao Integrated Circuit (Xiamen) Co., Ltd. (狼巢集成電路(廈門)有限公司) since November 2018 and executive director of Xiamen Langsi Intelligent Technology Co., Ltd. (廈門朗思智能科技有限公司) since November 2020. Mr. Hong has 18 years’ experience in corporate governance and property management. He previously served as an executive director of Xiamen Powerlong Hotel Co., Ltd. (廈門寶龍大酒店有限公司) from April 2003 to March 2006, a standing vice president of Xiamen Powerlong Real Estate Development Co., Ltd. (廈門寶龍房地產發展有限公司) from April 2006 to April 2008, and an executive director and general manager of Hangho Land (Xiamen) Co., Ltd. (恒禾置地(廈門)股份有限公司) from April 2008 to April 2012.

Mr. Hong has served as the chairman of the Council for the first session of Fujian International Chamber of Commerce for the Private Sector (福建省民營經濟國際合作商會) since December 2016, a member of the standing committee of the eleventh session of Fujian Federation of Commerce and Industry (福建省工商聯合會) since August 2017, a vice-chairman of the Fujian Overseas Exchange Association (福建省海外交流協會) since February 2018, a standing vice-chairman of World Association of Fujian Youth (世界福建青年聯合總會, formerly known as World Federation of Fujian Youth, 世界福建青年聯會) since February 2018, a counsel of the Council for the Promotion of Peaceful Reunification of Argentina (阿根廷和平統壹促進會) since October 2016, and an honorary chairman of the Council for the fourth session of Xiamen Overseas Chinese Economic Association (廈門市僑鄉經濟促進會) since July 2017.

Mr. Hong obtained his bachelor’s degree in International Economic Law from Xiamen University (廈門大學) in the PRC in July 2001 and his EMBA degree from Xiamen University in July 2013.

Ms. ZHANG Yunyan (張雲燕), aged 45, was appointed as an independent non-executive Director of the Company on January 11, 2021. She has served as a senior partner of Jincheng Tongda & Neal Law Firm (北京金誠同達律師事務所) since June 2016, an independent non-executive director of An Hui Wenergy Co., Ltd. (安徽省皖能股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 000543) since April 2018, an independent non-executive director of Anhui Conch Cement Co., Ltd. (安徽海螺水泥股份有限公司)(a company listed on the Shanghai Stock Exchange, stock code: 600585 and the Hong Kong Stock Exchange, stock code: 00914) since May 2019, and an independent non-executive director of

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Jiangxi Changyun Co., Ltd. (江西長運股份有限公司) (a company listed on the Shanghai Stock Exchange, stock code: 600561) since June 2019. Ms. Zhang has 20 years’ experience in corporate governance and legal profession. She participated in the founding of Chengyi Law Firm (安徽承義律師事務所) and served as its senior partner and managing partner from November 2001 to May 2016. Ms. Zhang served as an independent non-executive director of COFCO Biochemical (Anhui) Co., Ltd. (中糧生物化學(安徽)股份有限公司) (a company listed on the Shenzhen Stock Exchange, stock code: 000930, formerly known as Anhui BBCA Biochemical Co., Ltd., 安徽豐原生物化學股份有限公司) from June 2006 to June 2009, and an independent non-executive director of Anhui Sun Create Electronics Co., Ltd. (安徽四創電子股份有限公司) (a company listed on the Shanghai Stock Exchange, stock code: 600990) from September 2013 to August 2017.

Ms. Zhang obtained her EMBA degree from University of Science and Technology of China (中國科學技術大學) in the PRC in November 2012. Ms. Zhang was qualified as a PRC lawyer by the Ministry of Justice of the PRC in August 1998. She obtained her completion certificate of practical operations of liquidators (破產管理人實務操作結業證書) issued by China Law Society Training Center in June 2007 and her certificate of qualified independent director issued by the Shanghai Stock Exchange in January 2010. Ms. Zhang obtained her certificate of investment project analyst (formerly known as certificate of project data analyst) issued by China General Chamber of Commerce in January 2013.

Ms. Zhang was awarded the “Leading Lawyer of International Practice in China” by All China Lawyers Association in November 2015, was nominated for “the Best Dispute Resolution Lawyer of the Year” by the China Law & Practice Awards in August 2017, was awarded the “2019 Asian Legal Business China Client Choice” award in August 2019, was awarded the “Outstanding Professional Lawyer” by 2019 Law Yearbook of China published in September 2019, and was awarded the title of “The A-List Legal Elite” by China Business Law Journal in December 2020.

Save as disclosed above, none of the Directors held any directorship in public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the last three years immediately preceding the date of this document. Save as disclosed herein, to the best knowledge, information and belief of the Directors and having made all reasonable inquiries, there were no other matters with respect to the appointment of the Directors that need to be brought to the attention of the Shareholders and there was no information relating to the Directors that is required to be disclosed pursuant to Rule 13.51(2)(a) to (v) of the Listing Rules.

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SENIOR MANAGEMENT

For the biographical details of Mr. ZHAI Bingquan, Mr. YU Guangfeng and Mr. LIU Zhanjun, see “– Executive Directors.”

Mr. LIU Yundong (劉運東), aged 49, was appointed as the general manager of Southwest China region of our Company on January 11, 2021. He has served as the general manager of Southwest China region of Century Life Property Group since December 2019. Mr. Liu has 21 years’ experience in property services and property management. He held several positions with Beijing Century Golden Resources Property Management Co., Ltd. (北京世紀金源物業管理有限公司) from November 2000 to December 2006, with his last position serving as a manager of the engineering department. He then held several positions with Century Golden Resources Property Services Group Co., Ltd. from December 2006 to January 2015, with his last position serving as a general manager, and then served as a general manager of Century Yihe Property Company from January 2015 to December 2019.

Mr. Liu has been a member of the second session of the Chinese People’s Political Consultative Conference of Guanshanhu District, Guiyang City since April 2020, and a member of the Industry Expert Committee of Guizhou Property Management Institute (貴州省物業管理協會) since July 2020. He was hired by the Centown Police Sub-station, Guanshanhu Sub-bureau of Guiyang (貴陽市觀山湖區公安分局世紀城派出所) as a “Building up the Police Politically, and Ruling the Police Strictly in All Respects” police discipline education supervisor for a one-year term commencing from September 2020.

Mr. Liu graduated from Renmin University of China (中國人民大學) in the PRC with an associate degree in business administration (distance learning) in July 2019. He qualified as a Middle Level Hydropower Engineer with Beijing Middle Level Professional and Technical Title Review Committee in September 1999. He was awarded the “Outstanding Party Branch Secretary of Year 2017” by the Communist Party of China Centown Community Council of Guanshanhu District, Guiyang City in July 2018.

Mr. XU Haoming (徐浩明), aged 42, was appointed as the general manager of Central China region of our Company on January 11, 2021. He has served as the general manager of Central China region of Century Life Property Group since July 2019. Mr. Xu has 17 years’ experience in property services and property management. He held several security management positions consecutively in Beijing Century Yihe Property Management Co., Ltd. (北京世紀頤和物業管理有限責任公司) and Century Golden Resources Property Services Group Co., Ltd. from February 2004 to November 2010, with his last position serving as a manager of the commercial street customer service center and a manager of the security department. He then held several positions in Century Yihe Property Company from November 2010 to July 2013, with his last position serving as a deputy general manager. Mr. Xu acted as a deputy general manager of Century Golden Resources Property Services Group Co., Ltd. Luoyuan Branch (世紀金源物業服務集團有限公司羅源分公司) (formerly known as Kunming Centown Property Management Co., Ltd. Luoyuan Branch, 昆明世紀城物業管理有限公司羅源分公司) from July 2013 to February 2014. After that he held several positions with Century

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Golden Resources Property Services Group Co., Ltd. Hefei Branch (世紀金源物業服務集團有限公司合肥分公司) (formerly known as Kunming Centown Property Management Co., Ltd. Hefei Branch, 昆明世紀城物業管理有限公司合肥分公司) from February 2014 to July 2019, with his last position serving as a general manager.

Mr. Xu has been a member of the Expert Database of Property Management Industry of Anhui Province selected by the Anhui Property Management Association since May 2019 and a member of the Evaluation and Testing Expert Committee of Anhui Property Management Association since October 2019.

Mr. Xu graduated from Fujian Jiangxia University (福建江夏學院) in the PRC with an associate degree (distance learning) in business corporation administration from in March 2017. Mr. Xu has obtained his qualification as a Senior Property Manager from JYPC National Professional Qualification Examination Certification Center in June 2017. He was awarded the “Teaching Expert of Hefei Property Management Association” by Hefei Property Management Association in April 2018, and “Advanced Individual in Party Building within Property Industry in Hefei” by Hefei Property Industry Committee of the Communist Party of China in June 2019.

Mr. YANG Huisen (楊輝森), aged 39, was appointed as the general manager of the human resources group of our Company on January 11, 2021. He has served as the general manager of the human resources group of Century Life Property Group since December 2019. Mr. Yang has 13 years’ experience in corporate governance and human resources management. He held various human resources management positions consecutively with Beijing Century Yihe Property Management Co., Ltd. (北京世紀頤和物業管理有限責任公司) from March 2008 to May 2009, with his last position serving as a deputy manager of the human resources and administration department. After that, Mr. Yang successively acted as a deputy manager of human resources and administration department and a manager of human resources and administration department of Beijing Centown Property from May 2009 to May 2013, and a chief director of human resources till a general manager of human resources center of Century Life Property Group from May 2013 to December 2019.

Mr. Yang graduated from Putian University (莆田學院) in the PRC with an associate degree in travel management in July 2003. He was qualified as an economist by the Fujian Federation of Commerce and Industry (福建省工商業聯合會) in December 2012.

Ms. ZHAO Fuxiang (趙福香), aged 49, was appointed as the general manager of the finance and asset management group of our Company on January 11, 2021. She has served as the general manager of the finance and asset management group of Century Life Property Group since June 2020. Ms. Zhao has 21 years’ experience in corporate governance and financial management. She served as a senior manager of finance department of Beijing Vanke Enterprise Co., Ltd. (北京萬科企業有限公司) from April 2000 to November 2002, and held several positions with Beijing Vanke Property Services Co., Ltd. (北京萬科物業服務有限公司) from December 2002 to June 2019, including serving as a financial manager, a financial director, and an assistant to the general manager (a deputy general manager).

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Ms. Zhao obtained her bachelor’s degree in accounting and finance from Capital University of Economics and Business (首都經濟貿易大學) in the PRC in July 1996 and her master’s degree in accounting from Beijing Technology and Business University (北京工商大學) in the PRC in December 2003. Ms. Zhao obtained the qualification as an Intermediate Accountant from Beijing Municipal Finance Bureau in June 1998.

Mr. WANG Yubo (王宇博), aged 35, was appointed as the general manager of center of quality management of our Company on January 11, 2021. He has served as the general manager of center of quality management of Century Life Property Group since September 2020. Mr. Wang has more than 11 years’ experience in corporate governance and quality management. He previously held several positions with Beijing Longfor Property Services Co., Ltd. (北京龍湖物業服務有限公司) from January 2010 to April 2019, with his last position serving as a standing deputy general manager, a general manager of Tianrun Property Services Co., Ltd. (天潤物業服務有限公司) from May 2019 to February 2020, and a deputy general manager of the property department of Beijing Liando Property Management Co., Ltd. (北京聯東物業管理股份有限公司) from February 2020 to August 2020.

Mr. Wang obtained both his bachelor’s degree in automation and master’s degree in mechanical engineering from Beijing Forestry University (北京林業大學) in July 2007 and December 2010, respectively.

JOINT COMPANY SECRETARY

Mr. LI Xiaoming (李曉銘), aged 35, was appointed as a Joint Company Secretary on July 1, 2021. He has been the investment, merger and acquisition general manager of Beijing Centown Property since June 2021. Mr. Li has over 14 years of experience in investment management. He was employed by Ernst & Young Hua Ming from August 2006 to September 2010, with the last position serving as a senior auditor, Ping An Securities Co., Ltd. (平安證券有限責任公司) from September 2010 to November 2011 and Hualin Securities Co., Ltd. (華林證券有限責任公司) from November 2011 to January 2014. He was an investment manager of CMIG Capital Management Co., Ltd. (中民投資本管理有限公司) from July 2014 to May 2018, an investment director of Qianhai Zhongchuang Capital Management (Shenzhen) Co., Ltd. (前海眾創資本管理(深圳)有限公司) from June 2018 to March 2020, and served various positions including executive director and the managing director of the investment banking center of Zhongzhi International Investment Holding Group Co., Ltd. (中植國際投資控股集團有限公司) from April 2020 to June 2021.

Mr. Li obtained his bachelor’s degree in accountancy from Renmin University of China (中國人民大學) in the PRC in July 2006. He was qualified as a certified public accountant in the PRC in December 2010. He passed the qualification exam for securities practitioner by the China Securities Association (中國證券業協會) in December 2010, the qualification examination for sponsor representative by the China Securities Association in June 2013 and the qualification exam for fund practitioner by the China Securities Investment Fund Association in May 2016.

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Mr. WONG Yu Kit (黃儒傑), aged 38, was appointed as a Joint Company Secretary on January 11, 2021. He is a vice president of SWCS Corporate Services Group (Hong Kong) Limited. Mr. Wong has over 10 years of experience in the corporate services field.

Mr. Wong obtained a bachelor’s degree in Business Administration and Management from the University of Huddersfield in the United Kingdom and a master’s degree in corporate governance from the Open University of Hong Kong. He is an associate member of The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute (formerly known as The Institute of Chartered Secretaries and Administrators).

COMPETING INTERESTS

Saved as disclosed in this document, none of our Directors or any of their respective associates had interests in any other companies as at the Latest Practicable Date that may, directly or indirectly, compete with our business and would require disclosure under Rule 8.10 of the Listing Rules.

BOARD COMMITTEES

In accordance with relevant PRC laws, regulations, the Articles and the corporate governance practice prescribed in the Hong Kong Listing Rules, we have formed three board committees, namely the Audit Committee, the Nomination Committee and the Remuneration Committee.

Audit Committee

We have established an audit committee (the “Audit Committee”) in compliance with Rule 3.21 of the Listing Rules and with written terms of references in compliance with the Corporate Governance Code set out in Appendix 14 to the Listing Rules. The primary duties of the Audit Committee are to review and supervise the financial reporting process and internal controls system of the Group, review and approve connected transactions and to advise the Board. The Audit Committee consists of three members, including one non-executive director, namely Mr. JIANG Jianguo and two independent non-executive directors, namely Mr. ZHU Keshi and Mr. HONG Deli. Mr. ZHU Keshi currently serves as the chairman of the Audit Committee and is appropriately qualified as required under Rules 3.10(2) and 3.21 of the Listing Rules.

Nomination Committee

We have established a nomination committee (the “Nomination Committee”) in compliance with the Corporate Governance Code set out in Appendix 14 to the Listing Rules. The primary duties of the Nomination Committee are to make recommendations to our Board regarding the appointment of Directors and Board succession. The Nomination Committee will also consider the candidate(s)’ ability to devote sufficient time to fulfill the duties of the

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Directors and members of the special committees of the Board and consider the candidate(s) of independent non-executive director(s)’ ability to devote sufficient time to the Board if the candidate(s) will be holding his/her seventh (or more) listed company directorships. The Nomination Committee consists of three members, including one executive Director, Mr. ZHAI Bingquan and two independent non-executive Directors, namely Mr. HONG Deli and Ms. ZHANG Yunyan. Mr. ZHAI Bingquan currently serves as the chairman of the Nomination Committee.

Remuneration Committee

We have established a remuneration committee (the “Remuneration Committee”) in compliance with Rule 3.25 of the Listing Rules and with written terms of references in compliance with the Code on Corporate Governance set out in Appendix 14 to the Listing Rules. The primary duties of the Remuneration Committee are to review and make recommendations to the Board regarding the terms of remuneration packages, bonuses and other compensation payable to our Directors and senior management. The Remuneration Committee consists of three members, including one executive director, namely Mr. YU Guangfeng and two independent non-executive Directors, namely Mr. HONG Deli and Ms. ZHANG Yunyan. Mr. HONG Deli currently serves as the chairman of the Remuneration Committee.

BOARD DIVERSITY POLICY

The Board has adopted a board diversity policy (the “Board Diversity Policy”) in order to enhance the effectiveness of our Board and to maintain high standard of corporate governance. The Board Diversity Policy sets out the criteria in selecting candidates to our Board, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board. The Board is of the view that our current Board composition satisfies the Board Diversity Policy. The Nomination Committee is responsible for reviewing the diversity of the Board. After the [REDACTED], the Nomination Committee will monitor and evaluate the implementation of the Board Diversity Policy from time to time to ensure its continued effectiveness. The Nomination Committee will also include in successive annual reports a summary of the Board Diversity Policy, including any measurable objectives set for implementing the Board Diversity Policy and the progress on achieving these objectives.

COMPENSATION OF DIRECTORS AND SENIOR MANAGEMENT

For details of the service contracts and appointment letters that we have entered into with our Directors, see “Appendix IV – Statutory and General Information – C. Further Information about our Directors and Substantial Shareholders – 2. Particulars of Service Contracts.”

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The aggregate amount of remuneration we paid to our Directors in respect of the three years ended December 31, 2018, 2019, 2020 and the four months ended 30 April 2021 were approximately RMB2,505,000, RMB3,376,000, RMB3,407,000 and RMB327,000, respectively. Further information on the remuneration of each Director during the Track Record Period is set out in Accountants’ Report in Appendix I to this document.

Under the arrangements currently in force, the aggregate amount of remuneration (excluding any discretionary bonus which may be paid) payable by our Group to our Directors for the financial year ending December 31, 2021 is expected to be approximately RMB4 million.

For the three years ended December 31, 2018, 2019, 2020 and the four months ended 30 April 2021, the aggregate amount of the remuneration paid to the five highest paid individuals of our Group, including the Directors were RMB3,922,000, RMB5,105,000, RMB5,170,000 and RMB1,323,000, respectively. Further details on the remuneration of the five highest paid individuals during the Track Record Period is set out in Accountants’ Report in Appendix I to this document.

During the Track Record Period, no remuneration was paid to any Director or any of the five highest paid individuals of our Group as an inducement to join or upon joining our Group. No compensation was paid to or receivable by any Director or any of the five highest paid individuals during the Track Record Period for the loss of any office in connection with the management of the affairs of any member of our Group. None of our Directors waived any emoluments during the Track Record Period.

Save as disclosed above, no other payments have been paid or are payable in respect of the Track Record Period to our Directors by our Group.

COMPLIANCE ADVISOR

We have appointed Red Solar Capital Limited as our compliance advisor (the “Compliance Advisor”) pursuant to Rule 3A.19 of the Listing Rules. The Compliance Advisor will provide us with guidance and advice as to compliance with the Listing Rules and applicable Hong Kong laws. Pursuant to Rules 3A.23 of the Listing Rules, the Compliance Advisor will advise the Company in certain circumstances and/or matters including:

(a) before the publication of any regulatory announcement, circular, or financial report;

(b) where a transaction, which might be a notifiable or connected transaction, is contemplated, including share issues and share repurchases;

(c) where we propose to use the [REDACTED]ofthe[REDACTED] in a manner different from that detailed in this document or where the business activities, development or results of the Group deviate from any forecast, estimate or other information in this document; and

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(d) where the Stock Exchange makes an inquiry to the Company regarding unusual movements in the [REDACTED]ofits[REDACTED] securities or any other matters in accordance with Rule 13.10 of the Listing Rules.

CORPORATE GOVERNANCE CODE

The Company is committed to achieving high standards of corporate governance with a view to safeguarding the interests of our Shareholders. To accomplish this, the Company intends to comply with the corporate governance requirements under the Corporate Governance Code and Corporate Governance Report set out in Appendix 14 to the Hong Kong Listing Rules after the [REDACTED].

Our Directors recognize the importance of incorporating elements of good corporate governance in the management structures and internal control procedures of our Group to achieve effective accountability. Our Company intends to comply with all code provisions in the Corporate Governance Code as set out in Appendix 14 to the Listing Rules after the [REDACTED] except for Code Provision A.2.1 of the Corporate Governance Code, which provides that the roles of chairman of the board and chief executive officer should be separate and should not be performed by the same individual.

The roles of chairman of the Board and president of our Company (an equivalent to chief executive officer of our Company) are currently performed by Mr. ZHAI Bingquan. In view of Mr. ZHAI Bingquan’s substantial contribution to our Group since our establishment and his extensive experience, we consider that having Mr. ZHAI Bingquan acting as both our chairman and president will provide strong and consistent leadership to our Group and facilitate the efficient execution of our business strategies. We consider it appropriate and beneficial to our business development and prospects that Mr. ZHAI Bingquan continues to act as both our chairman and president after the [REDACTED], and therefore currently do not propose to separate the functions of chairman and president.

While this would constitute a deviation from Code Provision A.2.1 of the Corporate Governance Code, the Board believes that this structure will not impair the balance of power and authority between the Board and the management of our Company, given that: (i) there are sufficient checks and balances in the Board, as a decision to be made by our Board requires approval by at least a majority of our Directors, and our Board comprises three independent non-executive Directors, which is in compliance with the requirement under the Listing Rules; (ii) Mr. ZHAI Bingquan and the other Directors are aware of and undertake to fulfill their fiduciary duties as Directors, which require, among other things, that he acts for the benefit and in the best interests of our Company and will make decisions for our Group accordingly; and (iii) the balance of power and authority is ensured by the operations of the Board which comprises experienced and high caliber individuals who meet regularly to discuss issues affecting the operations of our Company. Moreover, the overall strategic and other key business, financial, and operational policies of our Group are made collectively after thorough discussion at both Board and senior management levels. The Board will continue to review the effectiveness of the corporate governance structure of our Group in order to assess whether separation of the roles of chairman of the Board and president is necessary.

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So far as our Directors are aware as of the Latest Practicable Date, immediately following the completion of the Capitalization Issue and the [REDACTED] and assuming that the [REDACTED] is not exercised, the following persons will have an interest or a short position in the Shares which will be required to be disclosed to our Company and the Hong Kong Stock Exchange pursuant to the provisions of Division 2 and 3 of Part XV of the SFO or will be, directly or indirectly, interested in 10% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of our Company:

Shares held immediately following the completion of the Shares held Capitalization Issue as of the Latest and the Name of shareholder Nature of interest Practicable Date [REDACTED](1) Number Percentage Number Percentage HUANG Tao(2) Interest in controlled 5,520 55.20% 331,200,000 [REDACTED]% corporations and a settler and protector of a discretionary trust Joy Deep Limited(2) Interest in controlled 4,968 49.68% 298,080,000 [REDACTED]% corporation Platinum Wish Limited(2) Beneficial interest 4,968 49.68% 298,080,000 [REDACTED]% Lead Tide Limited Beneficial interest 552 5.52% 33,120,000 [REDACTED]% HUANG Shiying(3) Interest in controlled 3,680 36.8% 220,800,000 [REDACTED]% corporations and a settler and protector of a discretionary trust Joy Riding Limited(3) Interest in controlled 3,312 33.12% 198,720,000 [REDACTED]% corporation View Max Limited(3) Beneficial interest 3,312 33.12% 198,720,000 [REDACTED]% Source Coast Limited(3) Beneficial interest 368 3.68% 22,080,000 [REDACTED]% Vistra Trust (Hong Kong) Trustee 8,280 82.80% 496,800,000 [REDACTED]% Limited(2)(3) Forward Fame Limited(4) Beneficial interest 800 8.00% 48,000,000 [REDACTED]% Longwin Global Limited(4) Interest in controlled 800 8.00% 48,000,000 [REDACTED]% corporation Mr. MA Tao(4) Interest in controlled 800 8.00% 48,000,000 [REDACTED]% corporation

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(1) Assuming the [REDACTED] is not exercised.

(2) As of the Latest Practicable Date Mr. HUANG Tao held 5,520 Shares comprising (i) 552 Shares through Lead Tide Limited, a company incorporated in the British Virgin Islands and is wholly owned by Mr. HUANG Tao, and (ii) 4,968 Shares through Platinum Wish Limited, a company incorporated in the British Virgin Islands and is in turn owned by Joy Deep Limited and Prime Elegance Limited as to 99% and 1%, respectively. Joy Deep Limited is held by Sparkle Fortune Family Trust which was a discretionary trust established by Mr. HUANG Tao as the settlor and protector. Vistra Trust (Hong Kong) Limited is the trustee of the Sparkle Fortune Family Trust, and Mr. HUANG Tao and his family members are the beneficiaries of the Sparkle Fortune Family Trust. Prime Elegance Limited is wholly-owned by Mr. HUANG Tao. As such, Mr. HUANG Tao deemed to be interested in our Shares held by Lead Tide Limited, and each of Mr. HUANG Tao, Vistra Trust (Hong Kong) Limited and Joy Deep Limited is deemed to be interested in our Shares held by Platinum Wish Limited.

(3) As of the Latest Practicable Date Mr. HUANG Shiying held 3,680 Shares comprising (i) 368 Shares through Source Coast Limited, a company incorporated in the British Virgin Islands and is wholly owned by Mr. HUANG Shiying, and (ii) 3,312 Shares through View Max Limited, a company incorporated in the British Virgin Islands and is in turn owned by Joy Riding Limited and Leisure Light Limited as to 99% and 1%, respectively. Joy Riding Limited is held by Leading Trend Family Trust which was a discretionary trust established by Mr. HUANG Shiying as the settlor and protector. Vistra Trust (Hong Kong) Limited is the trustee of the Leading Trend Family Trust, and Mr. HUANG Shiying and his family members are the beneficiaries of the Leading Trend Family Trust. Leisure Light Limited was wholly-owned by Mr. HUANG Shiying. As such, Mr. HUANG Shiying deemed to be interested in our Shares held by Source Coast Limited, and each of Mr. HUANG Shiying, Vistra Trust (Hong Kong) Limited and Joy Riding Limited is deemed to be interested in our Shares held by View Max Limited.

(4) Forward Fame Limited was incorporated in the British Virgin Islands on August 25, 2020 with limited liability and was wholly-owned by Longwin Global Limited, which in turn was wholly-owned by Mr. MA Tao, an independent Third Party. As such, each of Mr. MA Tao and Longwin Global Limited is deemed to be interested in our Shares held by Forward Fame Limited.

Save as disclosed herein, our Directors are not aware of any persons who will, immediately following completion of the Capitalization Issue and the [REDACTED] (assuming the [REDACTED] is not exercised), have interests or short positions in Shares or underlying Shares which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO or, will be, directly or indirectly, interested in 10% or more of the issued voting shares of our Company.

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AUTHORISED AND ISSUED SHARE CAPITAL

The following is a description of the authorised and issued share capital of our Company in issue and to be issued as fully paid or credited as fully paid immediately following the completion of the Capitalization Issue and the [REDACTED]:

Aggregate nominal value of Shares

(US$) As of the Date of this document Authorized share capital 5,000,000,000 shares of US$0.00001 each 50,000 Issued share capital 10,000 shares of US$0.00001 each 0.1

Immediately after completion of the Capitalization Issue and the [REDACTED] Authorized Share capital 5,000,000,000 shares of US$0.00001 each 50,000 Issued Share capital as at the date of this document 10,000 shares of US$0.00001 each 0.1 Shares to be issued under the Capitalization Issue 599,990,000 shares of US$0.00001 each 5,999.9 Shares to be issued under the [REDACTED] (assuming the [REDACTED] is not exercised) [REDACTED] shares of US$0.00001 each [REDACTED] Total issued Shares immediately after completion of the Capitalization Issue and the [REDACTED] (assuming the [REDACTED] is not exercised) [REDACTED] shares of US$0.00001 each [REDACTED]

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RANKING

The [REDACTED] will rank pari passu in all respects with all Shares currently in issue or to be issued as mentioned in this document, and will qualify and rank equally for all dividends or other distributions declared, made or paid on the Shares on a record date which falls after the date of this document.

CIRCUMSTANCES UNDER WHICH GENERAL MEETINGS ARE REQUIRED

Pursuant to the Cayman Companies Act and the terms of the Memorandum of Association and Articles of Association, our Company may from time to time by ordinary resolution of shareholders (i) increase its capital; (ii) consolidate and divide its capital into shares of larger amount; (iii) divide its shares into several classes; (iv) subdivide its shares into shares of smaller amount; and (v) cancel any shares which have not been taken. In addition, our Company may be subject to the provisions of the Cayman Companies Act reduce its share capital or capital redemption reserve by its shareholders passing a special resolution. See “Appendix III – Summary of the Constitution of the Company and Cayman Companies Act – 2 Articles of Association.”

GENERAL MANDATE TO ISSUE SHARES

Subject to the [REDACTED] becoming unconditional, our Directors have been granted a general unconditional mandate to allot, issue and deal with Shares with a total nominal value of not more than the sum of:

• 20% of the aggregate nominal value of the Shares in issue immediately following completion of the Capitalization Issue and the [REDACTED]; and

• For the aggregate nominal value of Shares bought back by us under the authority, see “– General Mandate to Buy Back Shares.”

This general mandate to issue Shares will expire at the earliest of:

• the conclusion of the next annual general meeting of our Company unless otherwise renewed by an ordinary resolution of our Shareholders in a general meeting, either unconditionally or subject to conditions; or

• the expiration of the period within which our Company’s next annual general meeting is required by the Memorandum of Association and Articles of Association or any other applicable laws to be held; or

• the date on which it is varied or revoked by an ordinary resolution of our Shareholders in general meeting.

See “Appendix IV – Statutory and General Information – A. Further Information about our Group – 4. Resolutions of the Shareholders of Our Company dated [●], 2021.”

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GENERAL MANDATE TO BUY BACK SHARES

Subject to the [REDACTED] becoming unconditional, our Directors have been granted a general unconditional mandate to exercise all the powers of our Company to buy back our own securities with nominal value of up to 10% of the aggregate nominal value of our Shares in issue immediately following the completion of the Capitalization Issue and the [REDACTED].

The buy back mandate only relates to purchase made on the Stock Exchange, or on any other stock exchange on which our Shares are listed (and which are recognized by the SFC and the Stock Exchange for this purpose), and which are in accordance with the Listing Rules. See “Appendix IV – Statutory and General Information – A. Further Information about our Group – 4. Resolutions of the Shareholders of Our Company dated [●], 2021” for a summary of the relevant Listing Rules.

This general mandate to back Shares will expire at the earliest of:

• the date on which it is varied or revoked by an ordinary resolution of our Shareholders in a general meeting.

See “Appendix IV – Statutory and General Information – A. Further Information about our Group – 4. Resolutions of the Shareholders of Our Company dated [●], 2021.”

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You should read the following discussion and analysis in conjunction with our consolidated financial information set forth in Accountants’ Report included as Appendix I to this document. Our consolidated financial information has been prepared in accordance with IFRSs.

The following discussion and analysis contain certain forward-looking statements that reflect our current views with respect to future events and financial performance. These statements are based on assumptions and analysis made by us in light of our experiences and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual outcome and developments will meet our expectations and predictions depends on a number of risks and uncertainties over which we do not have control. See “Risk Factors” and “Forward-looking Statements.”

OVERVIEW

We provide a wide range of property management services and value-added services for property owners, residents and property developers of the properties we manage, through which we have developed an integrated living service ecosystem.

Our property management services for residential properties mainly include customer services, cleaning, greening and gardening services, security services and repair and maintenance services. Meanwhile, we manage non-residential properties such as shopping malls and office buildings, providing integrated non-residential property management services, repair and maintenance services, environment services, security services, and additional customized services, among other things. For value-added services, we provide community value added services, comprising community living services, community space management services and community retail services, and value-added services to non-property owners.

During the Track Record Period, both our property management services and value-added services businesses experienced continual revenue growth. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our total revenue was RMB922.5 million, RMB1,058.8 million, RMB1,289.0 million, RMB385.7 million and RMB572.5 million, respectively.

BASIS OF PREPARATION AND PRESENTATION

Our Company was incorporated in the Cayman Islands as an exempted company with limited liability on August 24, 2020. In preparation for the [REDACTED], we have undergone a series of corporate reorganization transactions. For details, see “History, Reorganization and Corporate Structure – Reorganization.” Upon completion of the Reorganization, the Company became the holding company of the companies now comprising the Group.

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The consolidated financial statements have been prepared in accordance with all applicable International Financial Reporting Standards (“IFRSs”) which collectively include all applicable individual International Financial Reporting Standard, International Accounting Standards (“IASs”) and interpretations issued by the International Accounting Standards Board (“IASB”). For more information on the basis of presentation and preparation of our financial information included herein, see Accountants’ Report in Appendix I to this document.

KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS

The following factors are key ones that have affected and, we expect, will continue to affect, our business, financial condition, results of operations and prospects.

GFA under Management

During the Track Record Period, we generated a majority of our revenue from property management services, which contributed 74.8%, 77.3%, 79.4%, 77.3% and 78.3%, respectively, of our total revenue in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021. Accordingly, our business and results of operations depend on our ability to maintain and increase our GFA under management, which in turn is affected by our ability to renew existing service contracts and obtain new service contracts. During the Track Record Period, we experienced steady growth in total GFA under management, which was 47.6 million sq.m., 58.7 million sq.m., 64.4 million sq.m. and 70.2 million sq.m., respectively, as of December 31, 2018, 2019 and 2020 and April 30, 2021.

During the Track Record Period, a significant portion of the properties we managed were developed by Century Golden Resources Group. As of December 31, 2018, 2019 and 2020 and April 30, 2021, GFA under management of the properties developed by Century Golden Resources Group accounted for 91.0%, 75.1%, 74.3% and 68.6%, respectively, of our total GFA under management. As of the same dates, GFA under management of the properties developed by independent third-party property developers accounted for 9.0%, 24.9%, 25.7% and 31.3%, respectively. We have taken continual efforts in expanding our property management services to cover properties developed by independent third-party property developers, with a view to expanding revenue sources and diversifying our property management portfolio.

Business Mix

Our results of operations are affected by our business mix. During the Track Record Period, our profit margins varied across our two main business lines, namely, property management services and value-added services. Our profit margins of different business lines generally depend on the types of services provided, fees received and costs borne by us under different contractual arrangements. Any change in the revenue structure or change in the profit margin of any business line may have a corresponding impact on our overall profit margin.

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The table below sets forth a revenue breakdown by business line for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Amount % Amount % Amount % Amount % Amount %

(RMB in thousands, except for percentages) Property management services .... 690,377 74.8 818,366 77.3 1,022,882 79.4 298,142 77.3 448,106 78.3 Value-added services ...... 232,085 25.2 240,415 22.7 266,080 20.6 87,554 22.7 124,345 21.7 Community value-added services . . 231,701 25.2 237,655 22.4 258,663 20.0 87,508 22.7 115,364 20.2 – Community living services . . . 165,811 18.0 167,187 15.7 177,111 13.7 66,566 17.3 77,919 13.6 – Community space management services...... 65,275 7.1 67,338 6.4 63,459 4.9 18,948 4.9 21,635 3.8 – Community retail services .... 615 0.1 3,130 0.3 18,093 1.4 1,994 0.5 15,810 2.8 Value-added services to non- property owners ...... 384 0.0 2,760 0.3 7,417 0.6 46 0.0 8,981 1.6

Total ...... 922,462 100.0 1,058,781 100.0 1,288,962 100.0 385,696 100.0 572,451 100.0

The table below sets forth our gross profit margin by business line for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 (%) Property management services .... 31.9 31.4 34.3 38.5 34.0 Value-added services ...... 32.5 33.2 40.4 35.9 34.5 Total ...... 32.1 31.8 35.5 37.9 34.1

In general, the gross profit margin of our value-added services is higher than that of our property management services, primarily because our property management services are more labor-intensive than the value-added services. The increase in the gross profit margin of our property management services in 2020 compared to that in 2019 was primarily due to the scale effect as a result of increased GFA under management, improved efficiency with subcontracting, adjustment of management model and optimization of human resource functions and the deduction in, or exemption from, payment of social insurance contributions as a result of supportive regulatory policies issued by local governments in response to the COVID-19 pandemic.

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Brand Positioning and Pricing of Services

As we operate in a highly competitive and fragmented industry, our results of operations and financial condition are affected by our ability to maintain and increase the fee rates we charge for our services. We generally price our services by taking into account a number of factors, including (i) characteristics and locations of the residential properties, (ii) property owners and residents profiles, (iii) scope of our services and service standards, (iv) estimated costs and our budget, (v) our target profit margins, (vi) local pricing regulations, and (vii) management fees charged in nearby and comparable communities. Failure to balance the various factors in determining our pricing could materially and adversely affect our financial condition and results of operations. To strengthen our pricing power, we make efforts in diversifying our services by offering more value-added services and further improving our service quality.

Ability to Mitigate the Impact of Rising Labor and Subcontracting Costs

Since property management is labor intensive, labor and subcontracting costs in aggregate constitute a substantial portion of our cost of sales. In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, the labor costs represented 34.1%, 35.8%, 29.3%, 31.3% and 28.9%, respectively, of our revenue, and the subcontracting costs, primarily costs for cleaning, security, gardening and maintenance services outsourced to sub-contractors, represented 13.2%, 14.1%, 17.2%, 14.0% and 15.4%, respectively, of our revenue.

During the Track Record Period, our labor and subcontracting costs increased substantially as a result of our business expansion, increases in average wages in the regions where we operate, and an increase in the proportion of specialized services outsourced to subcontractors in line with the industry trend. Any significant increases in our labor and subcontracting costs may negatively affect our profit margin and reduce our profitability. During the Track Record Period, we implemented a series of cost control measures including stricter internal management and standardization of cost controls. We expect to further enhance our cost control ability through digitization.

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For illustration purposes only, we set out below a sensitivity analysis of our profit for the periods indicated with reference to the historical fluctuations of labor and subcontracting costs during the Track Record Period. The following table demonstrates the impact of the hypothetical increase in labor and subcontracting costs on our profit, while all other factors remain unchanged:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(RMB in thousands) Profit for the year/period ...... 218,176 180,920 248,691 86,160 111,593 Assuming 5% increase in our labor and subcontracting costs Impact on cost of sales ...... 21,793 26,441 30,002 8,693 12,484 Impact on profit for the year/period(1) ...... (17,042) (20,730) (23,762) (6,882) (9,721) Assuming 10% increase in our labor and subcontracting costs Impact on cost of sales ...... 43,586 52,882 60,004 17,386 24,968 Impact on profit for the year/period(1)...... (34,084) (41,459) (47,523) (13,764) (19,443)

(1) Assuming an effective income tax rate of 21.8%, 21.6%, 20.8%, 20.8% and 22.1% in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively.

Competition

Our industry is highly competitive and fragmented, and we compete with other property management companies on a number of aspects, including property management portfolio, brand recognition, capital resources, pricing, and service quality. See “Business – Competition” and “Industry Overview – Competitive Landscape.” Our ability to compete effectively with our competitors and maintain or improve our market position depends on our ability to solidify our competitive strengths. If we fail to compete and expand the GFA under our management, we may lose market position in our principal business lines and our revenue and profitability may decrease.

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Ability to Respond to Regulatory and Market Conditions of the Property Development and Property Management Industries

Our business and results of operations are affected by our ability to obtain new service engagements from property developers for their new property development projects. The scale of new property development projects is dependent on the performance of the PRC real estate market, which is subject to general economic conditions in the PRC, the rate of urbanization and, consequently, the demand for properties in the PRC. Any economic downturn in the PRC, particularly in the regions where we operate, could adversely affect our business, results of operations and financial position. The PRC regulatory environment and policies and measures taken by the PRC government have also affected the development of the real estate and property management markets, which may in turn affects our business and results of operations. See “Risk Factors – Risks Relating to Our Business and Industry – Our business, financial condition and results of operations may be affected by any adverse change in geographic regions in which we have a substantial business presence and operations” and “Risk Factors – Risks Relating to Conducting Business in the PRC.”

The PRC government has issued a series of favorable laws and policies to incentivize the development of the property management industry. Such policies, such as the Measures of Property Management Service Charges (《物業服務收費管理辦法》), and the Opinion of the National Development and Reform Commission on the Opening Fees in Certain Services (《國家發展改革委關於放開部分服務價格意見的通知》), have been promulgated to regulate and standardize property management services and also allowed property management companies like us more flexibility in pricing their services, and have fostered the growth and development of the industry. See “Industry Overview – Industry Growth Drivers – Favorable government Policies Supporting Industry Growth.” However, there can be no assurance that the PRC government will continue to issue such favorable laws, regulations and policies. Moreover, there can be no assurance that the PRC government will not suspend or terminate the current favorable laws, regulations and policies, or that the PRC government will introduce laws and policies that directly or indirectly discourage the development of the property management industry. Any such changes in the PRC governmental policies may adversely affect our business.

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SIGNIFICANT ACCOUNTING POLICIES AND CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES

We have identified certain accounting policies and critical accounting judgments and estimates that are significant to the preparation of our financial statements. Our significant accounting policies and critical accounting judgments and estimates, which are important for an understanding of our financial condition and results of operations, are set forth in details in Notes 2 and 3 of Accountants’ Report in Appendix I to this document. Our significant accounting policies include, among others things:

Revenue Recognition

We classify income as revenue when it arises from the sale of goods or the provision of services in the ordinary course of the our business.

Revenue is recognized when control over a product or service is transferred to the customer, or the lessee has the right to use the asset, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to the Group, revenue recognized under that contract includes the interest expense accrued on the contract liability under the effective interest method. The Group takes advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less.

Property management services

For property management services, we recognize revenue in the amount to which we have the right to invoice based on the value of performance completed on a monthly basis.

For property management services on income arising from properties managed under lump sum basis, where we act as principal, we are entitled to revenue at the value of property management fee received or receivable. For property management services, on income arising from properties managed under commission basis, where we act as an agent of the property owners, we are entitled to revenue at a pre-determined percentage or fixed amount of the property management services fees the property owners are obligated to pay.

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Value-added services

We recognize revenue when the value-added services are rendered. Value-added services are normally billable immediately upon the services are rendered.

Dividends

Dividend income from unlisted investments is recognized when the shareholder’s right to receive payment is established.

Interest Income

Interest income is recognized as it accrues under the effective interest method. For financial assets measured at amortized cost that are not credit-impaired, the effective interest rate is applied to the gross carrying amount of the asset. For credit-impaired financial assets, the effective interest rate is applied to the amortized cost (i.e. gross carrying amount net of loss allowance) of the asset. See Note 2(i) of Accountants’ Report in Appendix I to this document.

Government Grants

Government grants are recognized in the statement of financial condition initially when there is reasonable assurance that they will be received and that we will comply with the conditions attaching to them. Grants that compensate us for expenses incurred are recognized as a deduction of the expenses in profit or loss on a systematic basis for the same periods in which the expenses are incurred. Grants that compensate us for the cost of an asset are recognized initially as deferred income and amortized to profit or loss on a straight-line basis over the useful life of the assets and are later recognized in other income.

Leased Assets

At the inception of a contract, we assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

As a lessee

Where the contract contains lease component(s) and non-lease component(s), we have elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases.

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At the lease commencement date, we recognize a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily laptops and office furniture. When we enter into a lease in respect of a low-value asset, we decide whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term.

Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss for the accounting period in which they are incurred.

The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see Notes 2(f) and 2(i)(ii) of Accountants’ Report in Appendix I to this document).

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether we will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Fair Value Measurement

The following table presents the fair value of our financial instruments measured as of the dates indicated on a recurring basis, categorized into a three-level fair value hierarchy as defined in IFRS 13, Fair Value Measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

• Level 1 valuations: Fair value measured using only Level 1 inputs, which are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

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• Level 2 valuations: Fair value measured using Level 2 inputs, which are observable inputs that fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available.

• Level 3 valuations: Fair value measured using significant unobservable inputs.

The following table sets forth some details of the fair value measurement of our financial assets measured at fair value through profit or loss as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2021

(RMB in thousands)

Financial assets measured at fair value through profit or loss ...... Level 2 543,740 – – –

In 2018, 2019 and 2020 and the four months ended April 30, 2021, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.

Valuation techniques and inputs used in Level 2 fair value measurements:

The fair value of trading securities is determined based on the estimated amount that we would receive to redeem the financial assets at the end of each reporting period. The estimated redeemable amount is calculated based on the most recent transaction price or the daily quotation published by the financial institutions.

Credit Losses and Impairment of Assets

Credit losses from financial instruments and contract assets

Our Group recognizes a loss allowance for expected credit losses (“ECLs”) on the following items:

• financial assets measured at amortized cost (including cash and cash equivalents, trade and other receivables and loan receivables; and

• contract assets as defined in IFRS 15.

Other financial assets measured at fair value, including equity and debt securities measured at fair value through profit or loss and equity securities designated at FVOCI (non-recycling), are not subject to the ECL assessment.

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Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to us in accordance with the contract and the cash flows that we expects to receive).

The expected cash shortfalls are discounted using the following discount rate where the effect of discounting is material:

• fixed-rate financial assets, trade and other receivables and contract assets: effective interest rate determined at initial recognition or an approximation thereof.

The maximum period considered when estimating ECLs is the maximum contractual period over which we are exposed to credit risk.

In measuring ECLs, we take into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

• 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

• lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on our historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, we recognize a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increase in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, we compare the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition.In making this reassessment, we consider that a default event occurs when (i) the borrower is unlikely to pay

– 269 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FINANCIAL INFORMATION its credit obligations to us in full, without recourse by us to actions such as realizing security (if any is held); or (ii) the financial asset is 90 days past due. We consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

• failure to make payments of principal or interest on their contractually due dates;

• an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

• an actual or expected significant deterioration in the operating results of the debtor; and

• existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to us.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. We recognize an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Basis of calculation of interest income

Interest income recognized in accordance with Note 2(r)(iv) of Accountants’ Report in Appendix I to this document is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortized cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

At each reporting date, we assess whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset has or have occurred.

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Evidence that a financial asset is credit-impaired includes the following observable events:

• significant financial difficulties of the debtor;

• a breach of contract, such as a default or past due event;

• it becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

• the disappearance of an active market for a security because of financial difficulties of the issuer.

Write-off policy

The gross carrying amount of a financial asset, lease receivable or contract asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when we determine that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

Contract Liabilities

A contract liability is recognized when the customer pays non-refundable consideration before we recognize the related revenue. See Note 2(r) of Accountants’ Report in Appendix I to this document.

A contract liability would also be recognized if we have an unconditional right to receive non-refundable consideration before we recognize the related revenue. In such cases, a corresponding receivable would also be recognized. See Note 2(l) of Accountants’ Report in Appendix I to this document.

For a single contract with the customer, either a net contract asset or a net contract liability is presented. For multiple contracts, contract assets and contract liabilities of unrelated contracts are not presented on a net basis.

When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method. See Note 2(r) of Accountants’ Report in Appendix I to this document.

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Trade and Other Receivables

A receivable is recognized when we have an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognized before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset.

Receivables are stated at amortized cost using the effective interest method less allowance for credit losses. See Note 2(i) of Accountants’ Report in Appendix I to this document.

Trade and Other Payables

Trade and other payables are initially recognized at fair value and are subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

Income Tax

Income tax for the period comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to business combinations and items recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive income or directly in equity, respectively.

Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous period.

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilized, are recognized. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods during which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and

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The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, we control the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

The amount of deferred tax recognized is measured based on the expected manner of realization or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

Additional income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if we have the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

• in the case of current tax assets and liabilities, the we intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously; or

• in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:

• the same taxable entity; or

• different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realize the current tax assets and settle the current tax liabilities on a net basis or realize and settle simultaneously.

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Deferred Tax Assets

Deferred tax assets in respect of tax losses carried forward and deductible temporary differences are recognized and measured based on the expected manner of realization or settlement of the carrying amount of the relevant assets and liabilities, using tax rates enacted or substantively enacted at the end of each reporting date. In determining the carrying amounts of deferred tax assets, expected taxable profits are estimated which involves a number of assumptions relating to the environment in which we operate and requires a significant level of judgment to be exercised by the directors. Any change in such assumptions and judgment would affect the carrying amounts of deferred tax assets to be recognized and hence the net profit in that future period.

Expected Credit Losses for Receivables

The credit losses for trade and other receivables are based on assumptions about the risk of expected credit loss rates. Our judgment in making these assumptions is to select the expected credit loss for the impairment calculation, based on our past history, existing market conditions as well as forward looking estimates at the end of each reporting period. For details of the key assumptions and inputs used, see Note 24(a) of Accountants’ Report in Appendix I to this document. Changes in these assumptions and estimates could materially affect the result of the assessment and it may be necessary to make additional loss allowances in future period.

Provisions and Contingent Liabilities

Provisions are recognized when we have a legal or constructive obligation arising as a result of a past event. It is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.

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Early Adoption of IFRS 16 in 2018

The IASB has issued a number of new and revised IFRSs. For the purpose of preparing this consolidated financial statements, we have adopted all applicable new and revised IFRSs throughout the relevant periods, including IFRS 16 “Leases”, except for any new standards or interpretations that are yet to be effective for the accounting period beginning January 1, 2020. For more information on the basis of presentation and preparation of our financial information included herein, see Accountants’ Report in Appendix I to this document.

During the Track Record Period, we adopted IFRS 16 and replaced IAS 17 “Leases” with IFRS 16 “Leases” in preparation of our financial statements, so that our historical financial information prepared under IFRS 16 is comparable on a period-to-period basis. Neither have we prepared, nor the reporting accountants have audited or reviewed, our consolidated financial statements for the Track Record Period prepared under IAS 17. For the purpose of providing additional information to our investors, we have used our best efforts to assess the respective impact on our consolidated financial information of the adoption of IFRS 16. Our Directors are of the view of that the adoption of IFRS 16 did not have a material impact on our financial position and performance during the Track Record Period as compared to IAS 17.

DESCRIPTION OF CERTAIN CONSOLIDATED STATEMENT OF PROFIT OR LOSS ITEMS

The following table sets forth a summary of our consolidated statements of profit or loss and other comprehensive income for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 (RMB in thousands) Revenue ...... 922,462 1,058,781 1,288,962 385,696 572,451 Cost of sales ...... (626,641) (721,894) (830,962) (239,585) (376,976) Gross profit ...... 295,821 336,887 458,000 146,111 195,475 Other income ...... 90,689 34,136 34,216 13,383 6,193 Selling expenses ...... (1,324) (5,559) (12,014) (2,605) (4,245) Administrative expenses ...... (100,123) (126,702) (158,234) (43,182) (45,917) Expected credit loss on trade and other receivables ...... (5,567) (7,618) (7,670) (4,797) (7,858) Profit from operations ...... 279,496 231,144 314,298 108,910 143,648 Finance cost...... (354) (272) (196) (72) (48) Share of losses of an associate. . . – – – – (295) Profit before taxation ...... 279,142 230,872 314,102 108,838 143,305 Income tax...... (60,966) (49,952) (65,411) (22,677) (31,711) Profit for the year/period ..... 218,176 180,920 248,691 86,161 111,594

Attributable to: Equity shareholders of the Company...... 218,396 180,854 248,455 86,043 111,471 Non-controlling interests ..... (220) 66 236 118 123

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Revenue

During the Track Record Period, we derived our revenue from the following two business lines:

(i) property management services, primarily including security services, cleaning, greening and gardening services, and repair and maintenance services, representing 74.8%, 77.3%, 79.4%, 77.3% and 78.3% of our total revenue in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively; and

(ii) value-added services, primarily including community value-added services and services to non-property owners, representing 25.2%, 22.7%, 20.6%, 22.7% and 21.7% of our total revenue in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively.

During the Track Record Period, both our property management services and value-added services experienced continual growth, leading to a continual increase in our total revenue. Our property management services contributed the majority of the total revenue throughout the Track Record Period. Meanwhile, revenue generated from our value-added services increased during the same period, primarily due to the expansion and diversification of this business.

The following table sets forth a breakdown of our revenue by business line and by customer for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Amount % Amount % Amount % Amount % Amount % (RMB in thousands, except for percentages) Property management services .. 690,377 74.8 818,366 77.3 1,022,882 79.4 298,142 77.3 448,106 78.3 – Century Golden Resources Group ...... 12,586 1.4 10,221 1.0 116,029 9.0 19,920 5.2 145,129 25.4 – Independent Third Parties . . . 677,791 73.4 808,145 76.3 906,853 70.4 278,222 72.1 302,977 52.9 Value-added services ...... 232,085 25.2 240,415 22.7 266,080 20.6 87,554 22.7 124,345 21.7 – Century Golden Resources Group ...... 4,709 0.5 2,686 0.2 5,957 0.4 1,350 0.4 8,200 1.4 – Independent Third Parties . . . 227,376 24.7 237,729 22.5 260,123 20.2 86,204 22.4 116,145 20.3 Total...... 922,462 100.0 1,058,781 100.0 1,288,962 100.0 385,696 100.0 572,451 100.0

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In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we generated 1.9%, 1.2%, 9.4%, 5.6% and 26.8%, respectively, of our total revenue from Century Golden Resources Group. The increased property management services revenue contribution from Century Golden Resources Group in 2020 as compared to 2019 was mainly attributable to the ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in 2020. The increased property management services revenue contribution from Century Golden Resources Group in the four months ended April 30, 2021 as compared to the same period of 2020 was mainly attributable to revenue contribution attributable to the commercial properties developed by Century Golden Resources Group. During the same periods, we generated 98.1%, 98.8%, 90.6%, 94.4% and 73.2%, respectively, of our total revenue from Independent Third Parties.

Revenue from property management services

Revenue from property management services increased during the Track Record Period, primarily driven by the increase in the total GFA under management as a result of our business expansion. Our total GFA under management as of December 31, 2018, 2019 and 2020 and April 30, 2021 was 47.6 million sq.m., 58.7 million sq.m., 64.4 million sq.m. and 70.2 million sq.m., respectively. Under PRC laws, property management fees may be charged either on a lump sum basis or on a commission basis. According to CPMRI, charging property management fees on a lump sum basis, which typically incentivizes property management companies to implement cost-saving initiatives and improve operational efficiency, is the prevailing industry practice in China. In line with such industry practice, during the Track Record Period, we charged property management fees on a lump sum basis for virtually all of the properties we managed.

The following tables set forth our GFA under management and revenue generated from property management services by property developer as of the dates and for the periods indicated:

As of or for the year ended December 31, 2018 2019 2020 GFA under GFA under GFA under management Revenue management Revenue management Revenue (sq.m.) (RMB) (%) (sq.m.) (RMB) (%) (sq.m.) (RMB) (%) (in thousands, except for percentages) Century Golden Resources Group ...... 43,307 674,458 97.6 44,090 730,594 89.3 47,785 850,933 83.2 Independent third-party property developers ..... 4,295 15,919 2.4 14,617 87,772 10.7 16,606 171,949 16.8 Total ...... 47,602 690,377 100.0 58,707 818,366 100.0 64,391 1,022,882 100.0

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As of or for the four months ended April 30,

2020 2021

GFA under GFA under management Revenue management Revenue

(sq.m.) (RMB) (%) (sq.m.) (RMB) (%)

(in thousands, except for percentages)

Century Golden Resources Group ...... 44,434 247,342 83.0 48,191 379,134 84.6 Independent third-party property developers ...... 15,393 50,800 17.0 22,007 68,972 15.4

Total ...... 59,827 298,142 100.0 70,198 448,106 100.0

During the Track Record Period, we derived a majority of our revenue from property management services for properties developed by Century Golden Resources Group, which accounted for 97.6%, 89.3%, 83.2%, 83.0% and 84.6%, respectively, of our total revenue of property management services in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021. The decreases in percentage in 2019 compared to 2018 and 2020 compared to 2019 were primarily attributable to our continual efforts in strategically expanding our property management portfolio by increasing properties under our management developed by independent third-party property developers.

The following tables set forth a breakdown of our GFA under management and revenue generated from property management services by type of properties as of the dates and for the periods indicated:

As of or for the year ended December 31, 2018 2019 2020 GFA under GFA under GFA under management Revenue management Revenue management Revenue (sq.m.) (RMB) (%) (sq.m.) (RMB) (%) (sq.m.) (RMB) (%) (in thousands, except for percentages) Residential Properties .... 45,384 673,539 97.5 55,014 779,103 95.2 57,339 846,785 82.8 Non-residential properties .. 2,218 16,838 2.5 3,693 39,263 4.8 7,052 176,097 17.2 Commercial properties and office buildings ..... 756 12,311 1.8 1,338 14,333 1.8 4,707 130,650 12.8 Public facilities ...... 1,462 4,527 0.7 2,355 24,930 3.0 2,345 45,447 4.4 Total ...... 47,602 690,377 100.0 58,707 818,366 100.0 64,391 1,022,882 100.0

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As of or for the four months ended April 30,

2020 2021

GFA under GFA under management Revenue management Revenue

(sq.m.) (RMB) (%) (sq.m.) (RMB) (%)

(in thousands, except for percentages)

Residential Properties ...... 56,291 282,393 94.7 62,916 301,651 67.3 Non-residential properties ...... 3,536 15,749 5.3 7,282 146,455 32.7 Commercial properties and office buildings ...... 1,098 5,232 1.8 4,686 129,659 28.9 Public facilities ...... 2,438 10,516 3.5 2,596 16,796 3.7

Total ...... 59,827 298,142 100.0 70,198 448,106 100.0

During the Track Record Period, a majority of our revenue from property management services was derived from residential properties, which accounted for 97.5%, 95.2%, 82.8%, 94.7% and 67.3%, respectively, of our total revenue from property management services in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021. The general increases in the revenue from non-residential properties primarily reflected our continual efforts in diversifying the types of properties we manage and expand our property management portfolio to include more commercial properties and office buildings, and public facilities.

Revenue from value-added services

For value-added services, we generate revenue from community value-added services and value-added services to non-property owners. The following table sets forth a revenue breakdown of our value-added services for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Amount % Amount % Amount % Amount % Amount % (RMB in thousands, except for percentages) Community value-added services ...... 231,701 99.8 237,655 98.9 258,663 97.2 87,508 99.9 115,364 92.8 Community living services . . 165,811 71.4 167,187 69.6 177,111 66.6 66,566 76.0 77,919 62.7 Community space management services .... 65,275 28.1 67,338 28.0 63,459 23.8 18,948 21.6 21,635 17.4 Community retail services . . 615 0.3 3,130 1.3 18,093 6.8 1,994 2.3 15,810 12.7 Value-added services to non- property owners ...... 384 0.2 2,760 1.1 7,417 2.8 46 0.1 8,981 7.2 Total ...... 232,085 100.0 240,415 100.0 266,080 100.0 87,554 100.0 124,345 100.0

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The increase in 2019 compared to 2018 in our revenue from community value-added services was primarily due to business growth of all of our community living services, community space management services, and community retail services. The increase in 2020 compared to 2019 in our revenue from community value-added services was primarily due to the increase of community retail services. The decrease of revenue from our community space management services in the 2020 was a result of the impact of the COVID-19 pandemic in the first half of 2020. We also experienced increases in our revenue from community value-added services and value-added services to non-property owners in the four months ended April 30, 2021 compared to the same period of 2020, primarily due to the business growth of all business lines of our value-added services as we gradually recovered from the COVID-19 pandemic.

Cost of Sales

Our cost of sales mainly consists of (i) labor costs, (ii) subcontracting costs, (iii) public utilities costs, (iv) equipment management and maintenance costs, (v) costs of goods sold, and (vi) materials and consumables. The general increases in our cost of sales during the Track Record Period were primarily attributable to the increase in our GFA under management resulting from the expansion of our property management services business.

The following table sets forth a breakdown of our cost of sales for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 %of %of %of %of %of Amount revenue Amount revenue Amount revenue Amount revenue Amount revenue (RMB in thousands, except for percentages) Labor costs ...... 314,272 34.1 379,042 35.8 378,221 29.3 120,681 31.3 165,255 28.9 Subcontracting costs ...... 121,592 13.2 149,777 14.1 221,815 17.2 53,977 14.0 88,209 15.4 Public utilities costs ...... 106,784 11.6 107,553 10.2 132,006 10.2 44,215 11.5 74,279 13.0 Equipment management and maintenance costs ...... 52,419 5.7 45,817 4.3 35,306 2.7 3,830 1.0 6,539 1.1 Materials, goods and consumables(1)...... 19,027 2.0 21,733 2.1 38,382 2.9 8,713 2.3 29,236 5.1 Tax and surcharges ...... 6,617 0.7 7,346 0.7 9,168 0.7 3,464 0.9 3,696 0.6 Others(2) ...... 5,930 0.6 10,626 1.0 16,064 1.2 4,705 1.2 9,762 1.7 Total...... 626,641 67.9 721,894 68.2 830,962 64.5 239,585 62.1 376,976 65.9

(1) Materials, goods and consumables mainly represent costs of materials and consumables used in the course of our provision of property management services, such as parts for equipment repairs and lighting, and costs of merchandised goods for our community retail services. The substantial increases in our materials, goods and consumables in 2020 as compared to 2019 and in the four months ended April 30, 2021 compared to the same period of 2020 were mainly due to our increased costs of merchandised goods, reflecting our efforts in developing the community retail services.

(2) Others primarily include office expenses, travel expenses, depreciation charges and public liability insurance. The increase in other expenses in 2019 as compared to 2018 was mainly in line with our business growth.

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During the Track Record Period, labor and subcontracting costs contributed the majority of our cost of sales. The increase in labor and subcontracting costs in 2019 compared to 2018 was mainly due to our business expansion, increases in average wages in the regions where we operate, as well as an increase in the proportion of specialized services outsourced to subcontractors in line with the industry trend. The decrease in our labor costs in 2020 compared to 2019 was mainly due to more subcontracting and the deduction in, or exemption from payment of social insurance contributions as a result of supportive regulatory policies issued by local governments in response to the COVID-19 pandemic. Subcontracting costs mainly include fees paid for specialized services outsourced to subcontractors such as security, cleaning and greening. The increases in our subcontracting costs during the Track Record Period were mainly due to our business expansion and an increase in the proportion of specialized services outsourced to subcontractors in line with the industry trend.

Gross Profit and Gross Profit Margin

Our gross profit margin in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021 was 32.1%, 31.8%, 35.5%, 37.9% and 34.1%, respectively. Our overall gross profit margins are primarily affected by our business mix, property management fee rates that we charge for our property management services, geographic concentration of our managed properties and cost control capabilities.

The following table sets forth our gross profit and gross profit margin by business line for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 Gross Gross Gross Gross Gross Gross Profit Gross Profit Gross Profit Gross Profit Gross Profit Profit Margin Profit Margin Profit Margin Profit Margin Profit Margin (RMB in thousands, except for percentages) Property management services . 220,426 31.9% 257,110 31.4% 350,505 34.3% 114,677 38.5% 152,520 34.0% Value-added services ...... 75,395 32.5% 79,777 33.2% 107,495 40.4% 31,434 35.9% 42,955 34.5% Total ...... 295,821 32.1% 336,887 31.8% 458,000 35.5% 146,111 37.9% 195,475 34.1%

The gross profit margins of our property management services and value-added services remained relatively stable in 2018 and 2019, and increased in 2020 compared to 2019. The gross profit margins of our property management services and value-added services decreased in the four months ended April 30, 2021 compared to the same period of 2020.

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Property management services

Gross profit margin of our property management services is, to a large extent, dependent on the property management fee rates we charge for our property management services and our cost of sales per sq.m. per month for providing such services. Our average property management fees were approximately RMB1.53 per sq.m. per month, RMB1.46 per sq.m. per month, RMB2.01 per sq.m. per month, RMB1.48 per sq.m. per month and RMB1.96 per sq.m. per month in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively. The decrease in the average property management fees in 2019 as compared to 2018 was primarily because we managed more residential properties developed by independent third-party property developers, which were usually located in close suburbs of cities, which had relatively lower fee rates. The increase in the average property management fees in 2020 compared to 2019 was primarily attributable to the increase in GFA under management of our commercial properties, including the ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in 2020, which generally have higher property management fee rates. Accordingly, the average property management fees of non-residential properties and of properties developed by Century Golden Resources Group respectively increased in 2020 compared to 2019. The increase in the average property management fees in the four months ended April 30, 2021 compared to the same period of 2020 was primarily attributable to the increase in GFA under management of our commercial properties.

The following table sets out a breakdown of our GFA under management and average property management fees by type of property as of the dates and for the periods indicated:

As of or for the year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Average Average Average Average Average property property property property property GFA under management GFA under management GFA under management GFA under management GFA under management management fee management fee management fee management fee management fee

(sq.m. in (sq.m. in (sq.m. in (sq.m. in (sq.m. in thousands) (RMB) thousands) (RMB) thousands) (RMB) thousands) (RMB) thousands) (RMB) Residential Properties . . 45,384 1.54 55,014 1.47 57,339 1.49 56,291 1.47 62,916 1.48 Non-residential properties ..... 2,218 1.30 3,693 1.41 7,052 5.87 3,536 1.62 7,282 5.73

Total ...... 47,602 1.53 58,707 1.46 64,391 2.01 59,827 1.48 70,198 1.96

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The following table sets out a breakdown of our GFA under management and average property management fees by property developer as of the dates and for the periods indicated:

As of or for the year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

(sq.m. in (sq.m. in (sq.m. in (sq.m. in (sq.m. in thousands) (RMB) thousands) (RMB) thousands) (RMB) thousands) (RMB) thousands) (RMB) Century Golden Resources Group . . . 43,307 1.59 44,090 1.59 47,785 2.26 44,434 1.59 48,191 2.24 Independent third-party property developers . . 4,295 0.99 14,617 1.08 16,606 1.29 15,393 1.17 22,007 1.32

Total ...... 47,602 1.53 58,707 1.46 64,391 2.01 59,827 1.48 70,198 1.96

In 2018 and 2019, the average property management fees for properties developed by Century Golden Resources Group were higher than those of properties developed by independent third-party property developers, primarily because the properties developed by independent third-party property developers that we managed were usually located in close suburbs of cities, which had relatively lower fee rates. In 2020, the average property management fee for properties developed by independent third-party property developers increased as compared to 2019, as we obtained certain public facility projects with a relatively higher fee rate in 2020. Our average property management fees for properties developed by Century Golden Resources Group and by independent third-party property developers the four months ended April 30, 2021 were higher than those in the same period of 2020, while remaining relatively stable compared to those in 2020.

For illustration purposes only, we set out below a sensitivity analysis of our profit for the periods indicated with reference to the historical fluctuations of average property management fees during the Track Record Period. The following table demonstrates the impact of the hypothetical decrease in average property management fees on our profit, while all other factors remain unchanged:

Four months Year ended December 31, ended April 30, 2018 2019 2020 2020 2021 (RMB in thousands) Profit for the year/period ...... 218,176 180,920 248,691 86,161 111,594 Assuming 5% decrease in our average property management fees Impact on revenue from our property management business . . (34,519) (40,918) (51,144) (14,907) (22,405)

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Four months Year ended December 31, ended April 30,

2018 2019 2020 2020 2021

(RMB in thousands) Impact on profit for the year/period(1) . . (26,994) (32,080) (40,506) (11,801) (17,447) Assuming 10% decrease in our average property management fees Impact on revenue from our property management business . . (69,038) (81,837) (102,288) (29,814) (44,811) Impact on profit for the year/period(1) . . (53,988) (64,160) (81,012) (23,602) (34,895)

(1) Assuming an effective income tax rate of 21.8%, 21.6%, 20.8%, 20.8% and 22.1% in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively.

Our gross profit margin of property management services increased from 31.4% in 2019 to 34.3% in 2020, mainly due to the scale effect as a result of our enlarged GFA under management, improved efficiency achieved by more subcontracting, and was also attributable to the deduction in, or exemption from, payment of social insurance contributions as a result of the regulatory policies issued by local governments in response to the COVID-19 pandemic. Our gross profit margin of property management services decreased from 38.5% in the four months ended April 30, 2020 to 34.0% in the same period of 2021, primarily due to the cancellation of deduction in, or exemption from, payment of social insurance contributions, which we enjoyed in the first four months of 2020.

Value-added services

In 2019, our gross profit margin of value-added services and our overall gross profit margin remained stable compared to 2018. Our gross profit margin of value-added services increased from 33.2% in 2019 to 40.4% in 2020, primarily due to the deduction in, or exemption from, payment of social insurance contributions as a result of the regulatory policies issued by local governments in response to the COVID-19 pandemic. Our gross profit margin of value-added services decreased from 35.9% in the four months ended April 30, 2020 to 34.5% in the same period of 2021, primarily due to the expansion and increased revenue contribution from our home furnishing services and community retail services, each with a relatively low gross profit margin.

Other Income

Our other income mainly consists of government grants, interest income and net realized gains on financial assets measured at fair value through profit or loss.

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The following table sets forth a breakdown of our other income for the periods indicated:

Year ended December 31, Four months ended April 30,

2018 2019 2020 2020 2021

Amount % Amount % Amount % Amount % Amount %

(RMB in thousands, except for percentages) Government grants...... 3,773 4.2 6,742 19.8 16,265 47.5 7,460 53.6 2,848 46.0 Interest income ...... 75,605 83.3 10,639 31.2 13,043 38.1 4,678 35.0 2,483 40.1 Net realised gains on financial assets measured at fair value through profit or loss ..... 9,212 10.2 13,297 39.0 2,442 7.1 661 4.9 – – (Loss)/gains on disposal of property, plant and equipment ...... (17) 0.0 28 0.1 25 0.1 – – – – Gains on acquisition...... – – 1,573 4.6 – – – – – – Others(1) ...... 2,116 2.3 1,857 5.3 2,441 7.2 584 6.5 862 13.9 Total ...... 90,689 100.0 34,136 100.0 34,216 100.0 13,383 100.0 6,193 100.0

(1) The government grants represent subsidies from various PRC authorities. There are no unfulfilled conditions or future obligations attached to these subsidies.

The significant decrease of interest income from RMB75.6 million in 2018 to RMB10.6 million in 2019 was primarily due to our reduction of loans to related parties and the decrease in the corresponding interest income from related parties. The increase of interest income in 2020 was primarily due to increased balances of our bank deposits and structured deposits. The decrease of interest income in the four months ended April 30, 2021 compared to the same period of 2020 was mainly due to reduced fund balance for purchases of structured deposits.

Our net fair value gains on financial assets at fair value through profit or loss were RMB9.2 million, RMB13.3 million, RMB2.4 million, RMB0.7 million and nil in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, respectively. Such financial assets are wealth management products that we purchased and redeemed to manage our short-term liquidity, from which we could readily access cash as needed and generate higher short-term investment returns than fixed-rate returns from bank deposits, as we consider that these products have good liquidity and bear a relatively low level of risk. As of December 31, 2018, 2019 and 2020 and April 30, 2021, we had financial assets at fair value through profit or loss of approximately RMB543.7 million, nil, nil and nil, respectively.

Our wealth management products were issued by large reputable commercial banks. The underlying financial assets of the wealth management products in which we invested during the Track Record Period are low risk and liquid financial instruments, primarily including fixed-income instruments that are quoted on the interbank market or exchanges in China, such as treasury bonds, corporate bonds, medium-term notes, short-term commercial papers, interbank deposits.

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The amount of purchase is determined based on our surplus funds and capital budget, subject to approval by the general manager of the finance and asset management group and president of our Company. We have adopted investment and treasury policies and internal control measures to review and monitor our investment risks. We consider investing in wealth management products only when we have surplus cash that is not required for our short-term working capital purposes. Our investment decisions are made after due and careful consideration of a number of factors, including market and investment conditions, economic developments, investment cost, duration of investment and the risks expected to be involved and the expected returns.

Selling Expenses

Our selling expenses mainly consist of labor costs and office expenses. The increase in our selling expenses from RMB1.3 million in 2018 to RMB5.6 million in 2019 and the further increase to RMB12.0 million in 2020 as well as the increase in our selling expenses from RMB2.6 million in the four months ended April 30, 2020 to RMB4.2 million in the same period of 2021 were a result of the increase of properties under our management developed by independent third-party property developers and our enhanced sales efforts in obtaining property management service contracts for such properties.

Administrative Expenses

Our administrative expenses mainly consist of staff costs, office expenses, professional service expenses, depreciation and amortization, [REDACTED] and bank commission fee. The general increases in our administrative expenses during the Track Record Period was primarily attributable to the increase in the number of management employees as a result of the increase of our GFA under management.

The following table sets forth a breakdown of our administrative expenses for the periods indicated:

Year ended December 31, Four months ended April 30, 2018 2019 2020 2020 2021 %of %of %of %of %of Amount revenue Amount revenue Amount revenue Amount revenue Amount revenue (RMB in thousands, except for percentages) Staff costs ...... 76,684 8.3 92,682 8.8 109,823 8.5 34,369 8.9 32,328 5.6 Office expenses ..... 13,292 1.5 20,770 2.0 17,090 1.3 957 0.2 1,043 0.2 Bank transaction fees . . . 2,267 0.2 2,954 0.3 4,089 0.3 1,438 0.4 1,565 0.3 Depreciation and amortization ...... 2,096 0.2 2,585 0.2 2,909 0.2 1,164 0.3 1,056 0.2 Professional service expenses ...... 1,028 0.1 2,368 0.2 4,038 0.3 678 0.2 707 0.1 [REDACTED] ...... [REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED] Others(1) ...... 4,756 0.5 5,343 0.5 7,046 0.5 4,576 1.2 5,816 1.0 Total ...... 100,123 10.8 126,702 12.0 158,234 12.1 43,182 11.2 45,917 8.0

(1) Others include telecommunication fees, vehicle expenses, training expenses and other administrative expenses.

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Expected Credit Loss on Trade and Other Receivables

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our expected credit loss on trade and other receivables were RMB5.6 million, RMB7.6 million, RMB7.7 million, RMB4.8 million and RMB7.9 million, respectively. The increases in 2019 compared to 2018 and in 2020 compared to 2019 were mainly due to our increased balances of trade receivables as a result of our business expansion in general. For an analysis of our trade receivables, see “– Description of Certain Consolidated Statement of Financial Position Items – Trade and Other Receivables – Trade Receivables.”

Income Tax Expenses

We are subject to income tax on an entity basis on profits arising in or derived from the tax jurisdictions in which members of our Group are domiciled and operate. Our subsidiaries operating in the PRC are generally subject to the PRC EIT rate of 25% during the Track Record Period, except that certain PRC subsidiaries (including their branch companies) are subject to a reduced EIT rate of 15% in certain years as they are located in western cities of China pursuant to the Go-West Campaign (西部大開發). Meanwhile, certain subsidiaries have been approved as Small Low-profit Enterprises, which are subject to a preferential income tax rate of 5% or 10% in certain years. Our subsidiaries incorporated in Hong Kong are not liable for income tax as it did not have any assessable profits arising in Hong Kong during the Track Record Period.

Our income tax expense mainly comprises our subsidiaries’ PRC corporate income tax.

Four months Year ended December 31, ended April 30, 2018 2019 2020 2020 2021 (RMB in thousands) Current tax – PRC Corporate Income tax Provision for the year ...... 63,418 51,516 67,802 23,699 33,527 Deferred Tax Origination and reversal of temporary differences ..... (2,452) (1,564) (2,391) (1,022) (1,816) Total tax charged ...... 60,966 49,952 65,411 22,677 31,711

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, our effective income tax rates, calculated as our income tax expenses divided by profit before taxation, were 21.8%, 21.6%, 20.8%, 20.8% and 22.1%, respectively. During the Track Record Period and up to the Latest Practicable Date, there were no material matters in dispute or unresolved between us and relevant tax authorities.

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RESULTS OF OPERATIONS

Four Months Ended April 30, 2021 Compared to Four Months Ended April 30, 2020

Revenue

Our revenue increased by 48.4% to RMB572.5 million in the four months ended April 30, 2021 from RMB385.7 million in the same period of 2020, primarily reflecting increases in the revenue from property management services and value-added services.

• Revenue from property management services. Revenue from property management services increased by 50.3% to RMB448.1 million in the four months ended April 30, 2021 from RMB298.1 million in the same period of 2020, primarily attributable to an increase in our total GFA under management to 70.2 million sq.m. as of April 30, 2021 from 59.8 million sq.m. as of April 30, 2020.

• Revenue from value-added services. Revenue from value added services increased by 42.0% to RMB124.3 million in the four months ended April 30, 2021 from RMB87.6 million in the same period of 2020, primarily due to the growth of our community value-added services and value-added services to non-property owners business as we gradually recovered from the COVID-19 pandemic.

Cost of sales

Our cost of sales increased by 57.3% to RMB377.0 million in the four months ended April 30, 2021 from RMB239.6 million in the same period of 2020, primarily due to increases in our labor and subcontracting costs as a result of our business expansion.

Gross profit and gross profit margin

As a result of the foregoing, our gross profit increased by 33.8% to RMB195.5 million in the four months ended April 30, 2021 from RMB146.1 million in the same period of 2020.

Our gross profit margin decreased from 37.9% in the four months ended April 30, 2020 to 34.1% in the same period of 2021.

• Property management services. Our gross profit margin of property management services decreased from 38.5% in the four months ended April 30, 2020 to 34.0% in the same period of 2021, primarily due to the cancellation of deduction in, or exemption from, payment of social insurance contributions, which we enjoyed in the first four months of 2020.

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• Value-added services. Our gross profit margin of value added services decreased from 35.9% in the four months ended April 30, 2020 to 34.5% in the same period of 2021, primarily due to the expansion and increased revenue contribution from our home furnishing services and community retail services, each with a relatively low gross profit margin.

Other income

Our other income decreased by 53.7% to RMB6.2 million in the four months ended April 30, 2021 from RMB13.4 million in the same period of 2020, primarily due to less government grants received and a decrease in interest income due to reduced fund balance for purchases of structured deposits.

Selling expenses

Our selling expenses increased by 63.0% to RMB4.2 million in the four months ended April 30, 2021 from RMB2.6 million in the same period of 2020, primarily due to an increase in the traveling expenses, business entertainment expenses and repair expenses as we had less selling and marketing activities during the COVID-19 pandemic in the first four months of 2020.

Administrative expenses

Our administrative expenses increased by 6.3% to RMB45.9 million in the four months ended April 30, 2021 from RMB43.2 million in the same period of 2020, primarily due to one-time [REDACTED] incurred in the first four months of 2021.

Profit before income tax

As a result of the foregoing, our profit before income tax increased by 1.7% to RMB143.3 million in the four months ended April 30, 2021 from RMB108.8 million in the same period of 2020.

Income tax expenses

Our income tax expenses increased by 39.8% to RMB31.7 million in the four months ended April 30, 2021 from RMB22.7 million in the same period of 2020, primarily due to an increase in our profit before income tax.

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2020 Compared to 2019

Revenue

Our revenue increased by 21.7% to RMB1,289.0 million in 2020 from RMB1,058.8 million in 2019, primarily reflecting increases in the revenue from property management services and value-added services.

• Revenue from property management services. Revenue from property management services increased by 25.0% to RMB1,022.9 million in 2020 from RMB818.4 million in 2019, primarily attributable to an increase in our total GFA under management to 64.4 million sq.m. as of December 31, 2020 from 58.7 million sq.m. as of December 31, 2019.

• Revenue from value-added services. Revenue from value added services increased by 10.7% to RMB266.1 million in 2020 from RMB240.4 million in 2019, primarily due to the growth of our community retail services business.

Cost of sales

Our cost of sales increased by 15.1% to RMB831.0 million in 2020 from RMB721.9 million in 2019, primarily due to an increase in subcontracting costs as a result of our business expansion and an increase in the proportion of specialized services outsourced to subcontractors in line with the industry trend.

Gross profit and gross profit margin

As a result of the foregoing, our gross profit increased by 36.0% to RMB458.0 million in 2020 from RMB336.9 million in 2019.

Our gross profit margin increased from 31.8% in 2019 to 35.5% in 2020.

• Property management services. Our gross profit margin of property management services increased from 31.4% in 2019 to 34.3% in 2020 mainly due to the scale effect as a result of our enlarged GFA under management, improved efficiency achieved by more subcontracting, and was also attributable to the deduction in, or exemption from, payment of social insurance contributions as a result of the regulatory policies issued by local governments in response to the COVID-19 pandemic.

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• Value-added services. Our gross profit margin of value added services increased slightly from 33.2% in 2019 to 40.4% in 2020, primarily due to the deduction in, or exemption from, payment of social insurance contributions as a result of the regulatory policies issued by local governments in response to the COVID-19 pandemic.

Other income

Our other income remained relatively stable at RMB34.1 million and RMB34.2 million, respectively, in 2019 and 2020.

Selling expenses

Our selling expenses increased significantly to RMB12.0 million in 2020 from RMB5.6 million in 2019, primarily due to the increase of properties under our management developed by independent third-party property developers and our enhanced sales efforts in obtaining property management service contracts on such properties.

Administrative expenses

Our administrative expenses increased by 24.9% to RMB158.2 million in 2020 from RMB126.7 million in 2019, primarily due to one-time [REDACTED] incurred and an increase in the number of administrative staff as a result of our continual business expansion.

Profit before income tax

As a result of the foregoing, our profit before income tax increased by 36.1% to RMB314.1 million in 2020 from RMB230.9 million in 2019.

Income tax expenses

Our income tax expenses increased by 30.9% to RMB65.4 million in 2020 from RMB50.0 million in 2019, primarily because of an increase in our profit before income tax.

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2019 Compared to 2018

Revenue

Our revenue increased by 14.8% to RMB1,058.8 million in 2019 from RMB922.5 million in 2018, primarily reflecting increases in the revenue from property management services and value-added services.

• Revenue from property management services. Revenue from property management services increased by 18.5% to RMB818.4 million in 2019 from RMB690.4 million in 2018, primarily attributable to the increase in the total GFA under management to 58.7 million sq.m. as of December 31, 2019 from 47.6 million sq.m. as of December 31, 2018, primarily due to the increase of properties under our management developed by independent third-party property developers.

• Revenue from value-added services. Revenue from value added services increased by 3.6% to RMB240.4 million in 2019 from RMB232.1 million in 2018, primarily due to an increase in our total GFA under management.

Cost of sales

Our cost of sales increased by 15.2% to RMB721.9 million in 2019 from RMB626.6 million in 2018, primarily due to an increase in our total GFA under management.

Gross profit and gross profit margin

As a result of the foregoing, our gross profit increased by 13.9% to RMB336.9 million in 2019 from RMB295.8 million in 2018.

Our gross profit margin remained relatively stable, being 31.8% in 2019 and 32.1% in 2018.

• Property management services. Our gross profit margin of property management services remained relatively stable, being 31.4% in 2019 and 31.9% in 2018.

• Value-added services. Our gross profit margin of value added services remained stable, being 33.2% in 2019 and 32.5% in 2018.

Other income

Our other income decreased by 62.4% to RMB34.1 million in 2019 from RMB90.7 million in 2018, primarily attributable to our reduction of loans to related parties and the decrease in the corresponding interest income from related parties.

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Selling expenses

Our selling expenses increased significantly to RMB5.6 million in 2019 from RMB1.3 million in 2018, primarily due to an increase in the number of properties under our management developed by other property developers and our enhanced sales efforts in obtaining property management service contracts to such properties.

Administrative expenses

Our administrative expenses increased by 26.6% to RMB126.7 million in 2019 from RMB100.1 million in 2018, primarily due to an increase in the number of administrative staff as a result of our continual business expansion and increased office expenses.

Profit before income tax

As a result of the foregoing, our profit before income tax decreased by 17.3% to RMB230.9 million in 2019 from RMB279.1 million in 2018.

Income tax expenses

Our income tax expenses decreased by 18.1% to RMB50.0 million in 2019 from RMB61.0 million in 2018, primarily due to the decrease of our profit before income tax.

DESCRIPTION OF CERTAIN CONSOLIDATED STATEMENT OF FINANCIAL POSITION ITEMS

Inventories

Our inventories consist mainly of raw materials and consumables to be used in the course of our provision of property management services such as parts for equipment repairs and lighting, as well as merchandised goods for sales for our community retail business. The following table sets forth a breakdown of our inventories as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Raw materials and consumables . . . 6,354 7,373 6,898 6,206 Goods for sales ...... 45 282 1,496 2,978 Total ...... 6,399 7,655 8,394 9,184

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Our inventories increased from RMB6.4 million as of December 31, 2018 to RMB7.7 million as of December 31, 2019 and increased from RMB8.4 million as of December 31, 2020 to RMB9.2 million as of April 30, 2021, mainly due to increases in the inventory of raw materials and consumables we purchased for our provision of property management services. Our inventories increased from RMB7.7 million as of December 31, 2019 to RMB8.4 million as of December 31, 2020, mainly due to increases in the inventory of goods for sales we purchased for our community retail services.

The following table sets forth our inventory turnover days for the periods indicated:

Four months ended Year ended December 31, April 30,

2018 2019 2020 2021

Inventory turnover days ...... 3443

(1) The inventory turnover days are the average of the opening and closing inventories divided by the costs of sales for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

As of May 31, 2021, RMB2.5 million, or 27.2% of our total inventories outstanding as of April 30, 2021 were subsequently consumed or sold.

Trade and Other Receivables

Trade Receivables

Trade receivables are primarily related to revenue generated from property management services. The following table sets forth a breakdown of our trade receivables as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Related parties ...... 4,441 3,646 11,116 12,255 Third parties ...... 93,411 129,276 168,906 264,560 Subtotal ...... 97,852 132,922 180,022 276,815 Less: Allowance for trade receivables ...... (11,238) (17,445) (24,021) (30,555) Total ...... 86,614 115,477 156,001 246,260

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Our trade receivables primarily arise from the provision of (i) our property management services, and (ii) our value-added services. We generally charge property management on an annual basis, depending on the terms of our property management contracts. In respect of the outstanding trade receivables, we may continually increase our collection efforts such as in-person collection, issue of overdue invoice letters and litigation. In particular, the advance payments made by customers for property management services are accounted for as contract liabilities, while there are other customers that do not pay such fees in advance or fail to make payments on time, and these fees to be received from such customers become our trade receivables.

Our trade receivables, before any allowances recognized, increased from RMB97.9 million as of December 31, 2018 to RMB132.9 million as of December 31, 2019 and further increased to RMB180.0 million as of December 31, 2020 and RMB276.8 million as of April 30, 2021, primarily due to an increase of property management fees receivable from our customers as a result of our business expansion.

We do not have a fixed credit term granted to related parties and third parties. We collect property management fees on a monthly, semi-annual or annual basis, and send out the notice for payment in advance. To expedite the recovery of our trade receivables, we have formulated and implemented various measures. See “Business – Property Management Services – Payment Terms and Credit Terms.”

Our collection rate of property management fees, calculated as the property management fees collected by the end of the relevant period (including any such fees received for previous period(s) and any prepaid fees received for future period(s)) divided by the corresponding total property management fees receivable for the same period, was 99.1%, 95.3%, 105.2%,114.6% and 98.0%, respectively, in 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021.

As of May 31, 2021, approximately RMB34.2 million, or 12.4%, of our total trade receivables as of April 30, 2021 had been settled, among which approximately RMB6.7 million, or 2.4%, was collected from related parties and approximately RMB27.5 million, or 9.9%, was collected from third parties.

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Trade Receivables Turnover Days

The following table sets forth our trade receivable turnover days for the periods indicated:

Four months ended Year ended December 31, April 30,

2018 2019 2020 2021

Trade receivables turnover days – Overall(1)...... 39 39 44 48 – Related parties(2)...... 92 113 22 11 – Third parties(3) ...... 37 38 46 59

(1) The overall trade receivable turnover days are the average of the opening and closing trade receivables divided by our total revenue for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

(2) The trade receivable turnover days in respect of related parties are the average of the opening and closing trade receivables attributable to related parties divided by our revenue attributable to related parties for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

(3) The trade receivable turnover days in respect of third parties are the average of the opening and closing trade receivables attributable to third parties divided by our revenue attributable to third parties for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

Our overall trade receivable turnover days relatively stable in 2018 and 2019, and increased slightly in 2020 as compared to 2019. The trade receivable turnover days in respect of related parties were much higher than those in respect of third parties in 2018 and 2019, primarily because our revenue contributed by related parties were much lower than that by third parties. The decrease in the trade receivable turnover days in respect of related parties in 2020 as compared to 2019 was primarily due to an increase in the revenue contributed by related parties, attributable to the ten large shopping malls and one outlet store developed by Century Golden Resources Group that we undertook in 2020, for which we received a large amount of prepayments, as opposed to recording trade receivables. The trade receivable turnover days in respect of third parties remained relatively stable in 2018 and 2019. The increase in the trade receivable turnover days in respect of third parties in 2020 as compared to 2019 was primarily in line with the growth in the trade receivables from third parties. The decrease in the trade receivable turnover days in respect of related parties in the four months ended April 30, 2021 as compared to 2020 was primarily due to we typically settle by advance payments with related parties for the commercial properties we undertook since September 2020. The increase in the trade receivable turnover days in respect of third parties in the four months ended April 30, 2021 as compared to 2020 was primarily because our third-party customers have patterns of payment to settle the property management fees by the end of a year.

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Impairment of trade receivables

The movements in the loss allowance in respect of trade receivables during the periods indicated are as follows:

Four months ended Year ended December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) At the beginning of the period ...... 6,085 11,238 17,445 24,021 Credit loss recognized ...... 5,153 6,207 6,576 6,534 At the end of the period ...... 11,238 17,445 24,021 30,555

Our Directors are of the view that our expected credit loss made for trade receivables is adequate and sufficient as of the end of each period during the Track Record Period, since we measure loss allowances at an amount equal to lifetime ECLs based on historical settlement records; and when estimating the ECLs, we take into account reasonable and supportable information including information about past events, current conditions and forecasts of future economic conditions, and we also make reference to expected loss rates of our peers when estimating the ECLs.

Ageing Analysis of Trade Receivables

The following table sets forth the ageing analysis of trade receivables and net of allowance for impairment of trade receivables as of the dates indicated. Such analysis was based on the due dates of the trade receivables.

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Within 1 year ...... 60,703 84,880 115,185 189,696 – Related parties ...... 4,441 3,646 11,116 12,555 – Third parties ...... 56,262 81,234 104,069 177,141 1 to 2 years ...... 15,868 18,755 27,609 39,582 – Related parties ...... –––– – Third parties ...... 15,868 18,755 27,609 39,582 2 to 3 years ...... 7,006 7,563 8,149 10,807 – Related parties ...... –––– – Third parties ...... 7,006 7,563 8,149 10,807 3 to 4 years ...... 2,643 3,672 3,892 4,843 – Related parties ...... –––– – Third parties ...... 2,643 3,672 3,892 4,843 4 to 5 years ...... 394 607 1,166 1,332 – Related parties ...... –––– – Third parties ...... 394 607 1,166 1,332 Total ...... 86,614 115,477 156,001 246,260

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Trade receivables are due when the receivables are recognized. For further details, see Notes 16(a) and 24(a) of Accountants’ Report in Appendix I to this document. Among the subsequently settled trade receivables of approximately RMB50.7 million as of April 30, 2021, approximately RMB45.6 million, or 89.9%, aged within one year, approximately RMB3.4 million, or 6.8%, aged from one to two years, approximately RMB1.0 million, or 2.0%, aged from two to three years, approximately RMB0.4 million, or 0.8%, aged from three to four years, and approximately RMB0.2 million, or 0.5%, aged from four to five years, respectively, as of December 31, 2020. For overdue property management fee receivables, we generally pay in-person visits to the relevant property owners and sort out the reasons for non-payment. If the non-payment is caused by property owners’ dissatisfaction in any part of our services, we will continually communicate with such property owners in resolving their issues. Typically, upon resolution of such issues, the property owners are willing to pay the overdue property management fees. Meanwhile, many of the other cases involve unoccupied properties, where we generally get in contact with the relevant property owners, offer to help them lease the vacant properties and use the lease income to offset their overdue property management fees. Only if our collection efforts prove to be fertile, we will issue overdue invoice letters or resort to litigations. Accordingly, our Directors are of the view that there is no material recoverability issue for the trade receivables aged over one year based on the foregoing.

Other Receivables

Our other receivables primarily consist of advance payment of utility bills on behalf of property owners and residents and guarantee deposits in relation to bidding processes. The following table sets forth a breakdown of our other receivables as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Deposits and prepayments ...... 13,547 23,078 34,458 51,692 Payments on behalf of residents/tenants . 17,279 24,725 22,585 23,777 Advances to employees(1) ...... 1,722 4,438 3,930 3,274 Deferred [REDACTED] expense ..... – – [REDACTED][REDACTED] Others ...... 681 927 777 5,416 Subtotal ...... 33,229 53,168 66,147 89,795 Less: allowance for other receivables . . (652) (2,063) (3,158) (4,482) Total ...... 32,577 51,105 62,989 85,313

(1) Advances to employees mainly refer to advance payments of compensation and other fees to employees for business purposes. These primarily include payments of employees’ portion to social insurance plans (which are to be subsequently deducted from the respective employees’ salary payments in the following month) as well as advance payments to individual employees for (i) purchase expenses incurred in certain property management projects, (ii) transportation expenses for business trips, and (iii) advance payments to employees for work injuries. We have adopted stringent advance payment management processes. Approval from authorized personnel must be sought and obtained before any advance payments are made to individual employees. Advance payments must be utilized in accordance with the approved purposes, and shall be returned or evidenced by valid receipts within the prescribed timeline, ranging from ten business days to a month, dependent on the type of advance payments.

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Our other receivables, before any allowances recognized, increased from RMB33.2 million as of December 31, 2018 to RMB53.2 million as of December 31, 2019, primarily due to the increase of guarantee deposits paid in relation to bidding processes as a result of our business development, and the increase of advance payment of utility bills on behalf of property owners and residents. Our other receivables, before any allowances recognized, increased from RMB53.2 million as of December 31, 2019 to RMB66.1 million as of December 31, 2020, primarily due to the increase of guarantee deposits paid in relation to bidding processes as a result of our business development. Our other receivables, before any allowances recognized, increased from RMB66.1 million as of December 31, 2020 to RMB89.8 million as of April 30, 2021, primarily due to the increase of advance payment of utility bills on behalf of property owners and residents.

Trade and Other Payables

Trade Payables

Our trade payables primarily represent our obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers, including subcontracting expenses and cost of goods. The following table sets forth a breakdown of our trade payables as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Related parties ...... 7,048 18,064 32,339 34,701 Third parties ...... 59,514 64,418 96,975 87,010 Total...... 66,562 82,482 129,314 121,711

All the trade payables are expected to be settled or are repayable on demand. As of December 31, 2018, 2019 and 2020, our trade payables generally increased, primarily due to increased purchases of goods and services from suppliers as a result of our business expansion. As of April 30, 2021, our trade payables decreased compared to December 31, 2020, primarily due to our settlement of trade payables due to subcontractors in April 2021.

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Trade Payables Turnover Days

The following table sets forth our trade payables turnover days for the periods indicated:

Four months ended Year ended December 31, April 30,

2018 2019 2020 2021

Trade payables turnover days – Overall(1)...... 36 37 46 40 – Related parties(2)...... 72 116 179 132 – Third parties(3) ...... 36 33 37 32

(1) The overall trade payable turnover days is the average of the opening and closing trade payables divided by our total cost of sales for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

(2) The trade payable turnover days in respect of related parties is the average of the opening and closing trade payables attributable to related parties divided by our cost of sales attributable to related parties for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

(3) The trade payable turnover days in respect of independent third parties is the average of the opening and closing trade payables attributable to third parties divided by our cost of sales attributable to third parties for that year or period and multiplied by 365 days for 2018, 2019 and 2020 or by 120 days for the four months ended April 30, 2021.

Our overall trade payable turnover days remained relatively stable in 2018 and 2019. The increase in our overall trade payables turnover days in 2020 as compared to 2019 was primarily due to an increase in the trade payable turnover days in respect of related parties. Our trade payable turnover days in respect of related parties were generally longer than those in respect of third parties, mainly because our related parties are generally willing to extend credit term for us due to our long-term relationship. The decrease in the trade payable turnover days in respect of related parties in the four months ended April 30, 2021 as compared to 2020 was primarily due to we accelerated our settlement with related parties for certain trade payables.

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Ageing Analysis on Trade Payables

The table below sets forth an ageing analysis of our trade payables, based on the invoice date, as of the dates indicated:

As of As of December 31, April 30,

2018 2019 2020 2021

(RMB in thousands) Within 1 year ...... 58,714 72,893 112,067 92,722 1 to 2 years ...... 5,775 7,177 13,407 23,257 2 to 3 years ...... 1,537 1,383 1,767 3,531 Over 3 years ...... 536 1,029 2,073 2,201

Total ...... 66,562 82,482 129,314 121,711

As of May 31, 2021, approximately RMB44.2 million, or 36.3%, of our total trade payables as of April 30, 2021 had been settled, among which approximately RMB8.8 million, or 7.3%, was paid to related parties and approximately RMB35.3 million, or 29.0%, was paid to third parties.

Other Payables

Other payables primarily include dividend payables, deposits received from property owners and tenants, and payables of employee salaries and benefits. The following table sets forth a breakdown of our other payables as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Other taxes and charges payable ..... 15,853 10,957 12,845 8,136 Dividends payable ...... 100,000 – – – Accrued payroll and other benefits .... 67,269 87,098 109,018 67,586 Deposits...... 116,730 116,425 116,818 123,841 Receipts on behalf of residents/tenants(1) ...... 40,772 35,833 43,823 43,823 Other payables and accruals ...... 19,223 18,603 11,943 17,911 Total ...... 359,847 268,916 294,447 261,297

(1) Receipts on behalf of residents/tenants mainly refer to receipts of payments for utilities expenses temporarily collected from residents or tenants in the course of our provision of property management services, which are to be paid to related service providers.

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Our other payables decreased from RMB359.8 million as of December 31, 2018 to RMB269.0 million as of December 31, 2019, primarily due to a decrease in our dividends payable. Our other payables further increased to RMB294.4 million as of December 31, 2020, primarily due to an increase in our accrued payroll and other benefits, as a result of a staff increase and improved compensation for employees. Our other payables further decreased to RMB261.3 million as of April 30, 2021, primarily due to a decrease in our accrued payroll and other benefits, as a result of our payment of the same in January 2021.

Contract Liabilities

Our contract liabilities primarily arise from the advance payments received from customers of our property management services while the underlying services have yet to be provided by us. Our contract liabilities increased from RMB293.6 million as of December 31, 2018, to RMB304.4 million as of December 31, 2019, primarily as a result of the growth of our business. Our contract liabilities increased from RMB304.4 million as of December 31, 2019 to RMB393.6 million as of December 31, 2020, primarily as a result of the growth of our business, including the payment received for the services for ten large shopping malls and one outlet store developed by Century Golden Resources Group. Our contract liabilities increased from RMB393.6 million as of December 31, 2020 to RMB428.8 million as of April 30, 2021, primarily as a result of the growth of our business.

The following table sets forth a breakdown of our contract liabilities as of the dates indicated:

As of As of December 31, April 30, 2018 2019 2020 2021 (RMB in thousands) Related parties ...... – – 65,422 46,593 Third parties ...... 293,562 304,426 328,128 382,184 Total...... 293,562 304,426 393,550 428,777

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NET CURRENT ASSETS

The following table sets forth the components of our current assets and liabilities as of the dates indicated:

As of As of As of December 31, April 30, May 31,

2018 2019 2020 2021 2021

(RMB in thousands) Current assets Inventories ...... 6,399 7,655 8,394 9,184 9,878 Loans and interest receivables due from a related party . . . 18,372–––– Contract assets ...... – – – 1,686 – Trade and other receivables . . 119,191 166,582 218,990 331,573 359,527 Financial assets measured at fair value through profit or loss ...... 543,740–––– Cash and cash equivalents . . . 277,071 781,682 800,762 776,396 760,352 Total current assets...... 964,773 955,919 1,028,146 1,118,839 1,129,757 Current liabilities Trade and other payables .... 426,409 351,398 423,761 383,008 386,891 Contract liabilities ...... 293,562 304,426 393,550 428,777 356,746 Lease liabilities ...... 1,986 1,958 2,130 572 572 Current taxation ...... 33,591 12,409 22,927 10,390 12,113 Total current liabilities ..... 755,548 670,191 842,368 822,747 756,322 Net current assets...... 209,225 285,728 185,778 296,092 373,435

We recorded net current assets as of December 31, 2018, 2019 and 2020 and April 30 and May 31, 2021.

Our net current assets increased from RMB209.2 million as of December 31, 2018 to RMB285.7 million as of December 31, 2019, primarily because the decrease in our current liabilities was greater than that in our current assets. The decrease in our current liabilities was primarily due to a decrease in our trade and other payables, mainly reflecting a decrease in our dividends payable.

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Our net current assets decreased from RMB285.7 million as of December 31, 2019 to RMB185.8 million as of December 31, 2020, primarily because the increase in our current liabilities was greater than that in our current assets. The increase in our current liabilities was primarily due to increases in (i) our contract liabilities, mainly reflecting our business expansion, and (ii) our trade and other payables, mainly reflecting an increase in our accrued payroll and other benefits, as a result of a staff increase and improved compensation for employees.

Our net current assets increased from RMB185.8 million as of December 31, 2020 to RMB296.1 million as of April 30, 2021, primarily because our current liabilities decreased while our current assets increased. The decrease in our current liabilities was primarily due to a decrease in our other payables, as a result of our payment of the accrued payroll and other benefits to employees in January 2021, and a decrease in our current taxation, as we had less taxable income in the first four months of 2021 than in 2020. The increase in our current assets was primarily due to an increase in our trade and other receivables, primarily in line with our business expansion.

Our net current assets increased from RMB296.1 million as of April 30, 2021 to RMB373.4 million as of May 31, 2021, primarily because our current liabilities decreased while our current assets increased. The decrease in our current liabilities was primarily due to a decrease in our contract liabilities, as a result of our performance of contract obligations that correspond to certain advance payments made by our customers of property management services. The increase in our current assets was primarily due to an increase in our trade and other receivables, primarily in line with our business expansion, which was partially offset by a decrease in our cash and cash equivalents.

Working Capital

Our Directors are of the opinion that, after taking into account the financial resources available to us including the estimated [REDACTED] and our internally generated funds, we have sufficient working capital to satisfy our requirements for at least the next 12 months following the date of this document.

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LIQUIDITY AND CAPITAL RESOURCES

Our principal use of cash has been for working capital purposes. Our main source of liquidity has been generated from cash flow from operations. In the foreseeable future, we expect such source to continue to be our principal sources of liquidity and we may use a portion of the [REDACTED] to finance some of our capital requirements.

Cash Flows

The following table sets forth a summary of our cash flows for the periods indicated:

Four months ended Year ended December 31, April 30, 2018 2019 2020 2020 2021 (RMB in thousands) Net cash generated from/(used in) operating activities .... 190,041 123,779 356,800 25,828 (14,923) Net cash generated from/(used in) investing activities .... 717,494 585,713 (25,803) (11,659) 1,160 Net cash used in financing activities ...... (902,037) (204,881) (311,917) (681) (10,603) Net increase/(decrease) in cash and cash equivalents . 5,498 504,611 19,080 13,488 (24,366) Cash and cash equivalents at the beginning of the year/period ...... 271,573 277,071 781,682 781,682 800,762 Cash and cash equivalents at the end of the year/period ...... 277,071 781,682 800,762 795,170 776,396

Cash Flows in Relation to Operating Activities

Our cash from operating activities primarily consists of fees received from the provision of property management services and value-added services. Cash flow from operating activities reflects: (i) profit before income tax adjusted for non-cash and non-operating items and finance costs, such as depreciation and amortization and impairment losses; (ii) the effects of movements in working capital; and (iii) income tax paid.

In the four months ended April 30, 2021, our net cash used in operating activities was RMB14.9 million, which was the result of profit before taxation of RMB143.3 million, as adjusted by non cash and non-operating items, and a decrease of RMB119.8 million in working capital, primarily due to an increase in trade and other receivables of RMB112.6 million, mainly attributable to an increase in our property management fees receivable from our customers, and a decrease in trade and other payables of RMB40.8 million, mainly attributable to a decrease in the amounts due to our subcontractors, partially offset by an increase in contract liabilities of RMB35.2 million, mainly in relation to advance payments from customers of our property management services.

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In 2020, we had net cash generated from operating activities of RMB356.8 million, which was the result of profit before taxation of RMB314.1 million, as adjusted by non-cash and non-operating items, and an increase of RMB102.1 million in working capital, primarily due to an increase in contract liabilities of RMB89.1 million, mainly in line with our business growth, and an increase in trade and other payables of RMB68.6 million, mainly attributable to increases in the amounts due to our subcontractors and related parties.

In 2019, we had net cash generated from operating activities of RMB123.8 million, which was the result of profit before taxation of RMB230.9 million, as adjusted by non-cash and non-operating items, and a decrease of RMB21.9 million in working capital, primarily due to an increase in trade and other receivables of RMB52.5 million, mainly attributable to a decrease in fees received from our property management services, partially offset by an increase in trade and other payables of RMB22.0 million, mainly attributable to an increase in the amounts due to our subcontractors.

In 2018, we had net cash generated from operating activities of RMB190.0 million, which was the result of profit before taxation of RMB279.1 million, as adjusted by non-cash and non-operating items, and an increase of RMB24.4 million in working capital, primarily due to a decrease in trade and other receivables of RMB18.4 million, mainly attributable to our enhanced efforts in collecting fee receivable in 2018.

Cash Flows in Relation to Investing Activities

In the four months ended April 30, 2021, our net cash generated from investing activities was RMB1.2 million, primarily reflecting interest received of RMB1.8 million, partially offset by the purchase of property, plant and equipment of RMB0.7 million.

In 2020, our net cash used in investing activities was RMB25.8 million, primarily reflecting net cash used in the acquisition of Wanwei Robot of RMB40.0 million, partially offset by interest received of RMB13.0 million.

In 2019, our net cash generated from investing activities was RMB585.7 million, primarily reflecting RMB557.0 million redemption of wealth management products and repayment of loans to related parties of RMB668.3 million, partially offset by the provision of loans to related parties of RMB650.0 million.

In 2018, our net cash generated from investing activities was RMB717.5 million, primarily reflecting the repayment of loans from related parties of RMB1,953.0 million, partially offset by the provision of loans to related parties of RMB1,315.0 million.

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Cash Flows in Relation to Financing Activities

In the four months ended April 30, 2021, our net cash used in financing activities was RMB10.6 million, primarily reflecting [REDACTED] paid of RMB8.3 million.

In 2020, our net cash used in financing activities was RMB311.9 million, primarily reflecting payment of dividends of RMB230.0 million and deemed distribution arising from reorganization of RMB100.0 million, partially offset by capital injections from shareholders of RMB21.6 million.

In 2019, our net cash used in financing activities was RMB204.9 million, primarily reflecting payment of dividends of RMB290.3 million, partially offset by capital injections from shareholders of RMB90.0 million.

In 2018, our net cash used in financing activities was RMB902.0 million, primarily reflecting payment of dividends of RMB900.0 million.

INDEBTEDNESS

As of December 31, 2018, 2019 and 2020 and April 30 and May 31, 2021, we did not have any bank borrowings or unutilized banking facilities.

IFRS 16 introduced a single lessee accounting model, whereby assets and liabilities are recognized for all leases on the statement of financial position, subject to certain exceptions. As of December 31, 2018, 2019 and 2020 and April 30 and May 31, 2021, our current and non-current lease liabilities were RMB6.5 million, RMB4.8 million, RMB3.5 million, RMB1.3 million and RMB1.3 million, respectively. These lease liabilities mainly consisted of leases of certain office properties from related parties.

Apart from normal trade and other payables in the ordinary course of business, we did not have any material mortgages, charges, debentures, loan capital, debt securities, loans, bank overdrafts or other similar indebtedness, liabilities under acceptances (other than normal trade bills), acceptance credits, which are either guaranteed, unguaranteed, secured or unsecured, or guarantees or other contingent liabilities as of May 31, 2021.

Contingent Liabilities

As of April 30, 2021, we were not involved in any material legal, arbitration or administrative proceedings that were expected to materially and adversely affect our financial condition or results of operations, although there can be no assurance that this will not be the case in the future. Our Directors confirm that there has been no material change in our contingent liabilities since April 30, 2021 to May 31, 2021.

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COMMITMENTS AND EXPENDITURES

Capital Commitments

As of April 30, 2021, our Group had no significant capital commitment.

Capital Expenditures

The table below sets forth the amount of capital expenditures incurred during the Track Record Period:

Four months ended Year ended December 31, April 30,

2018 2019 2020 2021

(RMB in thousands) Purchase of property, plant and equipment ...... 5,512 2,065 1,349 723 Purchase of intangible assets ...... 372 1,360 – – Total ...... 5,884 3,425 1,349 723

During the Track Record Period, we incurred capital expenditure mainly for machinery equipment, vehicles, office supplies and software. We estimate that our capital expenditures for 2021 will be approximately RMB7.2 million, which we intend to use primarily for purchasing information technology systems, we expect to fund these capital expenditures with our available cash resources.

OFF-BALANCE SHEET ARRANGEMENTS

We did not have any outstanding off-balance sheet arrangements as of the Latest Practicable Date.

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SUMMARY OF KEY FINANCIAL RATIOS

The following table sets forth our key financial ratios as of the dates and for the periods indicated:

As of or for the As of or for the year ended period ended December 31, April 30, 2018 2019 2020 2021

(%) Current ratio(1) ...... 127.7 142.6 122.1 136.0 Liabilities to assets ratio(2) ...... 76.5 68.4 77.0 69.4 Return on assets(3) ...... 16.5 18.3 23.9 29.3 Return on equity(4)...... 35.0 66.5 88.4 109.0

(1) Current ratio is calculated based on our total current assets divided by our total current liabilities as of the respective dates and multiplied by 100%.

(2) Liabilities to assets ratio is calculated based on total liabilities divided by total assets as of the respective dates and multiplied by 100%. Total liabilities represent the sum of current liabilities and non-current liabilities. Total assets represent the sum of current assets and non-current assets.

(3) Return on assets was calculated based on our profit for the year or period divided by the average balance of our total assets at the beginning and the end of the year or period and multiplied by 100%. Return on assets in the four months ended April 30, 2021 has been annualized by multiplying by three. Accordingly, the annualized return on assets may not be indicative of that for the full year ending December 31, 2021. Investors are cautioned not to place any undue reliance on such data.

(4) Return on equity was calculated based on our profit for the year or period divided by the average balance of total equity at the beginning and the end of the year or period and multiplied by 100%. Return on equity in the four months ended April 30, 2021 has been annualized by multiplying by three. Accordingly, the annualized return on equity may not be indicative of that for the full year ending December 31, 2021. Investors are cautioned not to place any undue reliance on such data.

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QUANTITATIVE AND QUALITATIVE ANALYSIS ABOUT FINANCIAL RISK

Exposure to credit, liquidity and interest rate risks arises in the normal course of our business. We are also exposed to equity price risk arising from our equity investments in other entities.

Our exposure to these risks and the financial risk management policies and practices used by us to manage these risks are described below.

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Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to us. Our credit risk is primarily attributable to cash at bank and trade and other receivables. Our exposure to credit risk arising from cash and cash equivalents and financial assets measured at fair value through profit or loss are limited because the counterparties that we assigned are banks and financial institutions which have high credit standings and low credit risk.

With respect to trade receivables from related parties, payments on behalf of property owners, deposits and amounts due from staff included in other receivables, we assessed their expected credit loss rate immaterial under the 12 month expected losses method based on historical settlement records. With respect to trade receivables from third parties, we measure loss allowances at amounts equal to lifetime ECLs based on historical settlement records. We have a large number of customers and there was no concentration of credit risk. In addition, we have monitoring procedures to ensure that follow-up action is taken to recover overdue debts. We consider that a default event occurs when there is a significant decrease in the collection rate for property management fee and estimate the expected credit loss rate for relevant periods. Normally, we do not obtain collateral from customers. We have no concentrations of credit risk in view of its large number of customers.

The following table provides information about our exposure to credit risk and ECLs for trade receivables due from third parties as of December 31, 2018, 2019 and 2020 and April 30, 2021:

Gross Expected carrying Loss loss rate amount allowance (RMB in thousands, except for percentages) As of December 31, 2018 Within 1 year...... 5% 59,223 2,961 1-2 years...... 10% 17,631 1,763 2-3 years...... 25% 9,342 2,336 3-4 years...... 40% 4,405 1,762 4-5 years...... 75% 1,575 1,181 Over 5 years ...... 100% 1,235 1,235 Total ...... 93,411 11,238

As of December 31, 2019 Within 1 year...... 5% 85,509 4,275 1-2 years...... 10% 20,839 2,084 2-3 years...... 30% 10,805 3,242 3-4 years...... 45% 6,677 3,005 4-5 years...... 80% 3,034 2,427 Over 5 years ...... 100% 2,412 2,412 Total ...... 129,276 17,445

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Gross Expected carrying Loss loss rate amount allowance (RMB in thousands, except for percentages) As of December 31, 2020 Within 1 year...... 5% 109,548 5,479 1-2 years...... 15% 32,481 4,872 2-3 years...... 30% 11,641 3,492 3-4 years...... 45% 7,076 3,184 4-5 years...... 75% 4,664 3,498 Over 5 years ...... 100% 3,496 3,496 Total ...... 168,906 24,021

Gross Expected carrying Loss loss rate amount allowance (RMB in thousands, except for percentages) As of April 30, 2021 Within 1 year ...... 3% 183,491 6,050 1-2 years ...... 15% 46,567 6,985 2-3 years ...... 30% 15,438 4,631 3-4 years ...... 45% 8,805 3,962 4-5 years ...... 75% 5,327 3,995 Over 5 years ...... 100% 4,932 4,932 Total ...... 264,560 30,555

Liquidity Risk

Individual operating entities within our Group are responsible for their own cash management, including the short term investment of cash surpluses and the raising of loans to cover expected cash demands, subject to approval by the board when the borrowings exceed certain predetermined levels of authority. Our policy is to regularly monitor our liquidity requirements and our compliance with lending covenants, to ensure that we maintain sufficient reserves of cash and readily realizable marketable securities and adequate committed lines of funding from major financial institutions to meet our liquidity requirements in the short and longer term.

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The following tables show the remaining contractual maturities at the end of each period during the Track Record Period, based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period):

More than Within More than 2 years 1 year or 1 year but but less on less than than More than Carrying demand 2 years 5 years 5 years Total amount (RMB in thousands) As of December 31, 2018 Trade and other payables ...... 426,409–––426,409 426,409 Lease liabilities ...... 2,037 2,008 3,067 – 7,112 6,536

Total ...... 428,446 2,008 3,067 – 433,521 432,945

As of December 31, 2019 Trade and other payables ...... 351,398–––351,398 351,398 Lease liabilities ...... 2,008 1,962 1,105 – 5,075 4,771 Total ...... 353,406 1,962 1,105 – 356,473 356,169

As of December 31, 2020 Trade and other payables ...... 423,761–––423,761 423,761 Lease liabilities ...... 2,186 1,308 198 – 3,692 3,528 Total ...... 425,947 1,308 198 – 427,453 427,289

More than Within More than 2 years 1 year or 1 year but but less on less than than More than Carrying demand 2 years 5 years 5 years Total amount (RMB in thousands) As of April 30, 2021 Trade and other payables ...... 383,008–––383,008 383,008 Lease liabilities ...... 587 672 171 – 1,387 1,314 Total ...... 383,595 672 171 – 384,395 384,322

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Our interest rate risk arises primarily from bank loans. Borrowings issued at variable rates expose us to cash flow interest rate risk.

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The following table sets forth the interest rate profile of our borrowings, mainly fixed rate financial instruments, as of the dates indicated:

As of December 31, As of April 30,

2018 2019 2020 2021

Effective Effective Effective Effective interest interest interest interest rate Amount rate Amount rate Amount rate Amount

(RMB in thousands, except for percentages) Lease liabilities .... 4.75 6,536 4.75 4,771 4.75 3,528 4.75 1,314

RELATED PARTY TRANSACTIONS AND BALANCES

Our ultimate holding company is Platinum Wish Limited. Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Members of our key management and their close family members are also considered as related parties.

For a detailed discussion of related party transactions, see Note 26 to Accountants’ Report in Appendix I to this document.

Significant Related Party Transactions

During the Track Record Period, we had the following significant transactions with related parties:

Provision of property management services and other services

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we recorded provisions of property management services and other services to related parties of RMB17.3 million, RMB12.9 million, RMB121.0 million, RMB2.2 million and RMB132.3 million, respectively. The trade amount due from related parties are in connection with providing property management services to residential and commercial properties and value-added services to related parties.

Receiving services from related parties

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we received services from related parties of RMB18.1 million, RMB22.6 million, RMB20.3 million, RMB5.2 million and RMB8.4 million, respectively, which mainly includes catering and business travel accommodation services, among other things.

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Purchase of goods from related parties

In 2018, 2019 and 2020 and the four months ended April 30, 2020 and 2021, we recorded purchase of goods from related parties of RMB17.1 million, RMB16.5 million, RMB30.4 million, RMB6.6 million and RMB22.1 million, respectively, which mainly includes purchase of merchandise and employee benefits products from related parties.

Provision of loans to related parties

In 2018 and 2019, we recorded provision for loans to related parties of RMB1,315.0 million and RMB650.0 million, respectively. In 2020 and the four months ended April 30, 2021, we recorded no provision of loans to related parties. We granted such loans to related parties mainly for purposes of temporarily replenishing their liquidity, financed by our internal resources. These loans were typically payable within one year, with an interest rate ranging from 6% to 8% per annum.

Repayment of loans from related parties

In 2018 and 2019, we recorded repayment of loans from related parties of RMB1,953.0 million and RMB668.4 million, respectively. In 2020 and the four months ended April 30, 2021, we recorded no repayment of loans from related parties.

Interest from loans to related parties

In 2018 and 2019, we recorded interest from loans to related parties amounting to RMB72.4 million and RMB9.2 million, respectively. In 2020 and the four months ended April 30, 2021, we recorded no interest from loans to related parties. In addition, we recorded interest from associates of related parties amounting to RMB2.3 million in 2018, and we recorded no interest from associates of related parties in 2019 or 2020.

The General Lending Provisions (《貸款通則》) promulgated by the PBOC prohibited companies that are not financial institutions from conducting financial business such as deposit-taking and lending. The PBOC may impose penalties on the lender equivalent to one to five times of the illegal income (being interest charged). However, according to the Provisions of the Supreme People’s Court on Several Issues concerning the Application of Law in the Trial of Private Lending Cases (《最高人民法院關於審理民間借貸案件適用法律若干問題的規定》), or the Provisions, which became effective on September 1, 2015, and was amended on December 29, 2020, the Supreme People’s Court would admit the validity and legality of civil lending contracts among companies if they are made for the needs of production or business operation, while not disobeying the mandatory terms of the Civil Code (《民法典》) or other such stipulations. PRC courts will also support a company’s claim for agreed interest rate not more than four times of the loan prime rate, or the LPR for one-year loan, at the time of the establishment of the contract. As of the Latest Practicable Date, we had not received any notice of claim or been subject to any investigation or penalty relating to the loans we provided to related parties during the Track Record Period. Our Directors confirm that

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Our Directors confirm that the aforementioned significant transactions with related parties were conducted on an arm’s length basis and on normal commercial terms, and would not distort our track record results or impact the view of our future performance. We had no non-trade related balance with related parties as of April 30, 2021. For further details on related party balances and transactions, see Note 26 of Accountants’ Report in Appendix I to this document.

DIVIDEND AND DISTRIBUTABLE RESERVES

Currently, we do not have a dividend policy. Our Board has absolute discretion as to whether to declare any dividend for any year, and in what amount. Our Company is a holding company incorporated under the laws of the Cayman Islands. As a result, the payment and amount of any future dividend will also depend on the availability of dividends received from our subsidiaries. PRC laws require that dividends be paid only out of the profit for the year calculated according to PRC accounting principles, which differ in many aspects from the generally accepted accounting principles in other jurisdictions, including IFRSs. PRC laws also require a foreign-invested enterprises to set aside at least 10% of its after-tax profits, if any, to fund its statutory reserves, which are not available for distribution as cash dividends.

Our Company was incorporated in the Cayman Islands on August 24, 2020 and has not carried out any business since the date of incorporation. As of the Latest Practicable Date, our Company did not have any distributable reserves.

DISCLOSURE PURSUANT TO RULES 13.13 TO 13.19 OF THE LISTING RULES

Except as otherwise disclosed in this document, we confirm that, as of the Latest Practicable Date, we were not aware of any circumstances that would give rise to a disclosure requirement under Rules 13.13 to 13.19 of the Listing Rules.

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[REDACTED]

[REDACTED] represent professional fees, [REDACTED] and other fees (such as the discretionary incentive fee) incurred in connection with the [REDACTED]. We estimate that our [REDACTED] will be approximately [REDACTED] (or [REDACTED], representing [REDACTED]) (assuming an [REDACTED] of HK$[REDACTED] per [REDACTED] (being the mid-point of the indicative [REDACTED]) and no exercise of the [REDACTED]), of which (i) approximately [REDACTED], directly attributable to the issue of our [REDACTED], will be subsequently charged to equity upon completion of the proposed [REDACTED], (ii) approximately [REDACTED], respectively, has been expensed in our consolidated statements of profit or loss and other comprehensive income for the year ended December 31, 2020 and the four months ended April 30, 2021, and (iii) approximately [REDACTED] is expected to be expensed in our consolidated statements of profit or loss and other comprehensive income for the year ending December 31, 2021. Our Directors do not expect such expenses to materially impact our results of operations for the year ending December 31, 2021.

UNAUDITED [REDACTED] ADJUSTED NET TANGIBLE ASSETS

The following unaudited [REDACTED] statement of adjusted net tangible assets of our Group is prepared in accordance with Rule 4.29 of the Listing Rules and is set out below to illustrate the effect of the [REDACTED] on our consolidated net tangible assets attributable to the equity shareholders of our Company as of April 30, 2021 as if the [REDACTED] had taken place on that date.

The unaudited [REDACTED] statement of adjusted net tangible assets has been prepared for illustrative purposes only and because of its hypothetical nature, it may not give a true picture of our financial position had the [REDACTED] been completed as of April 30, 2021 or at any future date.

Unaudited [REDACTED] adjusted Unaudited Consolidated net tangible net tangible assets [REDACTED] adjusted assets attributable Estimated attributable net tangible assets to the equity shareholders [REDACTED] to equity shareholders attributable to equity of our Company as of from the of our Company as of shareholders of our April 30, 2021(1) [REDACTED](2) April 30, 2021 Company per Share (RMB in thousands) RMB(3) HK$(4)

Based on an [REDACTED] of HK$[REDACTED] per Share 361,174 [REDACTED][REDACTED][REDACTED][REDACTED] Based on an [REDACTED] of HK$[REDACTED] per Share 361,174 [REDACTED][REDACTED][REDACTED][REDACTED]

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(1) The consolidated net tangible assets attributable to the equity shareholders of our Company as of April 30, 2021 is arrived at based on after (i) deducting intangible assets of RMB1,363,000; and (ii) adjusting the share of intangible assets attributable to non-controlling interests of RMB2,000 from the consolidated total equity attributable to equity shareholders of our Company as of April 30, 2021 of RMB362,535,000, which is extracted from Accountants’ Report set out in Appendix I to this document.

(2) The estimated net [REDACTED] are based on the indicative [REDACTED] per Share (being the minimum [REDACTED]) and HK$[REDACTED] per Share (being the maximum [REDACTED]), after deduction of the [REDACTED] and other related expenses paid or payable by us (excluding the expenses that have been charged to profit or loss during the Track Record Period), and does not take into account any shares which may be issued upon the exercise of the [REDACTED]. The estimated net [REDACTED] have been converted to Renminbi at the PBOC rate of HK$1.00 to RMB0.83 prevailing on April 30, 2021. No representation is made that Hong Kong dollars amount have been, could have been or may be converted to Renminbi, or vice versa, at that rate or at any other rate.

(3) The unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of our Company per Share is arrived at by dividing the unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of our Company by [REDACTED] Shares, being the number of shares expected to be in issue following the completion of, the Capitalization Issue and the [REDACTED], and does not take into account any shares which may be issued upon the exercise of the [REDACTED].

(4) The unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of our Company per Share amounts in RMB are converted to Hong Kong dollar with the PBOC rate of RMB1.00 to HK$1.20 prevailing on April 30, 2021. No representation is made that Renminbi amount have been, could have been or may be converted to Hong Kong dollars, or vice versa, at that rate or at any other rate.

(5) No adjustment has been made to reflect any trading result or other transactions of us entered into subsequent to April 30, 2021.

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FUTURE PLANS

See “Business – Our Strategies” for a detailed description of our future plans.

USE OF [REDACTED]

We estimate that we will receive net [REDACTED] of approximately [REDACTED] from the [REDACTED], after deducting the [REDACTED] and estimated expenses payable by us in connection with the [REDACTED], assuming the [REDACTED]of HK$[REDACTED] per [REDACTED] (being the mid-point of the indicative [REDACTED] stated in this document) and assuming that the [REDACTED] is not exercised.

Assuming that the [REDACTED] is fixed at HK$[REDACTED] per [REDACTED] (being the mid-point of the indicative [REDACTED]), we intend to use the net [REDACTED] from the [REDACTED] for the following purposes:

• approximately 65.0% of the net [REDACTED] (approximately [REDACTED]) will be used to expand our property management service business, of which,

(i) approximately 40.0%, or [REDACTED], will be used to acquire or invest in property management companies which have total revenue for the most recent financial year of no less than approximately RMB50 million, and competence in managing non-residential properties (such as office buildings, shopping malls, hospitals, schools, industrial parks, government buildings and public facilities) and urban operations, to diversify our business portfolio, obtain expertise and qualifications necessary to provide such property management services, and enhance our influence and competitiveness in the industry;

(ii) approximately 20.0%, or [REDACTED], will be used to acquire or invest in residential property management companies which have total revenue for the most recent financial year of no less than approximately RMB20 million, and business operations and strategies complementary to ours to expand our business scale and our industrial position. In particular, we prefer residential property management companies that (a) are high quality and reputable and operate in places where we currently have little presence, such as Yangtze River Delta and Pearl River Delta, or (b) manage properties in proximity to our business layout, such as Beijing, Anhui province, Yunnan province, Guizhou province and Hunan province, to further help us achieve scale effects. In fact, leading property management companies are seeking opportunities to enrich business portfolio and enhance competitiveness through mergers and acquisitions. According to CPMRI, there are over 200,000 property management companies operating in China with a total market size of

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approximately RMB1,180.0 billion in 2020. For example, there are approximately 67,100, 19,000, 22,800, 15,000, 6,300, 7,200, 9,400 property management companies in Yangtze River Delta, Pearl River Delta, Beijing, Anhui province, Yunnan province, Guizhou province and Hunan province, respectively, which would allow the Company to find suitable targets that fit the selection criteria of potential targets for strategic acquisitions and investments; and

(iii) approximately 5.0%, or [REDACTED], will be used to acquire companies engaged in property management related businesses, such as providers of conference services, cleaning, gardening and repair and maintenance services, with total revenue for the most recent financial year of no less than approximately RMB15 million and reputable brand names, to optimize our business structure and achieve synergies.

In addition to the aforementioned criteria, in evaluating potential investment or acquisition targets, we are also inclined to invest in those that possess a competent management team, outstanding track record and sound compliance history. We tend to select targets that are capable of generating sustainable profits and good track record such as sustainable revenue growth, having well-established local influence, stable management team and consistent service quality. We intend to acquire majority interests in target property management companies, and minority interests in target property management related companies with the aim to maintain long-term relationships for future cooperation. For those target companies in which we intend to acquire minority interests, we plan to exercise influence through sending quality management talents to the target companies to provide valuable industry insights and offering business development opportunities using our brand influence and resource. As of the Latest Practicable Date, we have not identified any potential investment acquisition target or entered into any definite investment or acquisition agreement. We determine the amount of [REDACTED] to be used in the above acquisitions and investments based on several factors, such as our business needs, our expected annual revenue of target companies, and consideration paid by peers in similar transactions. Assuming that we will receive and use the net [REDACTED]atan[REDACTED] fixed at the mid-point of the indicative [REDACTED] and based on (i) the projected GFA of the property projects to be developed and delivered by Century Golden Resources Group in the next three years, and (ii) the expected increase in demand for property management services from independent third-party property developers after taking into account our business development efforts and plans to expand our portfolio of projects developed by independent third-party property developers through procurement of new property management projects from them and strategic acquisitions of

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third-party property management companies, it is estimated that our revenue generated from property management services and GFA under management attributable to properties developed by Century Golden Resources Group will account for no more than 60% and 40%, respectively, of our total projected revenue for the year ending December 31, 2023 and GFA under management as of December 31, 2023. This estimation is prepared on the basis of our management’s present expectation which is subject to various risks, assumptions and uncertainties, and investors should not place undue reliance on such forward-looking information.

According to CPMRI, the PRC property management industry is highly fragmented, with over 200,000 property management companies operating in China in 2020, and accelerated market concentration is a key trend in this industry. Leading property management companies are seeking opportunities to enrich business portfolio and enhance competitiveness through mergers and acquisitions. According to CPMRI, there are over 20 and over 400 companies in the list of 2020 Top 100 and Top 500 Property Management Companies, respectively, in terms of comprehensive strength that match our criteria for strategic acquisitions and investments. By leveraging the trend of industry consolidation, and our established market position and experience, we believe that we are unlikely to encounter difficulties in finding suitable acquisition and investment targets and implementing our business strategies accordingly;

• approximately 15.0% of the net [REDACTED] (approximately [REDACTED]) will be used for value-added services and strategic investment in our upstream and downstream industrial chain of such services, among which,

(i) approximately 8.0%, or [REDACTED], will be used to acquire or invest in enterprises in the upstream and downstream industrial chain relating to the community value-added services business and the value-added services business to non-property owners, including but not limited to fresh food and grocery supply chain companies, housekeeping service companies, intelligent technology companies, and property brokerage companies, to expand our service offerings and improve our professional capability and profitability. As of the Latest Practicable Date, we have not identified any potential investment acquisition target or entered into any definite investment or acquisition agreement. We determine the amount of proceeds to be used in the above acquisitions and investments based on several factors, such as our business needs, our expected scale of target companies, and consideration paid by peers in similar transactions. We prefer minority interests in such target enterprises with the aim to maintain long-term relationships for future cooperation;

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(ii) approximately 5.0%, or [REDACTED], will be used to further expand and promote community value-added services business, including new retail, home furnishing, housekeeping, property brokerage, and services related to vehicles, education and health, to enhance business penetration and increase revenue. In particular, we intend to promote community value-added services business through increasing the presence of existing businesses in the communities that we serve, and launching new community value-added services in certain cities such as education services, elderly care and automobile maintenance services. We plan to selectively start certain new types of community value-added services at a few locations on a pilot basis first, and expand the relevant services to other locations where we have property management projects based on the initial performance. In addition, we plan to further cooperate with other property management companies in providing community value-added services as we accumulate more experience and expertise in operating such businesses; and

(iii) approximately 2.0%, or [REDACTED], will be used to build front-end warehouses of community retail business, increase convenience store presence in communities, and also construct and geographically arrange stores for home furnishing, to increase revenue. In particular, we plan to build over ten warehouses, 100 convenience stores and ten home furnishing stores in the next three years;

• approximately 7.0% of the net [REDACTED] (approximately [REDACTED]) will be used for information system optimization, among which,

(i) approximately 5.5%, or [REDACTED], will be used to establish intelligent IoT systems, including device IoT system, video surveillance system, access control system, carpark management system, and intelligent robots, among other things. We believe the establishment of intelligent IoT systems can help standardize our management processes of large scale properties and reduce our labor costs by taking over duties of personnel. In particular, we expect the establishment of the intelligence IoT systems to streamline daily property management workstreams such as visitor registration, repair and maintenance and entry and exit verification. For example, we plan to promote the electronic registration of visitor information by property owners and residents and the use of QR codes by visitors to replace the traditional way where the security guards need to verify visitor information with the relevant property owners or residents. Moreover, we plan to incorporate an online repair and maintenance reporting tool where property owners and residents can file digital requests for repair and maintenance services with text and photos, receive notifications

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regarding the repair andmaintenance appointments and view the fee standards for such services online. Meanwhile, we also expect to utilize the intelligent IoT systems to collect and serve property owners’ and residents’ demand for value-added services more conveniently and enable them to provide feedback electronically regarding our provision of property management services and value-added services, so as to improve our service quality and enhance their engagement. We have commenced the incorporation of such IoT systems into our business by stages starting from June 2021, with the aim to realize digitization of our offline services such as entry and exit registration and verification of residents and vehicles, maintenance services for residents, inspection of equipment, security patrol, information archive management and notification within the next one to two years; and

(ii) approximately 1.5%, or [REDACTED], will be used for development and upgrade of business operational systems, including that of intelligent learning system, intelligent performance system, living service system, customer service system, analysis management and control system and internal middle office management system, among other things;

• approximately 3.0% of the net [REDACTED] (approximately [REDACTED]) will be used to recruit talents and improve employee training and employee welfare system, including: (i) strategic recruitment of key employees to support business growth; (ii) collaboration with higher education institutions and other parties to provide employees with more trainings on aspects of business skills and managerial capabilities, improve training programs, and encourage employees to pursue relevant professional certificates and higher education degrees, to enhance employees’ work efficiency and performance and for us to identify and nurture our future team leaders; and (iii) further enhancement of remuneration plans to link employees’ benefits with the achievement of our Group; and

• approximately 10.0% of the net [REDACTED] (approximately [REDACTED]) will be used for working capital and general corporate purposes. We expect that the demand for working capital will continue to increase in the future as our business is expected to expand through organic growth, mergers and acquisitions and the expansion of our portfolio of community value-added service offerings.

The above allocation of the [REDACTED] will be adjusted on a pro rata basis in the event that the [REDACTED] is fixed at a higher or lower level compared to the mid-point of the indicative [REDACTED]orthe[REDACTED] is exercised.

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If the [REDACTED] is set at HK$[REDACTED] per [REDACTED], being the high end of the indicative [REDACTED], after deducting the [REDACTED] and estimated expenses payable by us in respect with the [REDACTED], we will receive net [REDACTED]of approximately [REDACTED], assuming that the [REDACTED] is not exercised.

If the [REDACTED] is set at HK$[REDACTED] per [REDACTED], being the low end of the indicative [REDACTED], after deducting the [REDACTED] and estimated expenses payable by us in connection with the [REDACTED], we will receive net [REDACTED]of approximately [REDACTED], assuming that the [REDACTED] is not exercised.

If the [REDACTED] is exercised in full, we will receive the additional net [REDACTED] from approximately [REDACTED] (assuming an [REDACTED]of HK$[REDACTED] per Share, being the low end of the indicative [REDACTED]) to [REDACTED] (assuming an [REDACTED] of HK$[REDACTED] per Share, being the high end of the indicative [REDACTED]), after deducting the [REDACTED] and estimated expenses payable by us in connection with the [REDACTED].

If the net [REDACTED] are less than the expected amount for each use of [REDACTED] above, we plan to finance the shortfall with our own existing cash and cash generated from our operating activities. To the extent that the net [REDACTED] are not immediately applied to the purposes stated above, and to the extent permitted by applicable laws and regulations, we intend to place such funds in short-term deposits with licensed banks or authorized financial institutions. In such event, we will comply with the appropriate disclosure requirements under the Listing Rules.

– 324 – IMPLEMENTATION PLAN TO SUBJECT IS AND INCOMPLETE OF IS COVER THE HEREIN ON “WARNING” CONTAINED HEADED SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS

The following table sets forth certain details of each expansion plan. Investors should note that the following implementation plan was formulated on the bases and assumptions referred to in “– Bases and Assumptions” below. The bases and assumptions are inherently subject to uncertainties, particularly those in “Risk Factors.” Our business may vary from the business strategies set forth in this document due to unforeseeable

events, and there can be no assurance that we will accomplish our business strategies in a timely manner, or at all. OF USE AND PLANS FUTURE

Percentage of Percentage of Amount of Total Amount of Total Total Major Categories [REDACTED] [REDACTED] [REDACTED] Sub-categories Timeframe [REDACTED] (HK$ in (HK$ in millions) millions)

Property management service 65.0% [REDACTED] 40.0% Non-residential property management [October 2021 [REDACTED]

2 – 325 – business expansion ...... companies that meet our selection to December criteria as discussed in “– Use of 2022] [REDACTED]” [January 2023 [REDACTED] to December 2023] [January 2024 [REDACTED] and after] [ [REDACTED] 20.0% Residential property management [October 2021 REDACTED [REDACTED] companies that meet our selection to December criteria as discussed in “– Use of 2022] [REDACTED]” [January 2023 [REDACTED] to December 2023]

[January 2024 ] [REDACTED] and after] HSDCMN SI RF OM H NOMTO OTIE EENI NOPEEADI UJC TO SUBJECT IS AND INCOMPLETE OF IS COVER THE HEREIN ON “WARNING” CONTAINED HEADED SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS Percentage of Percentage of Amount of Total Amount of Total Total Major Categories [REDACTED] [REDACTED] [REDACTED] Sub-categories Timeframe [REDACTED] (HK$ in (HK$ in millions) millions)

[REDACTED] 5.0% Companies engaged in property [October 2021 OF USE AND PLANS FUTURE [REDACTED] management related businesses as to December discussed in “– Use of 2022] [REDACTED]” above [January 2023 [REDACTED] to December 2023] [January 2024 [–] and after] Value-added services and 15.0% [REDACTED] 8.0% Enterprises in the upstream and [October 2021 [REDACTED] strategic investment in our downstream industrial chain relating to December

2 – 326 – upstream and downstream to certain value-added services as 2022] industrial chain ...... discussed in “– Use of [January 2023 [REDACTED] [REDACTED]” to December 2023] [January 2024 [REDACTED] and after] [

[REDACTED] 5.0% Further expand and promote [October 2021 REDACTED [REDACTED] community value-added services to December business as discussed in “– Use of 2022] [REDACTED]” [January 2023 [REDACTED] to December 2023]

[REDACTED] 2.0% Build front-end warehouses of [October 2021 OF USE AND PLANS FUTURE [REDACTED] community retail business as to December discussed in “– Use of 2022] [REDACTED]” [January 2023 [REDACTED] to December 2023] [January 2024 [REDACTED] and after] Information system 7.0% [REDACTED] 5.5% Establish intelligent IoT systems as [October 2021 [REDACTED] optimization ...... discussed in “– Use of to December 2 – 327 – [REDACTED]” 2022] [January 2023 [REDACTED] to December 2023] [January 2024 [REDACTED] and after] [

[REDACTED] 1.5% Development and upgrade of business [October 2021 REDACTED [REDACTED] modules as discussed in “– Use of to December [REDACTED]” 2022] [January 2023 [REDACTED] to December 2023]

Talents recruit and employee 3.0% [REDACTED] 3.0% Recruit talents and improve employee [October 2021 OF USE AND PLANS FUTURE [REDACTED] training and employee training and employee welfare to December welfare system improvement . system as discussed in “– Use of 2022] [REDACTED]” [January 2023 [REDACTED] to December 2023] [January 2024 [REDACTED] and after] Working capital ...... 10.0% [REDACTED] 10.0% Working capital and general corporate [October 2021 [REDACTED] purposes as discussed in “– Use of to December

2 – 328 – [REDACTED]” 2022] [January 2023 [REDACTED] to December 2023] [January 2024 [REDACTED] and after]

Total 100.0% [ ...... REDACTED ] THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FUTURE PLANS AND USE OF [REDACTED]

Bases and Assumptions

Our future plans and business strategies are based on the following general assumptions:

• we will have sufficient financial resources to meet the planned capital expenditure and business development requirements during the period to which our future plans relate;

• there will be no material changes in the funding requirement for each of our future plans described in this document from the amount as our Directors estimated;

• there will be no material changes in existing laws and regulations, or other government policies relating to our Group, our industry or the political or market environment in which we operate;

• there will be no material changes in the existing accounting policies from those stated in Accountant’s Report in Appendix I as of and for the years ended December 31, 2018, 2019 and 2020 and the four months ended April 30, 2021;

•[REDACTED] will be completed in accordance with and as described in “Structure and Conditions of the [REDACTED]” in this document;

• there will be no material changes in the bases or rates of taxation applicable to our activities;

• we will continue our business operations in the same manner as we had operated during the Track Record Period;

• our operations including our future plans will not be interrupted by any force majeure, unforeseeable factors, extraordinary items or economic changes in respect of, among others, inflation and interest rate, in the PRC;

• there will be no disasters, natural, political or otherwise, which would not materially disrupt our business or operations; and

• we will not be materially affected by the risk factors in “Risk Factors” in this document.

– 329 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. [REDACTED]

[REDACTED]

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[REDACTED]

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– 339 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. [REDACTED]

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– 340 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. [REDACTED]

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Hong Kong [REDACTED] Interests in Our Company

Save for their respective obligations under the Hong Kong [REDACTED] and as disclosed in this document, none of the Hong Kong [REDACTED] has any shareholding interests in our Company or any other member of our Group or the right or option (whether legally enforceable or not) to subscribe for or nominate persons to subscribe for securities in our Company or any other member of our Group.

Following completion of the [REDACTED], the Hong Kong [REDACTED] and their affiliated companies may hold a certain portion of the Shares as a result of fulfilling their obligations under the Hong Kong [REDACTED].

Buyers of [REDACTED] sold by the [REDACTED] may be required to pay stamp taxes and other charges in accordance with the relevant laws and practice of the country of purchase in addition to the [REDACTED].

The Sole Sponsor’s Independence

The Sole Sponsor satisfies the independence criteria applicable to sponsors set out in Rule 3A.07 of the Listing Rules.

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– 377 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

The following is the text of a report set out on pagesI–1toI–60,received from the Company’s reporting accountants, KPMG, Certified Public Accountants, Hong Kong, for the purpose of incorporation in this document.

ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE DIRECTORS OF CENTURY GOLDEN RESOURCES SERVICES GROUP CO., LTD. AND HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED

Introduction

We report on the historical financial information of Century Golden Resources Services Group Co., Ltd. (the “Company”) and its subsidiaries (together, the “Group”) set out on pages I–4toI–60,which comprises the consolidated statements of financial position of the Group as at 31 December 2018, 2019 and 2020 and 30 April 2021, the statements of financial position of the Company as at 31 December 2020 and 30 April 2021 and the consolidated statements of profit or loss and other comprehensive income, the consolidated statements of changes in equity and the consolidated statements of cash flows, for each of the years ended 31 December 2018, 2019 and 2020 and the four months ended 30 April 2021 (the “Relevant Periods”), and a summary of significant accounting policies and other explanatory information (together, the “Historical Financial Information”). The Historical Financial Information set out on pages I – 4toI–54forms an integral part of this report, which has been prepared for inclusion in the document of the Company dated [date] (the “Document”) in connection with the initial [REDACTED] of shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited.

Directors’ responsibility for the Historical Financial Information

The directors of the Company are responsible for the preparation of the Historical Financial Information that gives a true and fair view in accordance with the basis of preparation and presentation set out in Note 1 to the Historical Financial Information, and for such internal control as the directors of the Company determine is necessary to enable the preparation of the Historical Financial Information that is free from material misstatement, whether due to fraud or error.

Reporting accountants’ responsibility

Our responsibility is to express an opinion on the Historical Financial Information and to report our opinion to you. We conducted our work in accordance with Hong Kong Standard on Investment Circular Reporting Engagements 200 “Accountants’ Reports on Historical Financial Information in Investment Circulars” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). This standard requires that we comply with ethical standards and plan and perform our work to obtain reasonable assurance about whether the Historical Financial Information is free from material misstatement.

– I-1 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Our work involved performing procedures to obtain evidence about the amounts and disclosures in the Historical Financial Information. The procedures selected depend on the reporting accountants’ judgement, including the assessment of risks of material misstatement of the Historical Financial Information, whether due to fraud or error. In making those risk assessments, the reporting accountants consider internal control relevant to the entity’s preparation of the Historical Financial Information that gives a true and fair view in accordance with the basis of preparation and presentation set out in Note 1 to the Historical Financial Information in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Our work also included evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the Historical Financial Information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the Historical Financial Information gives, for the purpose of the accountants’ report, a true and fair view of the Group’s financial position as at 31 December 2018 2019 and 2020 and 30 April 2021 and the Company’s financial position as at 31 December 2020 and 30 April 2021, and of the Group’s financial performance and cash flows for the Relevant Periods in accordance with the basis of preparation and presentation set out in Note 1 to the Historical Financial Information.

Review of stub period corresponding financial information

We have reviewed the stub period corresponding financial information of the Group which comprises the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the four months ended 30 April 2020 and other explanatory information (the “Stub Period Corresponding Financial Information”). The directors of the Company are responsible for the preparation and presentation of the Stub Period Corresponding Financial Information in accordance with the basis of preparation and presentation set out in Note 1 to the Historical Financial Information. Our responsibility is to express a conclusion on the Stub Period Corresponding Financial Information based on our review. We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the HKICPA. A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the Stub Period Corresponding Financial Information, for the purpose of the accountants’ report, is not prepared, in all material respects, in accordance with the basis of preparation and presentation set out in Note 1 to the Historical Financial Information.

– I-2 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Report on matters under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Companies (Winding Up and Miscellaneous Provisions) Ordinance

Adjustments

In preparing the Historical Financial Information, no adjustments to the Underlying Financial Statements as defined on pageI–4have been made.

Dividends

We refer to Note 22 to the Historical Financial Information which states that no dividends have been paid by the Company in respect of the Relevant Periods.

No statutory financial statements for the Company

No statutory financial statements have been prepared for the Company since its incorporation.

KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong

[Date]

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HISTORICAL FINANCIAL INFORMATION

Set out below is the Historical Financial Information which forms an integral part of this accountants’ report.

The consolidated financial statements of the Group for the Relevant Periods, on which the Historical Financial Information is based, were audited by KPMG Huazhen LLP in accordance with Hong Kong Standards on Auditing issued by the HKICPA (the “Underlying Financial Statements”).

Consolidated statements of profit or loss and other comprehensive income (Expressed in Renminbi (“RMB”))

Four months Year ended 31 December ended 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Revenue 4 922,462 1,058,781 1,288,962 385,696 572,451 Cost of sales (626,641) (721,894) (830,962) (239,585) (376,976)

Gross profit 295,821 336,887 458,000 146,111 195,475 Other income 5 90,689 34,136 34,216 13,383 6,193 Selling expenses (1,324) (5,559) (12,014) (2,605) (4,245) Administrative expenses (100,123) (126,702) (158,234) (43,182) (45,917) Expected credit loss on trade and other receivables (5,567) (7,618) (7,670) (4,797) (7,858)

Profit from operations 279,496 231,144 314,298 108,910 143,648 Finance cost 6(a) (354) (272) (196) (72) (48) Share of losses of an associate – – – – (295)

Profit before taxation 6 279,142 230,872 314,102 108,838 143,305

Income tax 7(a) (60,966) (49,952) (65,411) (22,677) (31,711)

Profit for the year/period 218,176 180,920 248,691 86,161 111,594

The accompanying notes form part of the Historical Financial Information.

– I-4 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

For the year ended Four months 31 December ended 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Profit for the year/period 218,176 180,920 248,691 86,161 111,594 Other comprehensive income for the year/period Item that may be reclassified subsequently to profit or loss: Exchange differences arising on translation – – (51) – (307)

Other comprehensive income for the year/period – – (51) – (307) ------

Total comprehensive income for the year/period 218,176 180,920 248,640 86,161 111,287

Profit attributable to: Equity shareholders of the Company 218,396 180,854 248,455 86,043 111,471 Non-controlling interests (220) 66 236 118 123

218,176 180,920 248,691 86,161 111,594

Total comprehensive income attributable to: Equity shareholders of the Company 218,396 180,854 248,404 86,043 111,164 Non-controlling interests (220) 66 236 118 123

218,176 180,920 248,640 86,161 111,287

Earnings per share (RMB) 10 N/A N/A N/A N/A N/A

The accompanying notes form part of the Historical Financial Information.

– I-5 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Consolidated statements of financial position (Expressed in RMB)

At At 31 December 30 April Note 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Non-current assets Property, plant and equipment 11 17,571 16,410 14,275 13,796 Right-of-use assets 12 6,418 4,617 3,391 2,722 Intangible assets 13 373 1,607 1,419 1,363 Interest in associates 14(a) – – 40,000 39,705 Deferred tax assets 21(b) 4,033 5,597 7,988 9,804

28,395 28,231 67,073 67,390 ------

Current assets Inventories 15 6,399 7,655 8,394 9,184 Loans and interest receivables due from a related party 18,372 – – – Contract assets – – – 1,686 Trade and other receivables 16 119,191 166,582 218,990 331,573 Financial assets measured at fair value through profit or loss (“FVPL”) 14(b) 543,740 – – – Cash and cash equivalents 18(a) 277,071 781,682 800,762 776,396

964,773 955,919 1,028,146 1,118,839 ------

Current liabilities Trade and other payables 19 426,409 351,398 423,761 383,008 Contract liabilities 17 293,562 304,426 393,550 428,777 Lease liabilities 20 1,986 1,958 2,130 572 Current taxation 21(a) 33,591 12,409 22,927 10,390

755,548 670,191 842,368 822,747 ------

Net current assets 209,225 285,728 185,778 296,092 ------

Total assets less current liabilities 237,620 313,959 252,851 363,482 ------

The accompanying notes form part of the Historical Financial Information.

– I-6 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

At At 31 December 30 April Note 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Non-current liabilities Lease liabilities 20 4,550 2,813 1,398 742

4,550 2,813 1,398 742 ------

NET ASSETS 233,070 311,146 251,453 362,740

CAPITAL AND RESERVES Share capital – – * * Reserves 22 15,000 150,000 110,646 110,339 Retained earnings 218,290 161,300 140,725 252,196

Total equity attributable to equity shareholders of the Company 233,290 311,300 251,371 362,535 Non-controlling interests (220) (154) 82 205

TOTAL EQUITY 233,070 311,146 251,453 362,740

* The balance represents an amount less than RMB1,000.

The accompanying notes form part of the Historical Financial Information.

– I-7 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Statements of financial position of the Company (Expressed in RMB)

Note At 31 December At 30 April 2020 2021 RMB’000 RMB’000

Non-current assets Investment in subsidiaries 1 21,616 21,309

Current assets Other receivables * *

Current liabilities Other payables * *

NET ASSETS 21,616 21,309

CAPITAL AND RESERVES Share capital * * Reserves 21,616 21,309

TOTAL EQUITY 21,616 21,309

* The balance represents an amount less than RMB1,000.

The accompanying notes form part of the Historical Financial Information.

– I-8 – Consolidated statements of changes in equity REPORT ACCOUNTANTS’ TO SUBJECT IS AND INCOMPLETE OF IS COVER THE I HEREIN ON “WARNING” CONTAINED HEADED APPENDIX SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS (Expressed in RMB)

Attributable to equity shareholders of the Company Statutory Non- Share Share Capital surplus Retained controlling Total Note capital premium reserve reserves profits Total interests equity RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note (Note (Note (Note 22(b)) 22(d)) 22(d)) 22(d))

Balance at 1 January 2018 – – 10,000 5,000 999,894 1,014,894 – 1,014,894 Changes in equity for 2018: Profit and total comprehensive income for the year ––––218,396 218,396 (220) 218,176 Dividends declared 22(c) ––––(1,000,000) (1,000,000) – (1,000,000)

Balance at 31 December 2018 and 1 – I-9 January– 2019 – – 10,000 5,000 218,290 233,290 (220) 233,070 Changes in equity for 2019: Profit and total comprehensive income for the year ––––180,854 180,854 66 180,920 Capital injection – – 90,000 – – 90,000 – 90,000 Appropriation to statutory reserve – – – 45,000 (45,000) – – – Business combinations under common control 23(b) ––––(2,500) (2,500) – (2,500) Dividends declared 22(c) ––––(190,344) (190,344) – (190,344)

Balance at 31 December 2019 – – 100,000 50,000 161,300 311,300 (154) 311,146

The accompanying notes form part of the Historical Financial Information. Attributable to equity shareholders of the Company REPORT ACCOUNTANTS’ TO SUBJECT IS AND INCOMPLETE OF IS COVER THE I HEREIN ON “WARNING” CONTAINED HEADED APPENDIX SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS Statutory Non- Share Share Capital surplus Exchange Retained controlling Total Note capital premium reserve reserves reserve profits Total interests equity RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note (Note (Note (Note 22(b)) 22(d)) 22(d)) 22(d)) Balance at 1 January 2020 – – 100,000 50,000 – 161,300 311,300 (154) 311,146 ------Changes in equity for year ended 31 December 2020: Profit for the year –––––248,455 248,455 236 248,691 Other comprehensive income ––––(51) – (51) – (51)

Total comprehensive income – I-10 – for the year ––––(51) 248,455 248,404 236 248,640 ------Issue of shares 22(d)(ii) * – 21,667 – – – 21,667 – 21,667 Appropriation to statutory reserve – – – 39,030 – (39,030) – – – Deemed distribution arising from reorganisation 22(d)(ii) – – (100,000) – – – (100,000) – (100,000) Dividends declared 22(c) –––––(230,000) (230,000) – (230,000)

Balance at 31 December 2020 * – 21,667 89,030 (51) 140,725 251,371 82 251,453

* The balance represents an amount less than RMB1,000.

The accompanying notes form part of the Historical Financial Information. Attributable to equity shareholders of the Company REPORT ACCOUNTANTS’ TO SUBJECT IS AND INCOMPLETE OF IS COVER THE I HEREIN ON “WARNING” CONTAINED HEADED APPENDIX SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS Statutory Non- Share Share Capital surplus Exchange Retained controlling Total Note capital premium reserve reserves reserve profits Total interests equity RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note (Note (Note (Note 22(b)) 22(d)) 22(d)) 22(d)) Balance at 1 January 2021 * – 21,667 89,030 (51) 140,725 251,371 82 251,453 ------Changes in equity for the four months ended 30 April 2021 Profit for the period –––––111,471 111,471 123 111,594 Other comprehensive income ––––(307) – (307) – (307)

Total comprehensive income for the period ––––(307) 111,471 111,164 123 111,287 ------1– I-11 –

------

Balance at 30 April 2021 * – 21,667 89,030 (358) 252,196 362,535 205 362,740

Balance at 1 January 2020 * – 100,000 50,000 – 161,300 311,300 (154) 311,146 Changes in equity for the four months ended 30 April 2020 (unaudited): Profit and total comprehensive income for the period (unaudited) –––––86,043 86,043 118 86,161

Balance at 30 April 2020 (unaudited) – – 100,00 50,000 – 247,343 397,343 (36) 397,307

* The balance represents an amount less than RMB1,000.

The accompanying notes form part of the Historical Financial Information. THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Consolidated statements of cash flows (Expressed in RMB)

Four months Year ended 31 December ended 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Operating activities Cash generated from operations 18(b) 229,401 196,477 414,084 50,061 31,141 Income tax paid 21(a) (39,360) (72,698) (57,284) (24,233) (46,064)

Net cash generated from/(used in) operating activities 190,041 123,779 356,800 25,828 (14,923) ------

Investing activities Net cash inflow/(outflows) on purchase, disposal or redemption of financial assets measured at FVPL 9,720 557,037 2,442 (16,124) – Repayment of loans receivable from related parties 1,953,026 668,372 – – – Net cash inflow from acquisition of subsidiaries 23 – 3,037 – – – Interest received 75,605 10,639 13,043 4,678 1,837 Proceeds on disposal of property, plant and equipment 27 53 61 15 46 Purchase of property, plant and equipment (5,512) (2,065) (1,349) (228) (723) Purchase of intangible assets (372) (1,360) – – – Provision of loans to related parties (1,315,000) (650,000) – – – Acquisition of an associate – – (40,000) – –

Net cash generated from/(used in) investing activities 717,494 585,713 (25,803) (11,659) 1,160 ------

The accompanying notes form part of the Historical Financial Information.

– I-12 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

Four months Year ended 31 December ended 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Financing activities Capital injection from a shareholder – 90,000 21,616 – – Dividends paid 22(c) (900,000) (290,344) (230,000) – – Deemed distribution arising from reorganisation – – (100,000) – – Net cash outflow for acquisition of a subsidiary under common control – (2,500) – – – Listing expense paid – – (1,455) – (8,341) Interest element of lease rentals paid 18(c) (354) (272) (196) (72) (48) Capital element of lease rentals paid 18(c) (1,683) (1,765) (1,882) (609) (2,214)

Net cash used in financing activities (902,037) (204,881) (311,917) (681) (10,603) ------

Net increase/(decrease) in cash and cash equivalent 5,498 504,611 19,080 13,488 (24,366) Cash and cash equivalents at 1 January 18(a) 271,573 277,071 781,682 781,682 800,762

Cash and cash equivalents at 31 December/ 30 April 18(a) 277,071 781,682 800,762 795,170 776,396

The accompanying notes form part of the Historical Financial Information.

– I-13 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

NOTES TO THE HISTORICAL FINANCIAL INFORMATION

1 Basis of preparation and presentation of Historical Financial Information

Century Golden Resources Services Group Co., Ltd. (the “Company”) was incorporated in the Cayman Islands on 24 August 2020 as an exempted company with limited liability under the Companies Act, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands.

The Company is an investment holding company and has not carried on any business operations since the date of its incorporation save for the group’s reorganisation mentioned below. The Company and its subsidiaries (together, “the Group”) are principally engaged in the property management services and value-added services (the “[REDACTED] Business”) in the People’s Republic of China (the “PRC”).

Prior to the incorporation of the Company, the [REDACTED] Business was carried out by Century Life Property Services Group Co., Ltd. and its subsidiaries (together, the “Century Life Property Group”). During the Relevant Periods, the ultimate controlling shareholder of Century Life Property Group is Mr. Huang Tao (the “Ultimate Owner”). To rationalise the corporate structures in preparation of the [REDACTED] of the Company’s shares on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), the Group underwent a corporate reorganisation (the “Reorganisation”) as detailed in the section headed History, Reorganisation and Corporate Structure in the Document. Upon completion of the Reorganisation on 11 December 2020, the Company became the holding company of the companies now comprising the Group.

The Reorganisation only involved interspersing the Company and certain investment holding companies, which are newly formed entities with no substantive business operations, as the new holding companies of Century Life Property Group. There were no changes in the economic substance of the ownership of Century Life Property Group and the [REDACTED] Business of the Group before and after the Reorganisation. Consequently, the Historical Financial Information has been prepared and presented as a continuation of the consolidated financial statements of Century Life Property Group with the assets and liabilities recognised and measured at their historical carrying amounts prior to the Reorganisation.

The consolidated statements of profit or loss and other comprehensive income, the consolidated statements of changes in equity and the consolidated statements of cash flows of the Group include the financial performance and cash flows of the companies now comprising the Group for the Relevant Periods as if the current group structure had been in existence and remained unchanged throughout the Relevant Periods (or where a company now comprising the Group was incorporated or established or first under common control at a date later than 1 January 2018, for the period from the date of incorporation or establishment or becoming under common control, where this is a shorter period). The consolidated statements of financial position of the Group as at 31 December 2018, 2019 and 2020 and 30 April 2021 have been prepared to present the state of affairs of the companies now comprising of the Group as at those dates as if the current group structure had been in existence as at the respective dates, taking into account the respective dates of incorporation, establishment or becoming under common control, where applicable.

Intra-group balances, transactions and unrealised gains/losses on intra-group transactions are eliminated in full in preparing the Historical Financial Information.

As at the date of this report, no audited financial statements have been prepared for the Company. The financial statements of companies comprising Century Life Property Group for the years ended 31 December 2018, 2019 and 2020 were prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC.

– I-14 – During the Relevant Periods and as at the date of this report, the Company has direct or indirect interests in the following principal REPORT ACCOUNTANTS’ subsidiaries, all of which are private TO SUBJECT IS AND INCOMPLETE OF IS COVER THE I HEREIN ON “WARNING” CONTAINED HEADED APPENDIX SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS companies: Proportion of ownership Place and date of interest incorporation/ Particulars of establishment/ registered and Held by the Held by a Company name operation paid-up capital Company subsidiary Principal activities Name of statutory auditor

Flourishing Age Limited Hong Kong/ 1 share 100% – Investment holding N/A 7 Sep 2020 Bliss Dawn Limited Hong Kong/ 1 share 100% – Investment holding N/A 7 Sep 2020 Beijing Century Yongying Property Service Co., The PRC/ USD1,000,000/ – 100% Investment holding N/A Ltd. 14 Oct 2020 USD0 北京世紀永盈物業服務有限責任公司 (Notes (ii) and (iii)) Century Life Property Services Group Co., Ltd. The PRC/ RMB100,000,000/ – 100% Property management Denton (Beijing) Certified 世紀生活物業服務集團有限公司 (Notes (i) and 27 Jan 2011 RMB100,000,000 Public Accountants Co., (iii)) Ltd. 丹頓 (北京) 會計師事務所有限公司 for the year ended 31 December 2018

-5– I-15 – Century Golden Resources Property Services The PRC/ RMB50,000,000/ – 100% Property management N/A Group Co., Ltd. 07 Mar 2005 RMB50,000,000 世紀金源物業服務集團有限公司 (Notes (i) and (iii)) Century Yihe Property Services Group Co., Ltd. The PRC/ RMB50,000,000/ – 100% Property management N/A 世紀頤和物業服務集團有限公司 (Notes (i) and 10 Jan 2008 RMB5,900,000 (iii)) Beijing Centown Property Management Co., Ltd. The PRC/ RMB30,000,000/ – 100% Property management N/A 北京世紀城物業管理有限公司 (Notes (i) 08 Mar 2001 RMB7,000,000 and (iii)) Beijing Century Yihe Property Management Co., The PRC/ RMB9,000,000/ – 100% Property management N/A Ltd. 06 May 2003 RMB9,000,000 北京世紀頤和物業管理有限責任公司 (Notes (i) and (iii)) Beijing Century Golden Resources Property The PRC/ RMB1,500,000/ – 100% Property management N/A Management Co., Ltd. 09 Jun 2000 RMB1,500,000 北京世紀金源物業管理有限公司 (Notes (i) and (iii)) Fuzhou Golden Resources Property Management The PRC/ RMB5,000,000/ – 100% Property management N/A Co., Ltd. 24 Dec 1992 RMB5,000,000 福州金源物業管理有限公司 (Notes (i) and (iii)) Fujian Yongfeng Jiye Mechanical and Electrical The PRC/ RMB10,000,000/ – 100% Machine installation N/A Installation Engineering Co., Ltd. 25 Jan 2017 RMB1,000,000 福建永豐基業機電安裝工程有限公司 (Notes (i) and (iii)) Proportion of ownership REPORT ACCOUNTANTS’ TO SUBJECT IS AND INCOMPLETE OF IS COVER THE I HEREIN ON “WARNING” CONTAINED HEADED APPENDIX SECTION INFORMATION THE WITH THE CONJUNCTION IN FORM. READ DOCUMENT. DRAFT BE THIS MUST IN DOCUMENT THIS IS CHANGE. DOCUMENT THIS Place and date of interest incorporation/ Particulars of establishment/ registered and Held by the Held by a Company name operation paid-up capital Company subsidiary Principal activities Name of statutory auditor

Qushui Centown Property Services Co., Ltd. The PRC/ RMB5,000,000/ – 100% Property management N/A 曲水世紀城物業服務有限公司 (Notes (i) and 28 May 2018 RMB0 (iii)) Tengchong Centown Property Management The PRC/ RMB3,000,000/ – 100% Property management Yunnan Hengxin Certified Co., Ltd. 27 Sep 2011 RMB3,000,000 Public Accountants Co., 騰沖世紀城物業管理有限公司 (Notes (i) and Ltd. 雲南恒信會計師事務 (iii)) 所有限公司 for the year ended 31 December 2018 Xishuangbanna Riverside Holiday Manor The PRC/ RMB1,000,000/ – 100% Property management Yunnan Hengxin Certified Property Co., Ltd. 西雙版納濱江度假莊園物 23 Feb 2011 RMB1,000,000 Public Accountants Co., 業有限公司 (Notes (i) and (iii)) Ltd. 雲南恒信會計師事務所有限公司 for the year ended 31 December 2018 Beijing Century Min’an Heating Co., Ltd. The PRC/ RMB5,000,000/ – 100% Heat supply related N/A 北京世紀民安供暖有限責任公司 (Notes (i) 13 Oct 2016 RMB0 services and (iii))

-6– I-16 – Hefei Binhu Centown Property Management The PRC/ RMB5,000,000/ – 100% Property management N/A Co., Ltd. 10 Jul 2008 RMB5,000,000 合肥濱湖世紀城物業管理有限公司 (Notes (i) and (iii)) Changsha Century Golden Resources Property The PRC/ RMB10,000,000/ – 100% Property management N/A Management Co., Ltd. 26 Nov 2007 RMB5,000,000 長沙世紀金源物業管理有限責任公司 (Notes (i) and (iii)) Zhuzhou Dijing Property Management Co., Ltd. The PRC/ RMB500,000/ – 70% Property management N/A 株洲市締景物業管理有限公司 (Notes (i) and 08 Oct 2014 RMB500,000 (iii)) Beijing Yizhai Technology Co., Ltd. The PRC/ RMB3,000,000/ – 100% Software Design N/A 北京宜宅科技有限責任公司 (Notes (i) and 26 Jun 2013 RMB3,000,000 (iii)) Beijing Shunxinju Construction Engineering The PRC/ RMB15,000,000/ – 100% Construction N/A Co., Ltd. 19 Jan 2020 RMB0 北京順欣居建築工程有限公司 (Notes (i) and (iii))

Notes:

(i) These entities were registered as limited liability companies under the laws and regulations in the PRC. (ii) This entity was registered as a foreign-invested enterprise under the laws and regulations in the PRC. (iii) The English translation of the names is for identification only. The official names of these entities are in Chinese. THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

All companies now comprising the Group have adopted 31 December as their financial year end date.

The Historical Financial Information has been prepared in accordance with all applicable International Financial Reporting Standards (“IFRSs”) which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards (“IASs”) and Interpretations issued by the International Accounting Standards Board (“IASB”). Further details of the significant accounting policies adopted are set out in Note 2.

The IASB has issued a number of new and revised IFRSs. For the purpose of preparing this Historical Financial Information, the Group has adopted all applicable new and revised IFRSs throughout the Relevant Periods, including IFRS 16, Leases, but except for any new standards or interpretations that are not yet effective for the accounting period beginning 1 January 2021. The revised and new accounting standards and interpretations issued but not yet effective for the accounting period beginning 1 January 2021 are set out in Note 29.

The Historical Financial Information also complies with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The accounting policies set out below have been applied consistently to all periods presented in the Historical Financial Information.

The Stub Period Corresponding Financial Information has been prepared in accordance with the same basis of preparation and presentation adopted in respect of the Historical Financial Information.

2 Significant accounting policies

(a) Basis of measurement

The Historical Financial Information is prepared in RMB, rounded to the nearest thousands, except as otherwise stated. The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets and liabilities are stated at their fair value as explained in the accounting policies set out below:

– financial instruments classified as financial assets measured at FVPL (see Note 2(f)).

(b) Use of estimates and judgements

The preparation of the Historical Financial Information in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements made by management in the application of IFRSs that have significant effect on the Historical Financial Information and major sources of estimation uncertainty are discussed in Note 3.

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered.

– I-17 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

An investment in a subsidiary is included into the Historical Financial Information from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the Historical Financial Information. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment.

Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets.

Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the period between non-controlling interests and the equity shareholders of the Company.

Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised.

When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture.

In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see Note 2(j)), unless the investment is classified as held for sale (or included in a disposal group that is classified as held for sale).

(d) Goodwill

Goodwill represents the excess of

(i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over

(ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date.

When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase.

Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment.

On disposal of a cash generating unit during the period, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal.

– I-18 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX I ACCOUNTANTS’ REPORT

(e) Associates

An associate is an entity in which the Group or Company has significant influence, but not control or joint control, over its management, including participation in the financial and operating policy decisions.

An investment in an associate is accounted for in the Historical Financial Information under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale). Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). The cost of the investment includes purchase price, other costs directly attributable to the acquisition of the investment, and any direct investment into the associate that forms part of the Group’s equity investment. Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (see Note 2(j)(ii)). Any acquisition date excess over cost, the Group’s share of the post-acquisition, post-tax results and other comprehensive income of the investees, and any impairment losses for the period are recognised in the consolidated statement of profit or loss and other comprehensive income.

When the Group’s share of losses exceeds its interest in the associate, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method, together with any other long-term interests that in substance form part of the Group’s net investment in the associate (after applying the ECL model to such other long-term interests where applicable).

Unrealised profits and losses resulting from transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the investee, except where unrealised losses provide evidence of an impairment of the asset transferred, in which case they are recognised immediately in profit or loss.

If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method.

In all other cases, when the Group ceases to have significant influence over an associate or, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when significant influence is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see Note 2(f)).

In the Company’s statement of financial position, investments in associates are stated at cost less impairment losses (see Note 2(j)(ii)), unless classified as held for sale (or included in a disposal group that is classified as held for sale).

(f) Other Investments in debt and equity securities

The Group’s policies for investments in debt and equity securities, other than investments in subsidiaries, associates and joint ventures, are set out below.

Investments in debt and equity securities are recognised/derecognised on the date the Group commits to purchase/sell the investment. The investments are initially stated at fair value plus directly attributable transaction costs, except for those investments measured at fair value through profit or loss (“FVPL”) for which transaction costs are recognised directly in profit or loss. These investments are subsequently accounted for as follows, depending on their classification.

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(i) Investments other than equity investments

Non-equity investments held by the Group are classified into one of the following measurement categories:

– amortised cost, if the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method (see Note 2(s)(iv)).

– fair value through other comprehensive income (“FVOCI”) – recycling, if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognised in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognised, the amount accumulated in other comprehensive income is recycled from equity to profit or loss.

– FVPL if the investment does not meet the criteria for being measured at amortised cost or FVOCI (recycling). Changes in the fair value of the investment (including interest) are recognised in profit or loss.

(ii) Equity investments

An investment in equity securities is classified as FVPL unless the equity investment is not held for trading purposes and on initial recognition of the investment the Group makes an irrevocable election to designate the investment at FVOCI (non-recycling) such that subsequent changes in fair value are recognised in other comprehensive income. Such elections are made on an instrument-by-instrument basis, but may only be made if the investment meets the definition of equity from the issuer’s perspective. Where such an election is made, the amount accumulated in other comprehensive income remains in the fair value reserve (non-recycling) until the investment is disposed of. At the time of disposal, the amount accumulated in the fair value reserve (non-recycling) is transferred to retained earnings. It is not recycled through profit or loss. Dividends from an investment in equity securities, irrespective of whether classified as at FVPL or FVOCI, are recognised in profit or loss as other income.

(g) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses (see Note 2(j)).

Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal.

Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual value, if any, using the straight-line method over their estimated useful lives as follows:

– Machinery and equipment 3 – 10 years – Vehicles 4 – 10 years – Electronic and other equipment 3 – 10 years

Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reviewed annually. No depreciation is provided in respect of construction in progress until it is completed and ready for intended use.

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(h) Intangible assets

Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (see Note 2(j)).

Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful lives. The following intangible assets with finite useful lives are amortised from the date they are available for use and their estimated useful lives are as follows:

– Software - mini program and applets 2 years – Software - software and systems 10 years

Both the period and method of amortisation are reviewed annually.

Intangible assets are not amortised while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortisation of intangible assets with finite lives as set out above.

(i) Leased assets

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

(i) As a lessee

Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases.

At the lease commencement date, the Group recognises a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily laptops and office furniture. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term.

Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see Notes 2(g) and 2(j)(ii)).

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

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(ii) As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to the ownership of an underlying assets to the lessee. If this is not the case, the lease is classified as an operating lease.

When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis.

(j) Credit losses and impairment of assets

(i) Credit losses from financial instruments and contract assets

The Group recognises a loss allowance for expected credit losses (ECLs) on the following items:

– financial assets measured at amortised cost (including cash and cash equivalents, trade and other receivables and loan receivables; and

– contract assets as defined in IFRS 15.

Other financial assets measured at fair value, including equity and debt securities measured at FVPL and equity securities designated at FVOCI (non-recycling), are not subject to the ECL assessment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

The expected cash shortfalls are discounted using the following discount rate where the effect of discounting is material:

– fixed-rate financial assets, trade and other receivables and contract assets: effective interest rate determined at initial recognition or an approximation thereof.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

– 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

– lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognises a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

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Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or (ii) the financial asset is 90 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

– failure to make payments of principal or interest on their contractually due dates;

– an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

– an actual or expected significant deterioration in the operating results of the debtor; and

– existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognised as an impairment gain or loss in profit or loss. The Group recognises an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Basis of calculation of interest income

Interest income recognised in accordance with Note 2(s)(iv) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortised cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

– significant financial difficulties of the debtor;

– a breach of contract, such as a default or past due event;

– it becoming probable that the borrower will enter into bankruptcy or other financial reorganisation;

– significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

– the disappearance of an active market for a security because of financial difficulties of the issuer.

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Write-off policy

The gross carrying amount of a financial asset, lease receivable or contract asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognised as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(ii) Impairment of non-current assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased:

– property, plant and equipment;

– intangible assets;

– right-of-use assets

– investment in associates; and

– investments in subsidiaries in the Company’s statement of financial position.

If any such indication exists, the asset’s recoverable amount is estimated.

– Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit).

– Recognition of impairment losses

An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable).

– Reversals of impairment losses

An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.

A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior periods. Reversals of impairment losses are credited to profit or loss in the period in which the reversals are recognised.

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(k) Inventories

Inventories are assets which are held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Inventories are carried at the lower of cost and net realisable value as follows:

– Cost is calculated using the first-in, first-out method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

– Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised.

The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

(l) Contract assets and contract liabilities

A contract asset is recognised when the Group recognises revenue (see Note 2(s)) before being unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are assessed for expected credit losses (ECL) in accordance with the policy set out in Note 2(j) and are reclassified to receivables when the right to the consideration has become unconditional (see Note 2(m)).

A contract liability is recognised when the customer pays non-refundable consideration before the Group recognises the related revenue (see Note 2(s)). A contract liability would also be recognised if the Group has an unconditional right to receive non-refundable consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised (see Note 2(m)).

When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see Note 2(s)).

(m) Trade and other receivables

A receivable is recognised when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognised before the Group has an unconditional right to receive consideration, the amount is presented as a contract asset (see Note 2(l)).

Receivables are stated at amortised cost using the effective interest method less allowance for credit losses (see Note 2(j)).

(n) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in Note 2(j).

(o) Trade and other payables

Trade and other payables are initially recognised at fair value and are subsequently stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

(p) Employee benefits

Short term employee benefits and contributions to defined contribution retirement plans.

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Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the period in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.

Contributions to the PRC local retirement schemes, pursuant to the relevant labour rules and regulations in the PRC are recognised as an expense in profit or loss as incurred.

(q) Income tax

Income tax for the period comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to business combinations and items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively.

Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised.

The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company of the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

– in the case of current tax assets and liabilities, the Company of the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or

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– in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:

– the same taxable entity; or

– different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.

(r) Provisions, contingent liabilities

Provisions are recognised when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

(s) Revenue and other income

Income is classified by the Group as revenue when it arises from the sale of goods, the provision of services or the use by others of the Group’s assets under leases in the ordinary course of the Group’s business.

Revenue is recognised when control over a product or service is transferred to the customer, or the lessee has the right to use the asset, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to the Group, revenue recognised under that contract includes the interest expense accreted on the contract liability under the effective interest method. The Group takes advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less.

Further details of the Group’s revenue and other income recognition policies are as follows:

(i) Property management services and value-added services

For property management services, the Group recognises revenue in the amount to which the Group has the right to invoice based on the value of performance completed on a monthly basis.

For property management services income arising from properties managed under lump sum basis, where the Group acts as principal, the Group entitles to revenue at the value of property management services fee received or receivable. For property management services income arising from properties managed under commission basis, where the Group acts as an agent of the property owners, the Group entitles to revenue at a pre-determined percentage or fixed amount of the property management services fees the property owners are obligated to pay.

Value-added services mainly include heating, cleaning, repair and maintenance services and other community value-added services to property owners. The Group recognises revenue when the respective services are rendered. Value-added services are normally billable immediately upon the services are rendered.

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If contracts involve the provision of multiple services, the transaction prices are allocated to each performance obligation based on their relative stand-alone selling prices. If the stand-alone selling prices are not directly observable, they are estimated based on expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information.

(ii) Sales of goods

Revenue is recognised when the customer takes possession of and accepts the goods.

(iii) Dividends

Dividend income from unlisted investments is recognised when the shareholder’s right to receive payment is established.

(iv) Interest income

Interest income is recognised as it accrues under the effective interest method. For financial assets measured at amortised cost that are not credit-impaired, the effective interest rate is applied to the gross carrying amount of the asset. For credit-impaired financial assets, the effective interest rate is applied to the amortised cost (i.e. gross carrying amount net of loss allowance) of the asset (see Note 2(j)).

(v) Government grants

Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as deduction of the expenses in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are recognised initially as deferred income and amortised to profit or loss on a straight-line basis over the useful life of the assets by way of recognised in other income.

(t) Translation of foreign currencies

Foreign currency transactions during the period are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Company initially recognises such non-monetary assets or liabilities.

The results of foreign operations are translated into RMB at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items are translated into RMB at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve.

(u) Related parties

(a) A person, or a close member of that person’s family, is related to the Group if that person:

(i) has control or joint control over the Group;

(ii) has significant influence over the Group; or

(iii) is a member of the key management personnel of the Group or the Group’s parent.

(b) An entity is related to the Group if any of the following conditions applies:

(i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

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(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) Both entities are joint ventures of the same third party.

(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.

(vi) The entity is controlled or jointly controlled by a person identified in (a).

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

(v) Segment reporting

Operating segments, and the amounts of each segment item reported in the Historical Financial Information, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

3 Accounting judgement and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty in the preparation of the Historical Financial Information are as follows:

(i) Expected credit losses for receivables

The credit losses for trade and other receivables are based on assumptions about risk of expected credit loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the expected credit loss calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. For details of the key assumptions and inputs used, see Note 24(a). Changes in these assumptions and estimates could materially affect the result of the assessment and it may be necessary to make additional loss allowances in future period.

(ii) Recognition of deferred tax assets

Deferred tax assets in respect of tax losses carried forward and deductible temporary differences are recognised and measured based on the expected manner of realisation or settlement of the carrying amount of the relevant assets and liabilities, using tax rates enacted or substantively enacted at the end of each reporting date. In determine the carrying amounts of deferred tax assets, expected taxable profits are estimated which involves a number of assumptions relating to the operating environment of the Group and require a significant level of judgement exercised by the directors. Any change in such assumptions and judgement would affect the carrying amounts of deferred tax assets to be recognised and hence the net profit in future period.

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4 Revenue and segment reporting

(a) Revenue

The principal activities of the Group are provision of management services including property management services and value-added services.

(i) Disaggregation of revenue

Year ended 31 December Four months ended 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Revenue from contracts with customers within the scope of IFRS 15 Property management services 690,377 818,366 1,022,882 298,142 448,106 Value-added services and others 232,085 240,415 266,080 87,554 124,345

922,462 1,058,781 1,288,962 385,696 572,451

The Group’s customer base is diversified and there is no customer with whom transactions have exceeded 10% of the Group’s revenue during the years ended 31 December 2018, 2019 and 2020 and the four months ended 31 April 2020. For the four months ended 30 April 2021, revenue from Century Golden Resources Investment Group Co., Ltd. and its subsidiaries (the “Century Golden Resources Group”) contributed 21.4% of the Group’s revenue. Other than the Century Golden Resources Group, none of the Group’s customers contributed 10% or more of the Group’s revenue during the four months ended 30 April 2021.

Disaggregation of revenue from contracts with customers by the timing of revenue recognition is as follows:

Year ended 31 December Four months ended 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Over time 882,724 1,014,017 1,224,813 362,716 513,763 Point in time 39,738 44,764 64,149 22,980 58,688

922,462 1,058,781 1,288,962 385,696 572,451

(ii) Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date.

For property management services, the Group recognises revenue when the services are provided on monthly basis and recognises to which the Group has a right to invoice and that corresponds directly with the value of performance completed. The Group has elected the practical expedient for not to disclose the remaining performance obligations for this type of contracts. The majority of the property management service contracts do not have a fixed term.

For value-added services, they are rendered in short period of time and there is no significant unsatisfied performance obligation at the end of respective reporting periods.

(b) Segment reporting

The Group’s revenue is substantially generated from property management services in the PRC. The Group’s most senior executive management assesses performance and allocates resources on a group basis. Accordingly, no operating segment information is presented.

All of the Group’s operations are located in the PRC, therefore no geographical segment reporting is presented.

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5 Other income

Year ended 31 December Four months ended 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Government grants (i) 3,773 6,742 16,265 7,178 2,848 Gains on acquisition (ii) – 1,573 – – – (Loss)/gains on disposal of property, plant and equipment (17) 28 25 – – Interest income (iii) 75,605 10,639 13,043 4,678 2,483 Net realised gains on financial assets measured at FVPL 9,212 13,297 2,442 661 – Others 2,116 1,857 2,441 866 862

90,689 34,136 34,216 13,383 6,193

Notes:

(i) The government grants represent subsidies from various PRC authorities. There are no unfulfilled conditions or future obligations attached to these subsidies.

(ii) On 10 January 2019, the Group acquired 100% equity interest of Qihe Jinxuan Property Management Co., Ltd (“Qihe Property Management”) from a third-party company with a consideration of RMB150,000, which leads to a net gain of RMB1,573,000. Details of the acquisition are set out in Note 23.

(iii) The interest income represents the interest from cash at bank and loan receivables from related parties with fixed interest rates.

6 Profit before taxation

Profit before taxation is arrived at after charging:

(a) Finance cost

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Interest on lease liabilities 354 272 196 72 48

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(b) Staff costs

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Salaries, wages and other benefits 357,157 435,407 489,597 149,334 181,901 Contributions to defined contribution retirement plan 34,429 39,092 5,769 3,858 15,477

391,586 474,499 495,366 153,192 197,378

Employees of the Group’s subsidiaries in the PRC are required to participate in a defined contribution retirement scheme administered and operated by the local municipal government. The Group’s subsidiaries in the PRC contribute funds which are calculated on certain percentages of the average employee salary as agreed by the local municipal government to the scheme to fund the retirement benefits of the employees.

To reduce the impact of the COVID-19 pandemic on enterprises, governments in certain regions in the PRC have gradually reduce or exempt the social insurance contributions for the period from February to December 2020.

The Group has no further material obligation for payment of other retirement benefits beyond the above contributions.

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Depreciation charge – owned property, plant and equipment (Note 11) 2,901 3,206 3,448 1,153 1,156 – right-of-use assets 1,801 1,801 1,865 600 669 Amortisation of intangible assets (Note 13) 48 126 188 69 56 Expected credit losses – trade and other receivables 5,567 7,618 7,670 4,797 7,858 Expenses relating to short-term leases 1,197 1,148 1,016 340 568 [REDACTED] [REDACTED][REDACTED][REDACTED][REDACTED][REDACTED] Cost of inventories (Note 15) 204 1,114 14,559 1,033 11,182

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7 Income tax in the consolidated statements of profit or loss and other comprehensive income

(a) Taxation in the consolidated statements of profit or loss and other comprehensive income represents:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Current tax – PRC Corporate Income Tax Provision for the year/period 63,418 51,516 67,802 23,699 33,527

Deferred tax Origination and reversal of temporary differences (Note 21(b)) (2,452) (1,564) (2,391) (1,022) (1,816)

60,966 49,952 65,411 22,677 31,711

(b) Reconciliation between tax expense and accounting profit at applicable tax rates:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Profit before taxation 279,142 230,872 314,102 108,838 143,305

Notional tax on profit before taxation, calculated at the rates applicable (Note (i)) 69,786 57,718 78,526 27,210 35,826 Tax effect of PRC preferential tax (Notes (ii) and (iii)) (8,632) (9,536) (18,007) (4,783) (6,150) Tax effect of non-deductible expenses 387 973 3,917 145 327 Tax effect of utilising tax losses not recognised (1,071) (341) (205) (156) (43) Tax effect of unused tax losses and temporary differences not recognised 496 1,138 1,180 261 1,751

Actual tax expense 60,966 49,952 65,411 22,677 31,711

Notes:

(i) Pursuant to the tax rules and regulations of the Cayman Islands and the British Virgin Islands (“BVI”), the Group is not subject to any income tax in the Cayman Islands and the BVI.

The income tax rate applicable to the Group’s subsidiary incorporated in Hong Kong for the income subject to Hong Kong Profits Tax during the Relevant Periods is 16.5%. No provision for Hong Kong Profit Tax has been made as the Group did not earn any income subject to Hong Kong Profit Tax during the Relevant Periods.

The Group’s PRC subsidiaries are subject to PRC Enterprise Income Tax at 25%.

(ii) Pursuant to Caishui [2011] No. 58 Notice on Issues Concerning Relevant Tax Policies to In-depth Implementation of the Western Development Strategy (關於深入實施西部大開發戰略有關稅收政策問題的通知), Announcement [2012] No. 12 Public Announcement on Corporate Income Tax Issues Relating to In-depth Implementation of the Western Development Strategy (關於深入實施西部大開發戰略有關企業所得稅問題的公告) and Announcement [2020] No. 23 Public Announcement on

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Continuation of Corporate Income Tax policy Relating to the Western Development Strategy (關於延續西部大開發企業所得稅政策的公告), certain subsidiaries of the Group, being enterprises engaged in state encouraged industries established in the specified western regions, are taxed at a preferential income tax rate of 15% till 31 December 2030.

(iii) Certain subsidiaries have been approved as Small Low-profit Enterprises (“SLE”). These subsidiaries are subject to a preferential income tax rate of 5% or 10% in certain years.

8 Directors’ emoluments

Directors’ emoluments for the Relevant Periods are as follows:

Year ended 31 December 2018 Basic Retirement Directors’ salaries and Discretionary benefit Name of director fee allowance bonus contribution Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Chairman and Executive Director Zhai Bingquan – 327 832 55 1,214

Executive Directors Yu Guangfeng – 141 450 24 615 Liu Zhanjun – 226 411 39 676

– 694 1,693 118 2,505

Year ended 31 December 2019 Basic Retirement Directors’ salaries and Discretionary benefit Name of director fee allowance bonus contribution Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Chairman and Executive Director Zhai Bingquan – 325 1,232 50 1,607

Executive Directors Yu Guangfeng – 247 690 41 978 Liu Zhanjun – 228 527 36 791

– 800 2,449 127 3,376

Year ended 31 December 2020 Basic Retirement Directors’ salaries and Discretionary benefit Name of director fee allowance bonus contribution Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Chairman and Executive Director Zhai Bingquan – 313 1,232 4 1,549

Executive Directors Yu Guangfeng – 306 632 3 941 Liu Zhanjun – 221 693 3 917

– 840 2,557 10 3,407

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Four months ended 30 April 2020 (unaudited) Basic Retirement Directors’ salaries and Discretionary benefit Name of director fee allowance bonus contribution Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Chairman and Executive Director Zhai Bingquan – 99 – 4 103

Executive Directors Yu Guangfeng – 98 – 3 101 Liu Zhanjun – 70 – 3 73

– 267 – 10 277

Four months ended 30 April 2021 Basic Retirement Directors’ salaries and Discretionary benefit Name of director fee allowance bonus contribution Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Chairman and Executive Director Zhai Bingquan – 106 – 15 121

Executive Directors Yu Guangfeng – 103 – 12 115 Liu Zhanjun – 81 – 10 91

Non-executive directors Bian Sifang (appointed on 11 January 2021) – – – – – Lin Zhonghua (appointed on 11 January 2021) – – – – – Jiang Jianguo (appointed on 11 January 2021) – – – – –

Independent non-executive directors Zhu Keshi (appointed on 11 January 2021) – – – – – Hong Deli (appointed on 11 January 2021) – – – – – Zhang Yunyan (appointed on 11 January 2021) – – – – –

– 290 – 37 327

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On 24 August 2020, Mr. Zhai Bingquan was appointed as the Executive Director of the Company. All other directors were appointed on 11 January 2021. The emoluments shown above represent remuneration received from the Group by them in their capacity as employees of the Group or directors of the Company during the Relevant Periods.

During the Relevant Periods, no emoluments were paid by the Group to the directors as an inducement to join or upon joining the Group or as compensation for loss of office. No director of the Group waived or agreed to waive any emoluments during the Relevant Periods.

9 Individuals with highest emoluments

Of the five individuals with the highest emoluments, 3, 3, 3, 3 (unaudited) and 1 are directors whose emoluments are disclosed in Note 8 above for the years ended 31 December 2018, 2019 and 2020 and for the four months ended 30 April 2020 and 2021. The aggregate of the emoluments in respect of the remaining individuals for the years ended 31 December 2018, 2019 and 2020 and for the four months ended 30 April 2020 and 2021 are as follows:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Salaries and other emoluments 424 1,090 1,093 365 932 Discretionary bonuses 976 569 664 – – Retirement scheme contributions 17 70 6 6 64

1,417 1,729 1,763 371 996

The emoluments of the above individual with the highest emoluments are within the following bands:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 (unaudited)

Nil to HKD1,000,000 21124 HKD1,000,001 to HKD1,500,000 –11––

10 Earnings per share

Earnings per share information is not presented as its inclusion for the purpose of this report is not considered meaningful due to the Reorganisation and the preparation of the financial information of the Group for the Relevant Periods on the basis as disclosed in Note 1.

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11 Property, plants and equipment

Machinery and Electronic Other equipment Vehicles equipment equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Cost: At 1 January 2018 14,198 5,631 6,887 3,544 30,260 Additions 240 2,884 617 1,771 5,512 Disposals (248) – (103) (94) (445)

At 31 December 2018 14,190 8,515 7,401 5,221 35,327 Additions – 658 392 1,020 2,070 Disposals – (374) (11) (7) (392) At 31 December 2019 14,190 8,799 7,782 6,234 37,005 Additions 3 403 621 322 1,349 Disposals (659) (245) (241) (147) (1,292)

At 31 December 2020 13,534 8,957 8,162 6,409 37,062 Additions – 101 412 210 723 Disposals (17) (2) (63) (10) (92)

At 30 April 2021 13,517 9,056 8,511 6,609 37,693 ------

Accumulated depreciation: At 1 January 2018 (2,998) (3,751) (5,935) (2,572) (15,256) Charge for the year (1,106) (503) (430) (862) (2,901) Written back on disposals 235 – 92 74 401

At 31 December 2018 (3,869) (4,254) (6,273) (3,360) (17,756) Charge for the year (1,224) (1,084) (354) (544) (3,206) Written back on disposals – 355 5 7 367

At 31 December 2019 (5,093) (4,983) (6,622) (3,897) (20,595) Charge for the year (1,179) (1,270) (496) (503) (3,448) Written back on disposals 657 223 235 141 1,256

At 31 December 2020 (5,615) (6,030) (6,883) (4,259) (22,787) Charge for the period (376) (425) (176) (179) (1,156) Written back on disposals 16 2 24 4 46

At 30 April 2021 (5,975) (6,453) (7,035) (4,434) (23,897) ------

Carrying amount: At 30 April 2021 7,542 2,603 1,476 2,175 13,796

At 31 December 2020 7,919 2,927 1,279 2,150 14,275

At 31 December 2019 9,097 3,816 1,160 2,337 16,410

At 31 December 2018 10,321 4,261 1,128 1,861 17,571

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12 Right-of-use assets

(i) The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Office premises for own use 6,418 4,617 3,391 2,722

(ii) The analysis of expense items in relation to leases recognised in profit or loss is as follows:

Four months ended Years ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Depreciation charge of right-of-use assets 1,801 1,801 1,865 600 669 Interest on lease liabilities (Note 6(a)) 354 272 196 72 48 Expense relating to short- term leases 1,197 1,148 1,016 340 568

Details of total cash outflow for leases and the maturity analysis of lease liabilities are set out in Notes 18(c) and 20, respectively.

13 Intangible assets

Software RMB’000

Cost: At 1 January 2018 676 Additions 372

At 31 December 2018 1,048 Additions 1,360

At 31 December 2019 2,408 Written back on disposals (3)

At 31 December 2020 and 30 April 2021 2,405 ------

Accumulated amortisation: At 1 January 2018 (627) Charge for the year (48)

At 31 December 2018 (675) Charge for the year (126)

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Software RMB’000

At 31 December 2019 (801) Charge for the year (188) Written back on disposals 3

At 31 December 2020 (986) Charge for the period (56)

At 30 April 2021 (1,042) ------

Net book value: At 30 April 2021 1,363

At 31 December 2020 1,419

At 31 December 2019 1,607

At 31 December 2018 373

The amortisation charge for the year is included in “administrative expenses” amounting to RMB45,000, RMB119,000, RMB178,000, RMB65,000 (unaudited) and RMB52,000 and “cost of sales” amounting to RMB3,000, RMB7,000, RMB10,000, RMB4,000 (unaudited) and RMB4,000 in the consolidated statement of profit or loss and other comprehensive income in the years ended 31 December 2018, 2019 and 2020 and the four months ended 30 April 2020 and 2021, respectively.

14 Interest in an associate and financial assets measured at FVPL

(a) Interest in an associate

On 25 December 2020, the Group acquired 25% equity interests of Changsha Wanwei Robot Co., Ltd. (“Wanwei Robot”) by a capital injection of RMB40 million. Wanwei Robot, a limited liability company established in Hunan Province of the PRC, mainly engages in research and development, production, sales and technology support of mobile robot chassis and control modules, security operational systems and security robots.

Proportion of ownership interest Place and Particulars date of of registered and Held by the Held by a Company name incorporation paid-up capital Company subsidiary Principal activities

Wanwei Robot The PRC/ RMB20,000,000/ – 25% Production and 10 Oct 2018 RMB20,000,000 sales of robot related products

Wanwei Robot is an unlisted company whose quoted market price is not available.

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Summarised financial information of Wanwei Robot, adjusted for any differences in accounting policies, and reconciliation to the carrying amount in the consolidated financial statements, as disclosed below:

At 31 December At 30 April 2020 2021 RMB’000 RMB’000

Gross amount of Wanwei Robot Current assets 122,483 129,590 Non-current assets 24,053 23,425 Current liabilities 25,536 33,195 Non-current liabilities – – Equity 121,000 119,820

Reconciliation to the Group’s interests in the associate Gross amounts of the net assets of the associate 121,000 119,820 Group’s effective interests 25% 25% Group’s share of net assets of the associate 30,250 29,955 Goodwill 9,750 9,750

Carrying amount in the consolidated financial statements 40,000 39,705

In 2020, revenue and results of Wanwei Robot are not material. The selected profit or loss information of Wanwei Robot for the four months ended 30 April 2021 is disclosed below:

Four months ended 30 April 2021 RMB’000

Gross amounts Revenue 7,686 Loss for the year (1,182) Total comprehensive income (1,182)

(b) Financial assets measured at FVPL

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Wealth management products (Note 24(d)) 543,740 – – –

15 Inventories

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Raw materials and consumables 6,354 7,373 6,898 6,206 Goods for sales 45 282 1,496 2,978

6,399 7,655 8,394 9,184

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The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Carrying amount of inventories sold 204 1,114 14,559 11,182

16 Trade and other receivables

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Trade receivables – Related parties 4,441 3,646 11,116 12,255 – Third parties 93,411 129,276 168,906 264,560 Less: Allowance for trade receivables (11,238) (17,445) (24,021) (30,555)

86,614 115,477 156,001 246,260 Other receivables – Deposits and prepayments 13,547 23,078 34,458 51,692 – Payments on behalf of residents/tenants 17,279 24,725 22,585 23,777 – Advances to employees 1,722 4,438 3,930 3,274 – Prepayment for [REDACTED] (i) [REDACTED][REDACTED][REDACTED][REDACTED] – Others 681 927 777 5,416 Less: Allowance for other receivables (652) (2,063) (3,158) (4,482)

119,191 166,582 218,990 331,573

Trade receivables are primarily related to revenue generated from property management services. All of the trade and other receivables are expected to be recovered or recognised as expenses within one year.

Note:

(i) Prepayment for [REDACTED] will be deducted from equity upon the issue of new shares.

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(a) Ageing analysis

As of the end of each reporting period, the ageing analysis of trade receivable based on the date of revenue recognition and net of allowance for impairment of trade receivables is as follows:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Within 1 year 60,703 84,880 115,185 189,696 1 to 2 years 15,868 18,755 27,609 39,582 2 to 3 years 7,006 7,563 8,149 10,807 3 to 4 years 2,643 3,672 3,892 4,843 4 to 5 years 394 607 1,166 1,332

86,614 115,477 156,001 246,260

Trade receivables are due when the receivables are recognised. Further details on the Group’s credit policy and credit risk arising from trade receivables are set out in Note 24(a).

(b) Impairment of trade receivables

The movements in the loss allowance in respect of trade receivables during the Relevant Periods are as follows:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

At 1 January 6,085 11,238 17,445 24,021 Credit loss recognised 5,153 6,207 6,576 6,534

At 31 December/30 April 11,238 17,445 24,021 30,555

17 Contract liabilities

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Billings in advance of performance – Related parties – – 65,422 46,593 – Third parties 293,562 304,426 328,128 382,184

293,562 304,426 393,550 428,777

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Movements in contract liabilities

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 291,212 293,562 304,426 393,550 Revenue recognised that was included in the balance of contract liabilities at the beginning of the year (277,897) (274,979) (285,716) (123,759) Increase by cash received 280,247 285,843 374,840 158,986

Balance at 31 December/30 April 293,562 304,426 393,550 428,777

The Group received advanced payments from property owners before rendering the services. This will give rise to contract liabilities at the start of a contract, until the revenue recognised on the project exceeds the amount of the advanced payments.

The amounts of contract liabilities expected to be recognised as income after more than one year are RMB18,583,000, RMB18,710,000, RMB22,273,000 and RMB18,837,000 at 31 December 2018, 2019 and 2020 and 30 April 2021, respectively.

18 Cash and cash equivalents and other cash flow information

(a) Cash and cash equivalents comprise:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Cash in hand 4,457 3,233 2,313 1,247 Cash at bank 271,849 777,428 793,698 773,850 Deposits in other financial institutions 765 1,021 4,751 1,299

277,071 781,682 800,762 776,396

(b) Reconciliation of profit before taxation to cash generated from operations:

Four months ended Year ended 31 December 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Profit before taxation 279,142 230,872 314,102 108,838 143,305 Adjustments for: Interest income 5 (75,605) (10,639) (13,043) (4,678) (2,483) Interest expense 6(a) 354 272 196 72 48

Depreciation of property, plant and equipment and right-of-use assets 4,702 5,007 5,313 1,753 1,825 Amortisation of intangible assets 48 126 188 69 56

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Four months ended Year ended 31 December 30 April Note 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Expected credit loss on trade and other receivables 5,567 7,618 7,670 4,797 7,858 Loss/(gains) on disposal of property, plant and equipment 5 17 (28) (25) – – Net realised gains on financial assets measured at FVPL 5 (9,212) (13,297) (2,442) (661) – Gains from acquisition of a subsidiary 23 – (1,573) – – – Share of loss of an associate ––––295

Changes in working capital: – Inventories (1,863) (1,256) (739) 1,670 (790) – Trade and other receivables 18,431 (52,457) (54,868) (115,218) (120,102) – Contract assets ––––(1,686) – Contract liabilities 2,360 9,842 89,124 76,768 35,227 – Trade and other payables 5,460 21,990 68,608 (23,349) (32,412)

Cash generated from operations 229,401 196,477 414,084 50,061 31,141

The tables below detail changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flows as cash flows from financing activities.

Lease liabilities RMB’000

At 1 January 2018 8,219

Changes from financing cash flows: Interest element of lease rentals paid (354) Capital element of lease rentals paid (1,683)

Other changes: Interest expenses (Note 6(a)) 354

At 31 December 2018 6,536

At 1 January 2019 6,536

Changes from financing cash flows: Interest element of lease rentals paid (272) Capital element of lease rentals paid (1,765)

Other changes: Interest expenses (Note 6(a)) 272

At 31 December 2019 4,771

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Lease liabilities RMB’000

At 1 January 2020 4,771

Changes from financing cash flows: Interest element of lease rentals paid (196) Capital element of lease rentals paid (1,882)

Other changes: Increase in lease liabilities from entering into new leases during the year 639 Interest expenses (Note 6(a)) 196

At 31 December 2020 3,528

At 1 January 2021 3,528

Changes from financing cash flows: Interest element of lease rentals paid (48) Capital element of lease rentals paid (2,214)

Other changes: Interest expenses (Note 6(a)) 48

At 30 April 2021 1,314

19 TRADE AND OTHER PAYABLES

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Trade payables – Related parties 7,048 18,064 32,339 34,701 – Third parties 59,514 64,418 96,975 87,010

66,562 82,482 129,314 121,711 Other payables – Other taxes and charges payable 15,853 10,957 12,845 8,136 – Dividends payable 100,000 – – – – Accrued payroll and other benefits 67,269 87,098 109,018 67,586 – Deposits 116,730 116,425 116,818 123,841 – Receipts on behalf of residents/tenants 40,772 35,833 43,823 43,823 – Others 19,223 18,603 11,943 17,911

426,409 351,398 423,761 383,008

All the trade and other payables are expected to be settled or are repayable on demand.

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As of the end of each relevant periods, the ageing analysis of trade payables, based on the invoice date, is as follows:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Within 1 year 58,714 72,893 112,067 92,722 1 to 2 years 5,775 7,177 13,407 23,257 2 to 3 years 1,537 1,383 1,767 3,531 Over 3 years 536 1,029 2,073 2,201

66,562 82,482 129,314 121,711

20 Lease liabilities

As of the end of each reporting period, the lease liabilities were repayable as follows:

At 31 December 2018 At 31 December 2019 At 31 December 2020 30 April 2021 Present Present Present Present value of the Total value of the Total value of the Total value of the Total minimum minimum minimum minimum minimum minimum minimum minimum lease lease lease lease lease lease lease lease payments payments payments payments payments payments payments payments RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Within 1 year 1,986 2,037 1,958 2,008 2,130 2,186 572 587 ------

After 1 year but within 2 years 1,867 2,008 1,824 1,962 1,227 1,308 611 672 After 2 year but within 5 years 2,683 3,067 989 1,105 171 198 131 171

4,550 5,075 2,813 3,067 1,398 1,506 742 843 ------

6,536 7,112 4,771 5,075 3,528 3,692 1,314 1,430

Less: total future interest expenses (576) (304) (164) (116)

Present value of lease liabilities 6,536 4,771 3,528 1,314

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21 Income tax in the consolidated statements of financial position

(a) Current taxation in the consolidated statement of financial position represents:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

PRC Corporate Income Tax At 1 January 9,533 33,591 12,409 22,927 Charged to profit or loss (Note 7) 63,418 51,516 67,802 33,527 Payments during the year/period (39,360) (72,698) (57,284) (46,064)

At 31 December/30 April 33,591 12,409 22,927 10,390

(b) Deferred tax assets recognised:

(i) Movement of each component of deferred tax assets

The components of deferred tax assets recognised in the consolidated statements of financial position and the movements during the Relevant Periods are as follows:

Unrealised Credit loss profit and Accrued allowance loss expenses Total RMB’000 RMB’000 RMB’000 RMB’000

Deferred tax arising from: At 1 January 2018 1,581 – – 1,581 Credited to profit or loss 1,040 1,412 – 2,452

At 31 December 2018 and 1 January 2019 2,621 1,412 – 4,033 Credited/(charged) to profit or loss 1,626 (62) – 1,564

At 31 December 2019 and 1 January 2020 4,247 1,350 – 5,597 Credited/(charged) to profit or loss 1,459 (125) 1,057 2,391

At 31 December 2020 and 1 January 2021 5,706 1,225 1,057 7,988 Credited/(charged) to profit or loss 1,863 (47) – 1,816

At 30 April 2021 7,569 1,178 1,057 9,804

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At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Unrecognised tax losses-PRC 9,130 12,319 15,283 25,191

In accordance with the accounting policy set out in Note 2(p), the Group has not recognised deferred tax assets in respect of cumulative tax losses of RMB9,130,000, RMB12,319,000, RMB15,283,000 and RMB25,191,000, as of 31 December 2018, 2019 and 2020 and 30 April 2021, respectively, as it is not probable that future taxable profits against which the losses can be utilised will be available in the relevant tax jurisdiction and entity.

Pursuant to the relevant laws and regulations in the PRC, the unrecognised tax losses at the end of the reporting period will expire in the following years:

At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

2019 2––– 2020 956 934 – – 2021 1,167 972 972 820 2022 5,021 5,021 5,021 4,755 2023 1,984 839 767 767 2024 – 4,553 3,805 3,805 2025 – – 4,718 4,646 2026 – – – 10,398

9,130 12,319 15,283 25,191

(d) Deferred tax liabilities not recognised

According to PRC corporate income tax laws and its implementation rules, dividends receivable by non-PRC corporate residents from PRC enterprises are subject to withholding tax at a rate of 10%, unless reduced by tax treaties or arrangements, for profits earned since 1 January 2008.

For the other distributable reserve and retained earnings of PRC subsidiaries of the Group up to 30 April 2021, no deferred tax liabilities were recognised as at 30 April 2021 as the Group controls the dividend policy of the subsidiaries and it has been determined that it is not probable that these profits will be distributed in the foreseeable future.

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22 Capital, reserves, dividends and non-controlling interests

(a) Movements in components of equity

The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity.

Details of the changes in the Company’s individual component of equity during the Relevant Periods are set out below:

Share Capital Exchange Retained Total capital reserve reserve profits equity Note RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note 22(b)) (Note 22(d)) (Note 22(d))

Balance at 1 January 2020 –––––

Changes in equity for 2020: Issue of shares * 21,667 – – 21,667 Total comprehensive income for the year – – (51) – (51)

Balance at 31 December 2020 and 1 January 2021 * 21,667 (51) – 21,616

Changes in equity for 2021: Total comprehensive income for the period – – (307) – (307)

Balance at 30 April 2021 * 21,667 (358) – 21,309

* The balance represents an amount less than RMB1,000.

(b) Share capital

The Company was incorporated as an exempted company with limited liability in the Cayman Islands on 24 August 2020, with an authorised share capital of US$50,000, divided into 5,000,000,000 shares with par value of US$0.00001 each.

For the purpose of the Historical Financial Information, the share capital of the Group as at 31 December 2020 and 30 April 2021 represented the issued capital of the Company, comprising 10,000 shares of US$0.00001 per share.

No dividend has been declared by the Company since its incorporation.

Dividends of RMB1,000,000,000, RMB190,344,000, RMB330,000,000 and Nil have been declared and dividends of RMB900,000,000, RMB290,344,000, RMB230,000,000 and Nil have been paid by Century Life Property Service Group to its then shareholders during the years ended 31 December 2018, 2019 and 2020 and the four months ended 30 April 2021 respectively.

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(d) Nature and purpose of reserves

(i) Share premium

Share premium represents the difference between the consideration and the par value of the issued and paid up shares of the Company.

(ii) Capital reserve

For the purpose of the Historical Financial Information, the aggregate amount of the paid-in capital of Century Life Property Group at the respective dates were recorded as capital reserve.

During the year ended 31 December 2020, Beijing Century Yongying, a subsidiary of the Group, acquired 92% equity interests in Century Life Property Group from the then equity holders of Century Life Property Group at a consideration of RMB100,000,000, as part of the Reorganisation as detailed in the section headed “History, Reorganisation and Corporate Structure” to the Document. For the purpose of the preparation of the Historical Financial Information, the consideration of RMB100,000,000 paid in connection with the acquisition are recorded within equity as deemed distribution arising from the Reorganisation.

Pursuant to the share swap agreement on 11 December 2020, the Company agreed to acquire 100% equity interest of Flourishing Age Limited from Forward Fame Limited at a consideration of 800 shares, representing 8% of the equity interest of the Company on a fully diluted basis. The excess of the par value over the share capital of the Company was recognised as capital reserve.

(iii) Statutory surplus reserve

For the purpose of the Historical Financial Information, the statutory surplus reserve represented the statutory surplus reserve of the Group’s subsidiaries established in the PRC.

Statutory surplus reserve is established in accordance with the relevant PRC rules and regulations and the articles of association of the companies which are incorporated in the PRC until the reserve balance reaches 50% of its registered capital. The transfer to this reserve must be made before distribution of a dividend to equity holders.

For the entities concerned, this reserve can be utilised in setting off accumulated losses or increasing capital and is non-distributable other than in liquidation.

(e) Capital management

The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group’s overall strategy remains unchanged throughout the Relevant Periods.

The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions.

The Group monitors its capital based on the total equity reported in the statement of changes in equity.

23 Acquisition of subsidiaries

(a) On 10 January 2019, the Group acquired 100% equity interest of Qihe Property Management from a third-party company at a consideration of RMB150,000. Qihe Property Management was mainly engaged in the provision of property management services.

(i) Consideration transferred

RMB’000

Cash 150

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(ii) Fair value of identifiable assets acquired and liabilities assumed

RMB’000

Property, plant and equipment 5 Trade and other receivables 2,552 Cash and cash equivalents 3,187 Contract liabilities (1,022) Trade and other payables (2,999)

(iii) Goodwill

A net gain related to negative goodwill of RMB1,573,000 was recognised as the result of a bargain purchase.

(iv) Analysis of net cash inflow of the business combination

RMB’000

Consideration, satisfied in cash (150) Cash and cash equivalent balances acquired 3,187

Net cash inflow 3,037

(v) Revenue and profit contribution

The acquired business contributed revenues of RMB806,000 and net loss of RMB143,000 to the Group for the period from the acquisition date to 31 December 2019. The revenue and results of the acquired business for 2019 would not be materially different from the acquisition date to 31 December 2019, as these acquisitions had occurred on 10 January 2019.

(b) In August 2019, the Group acquired 100% of Beijing Century Min’an Heating Co., Ltd. controlled by the Ultimate Owner at a cash consideration of RMB2,500,000, which leads to a net cash outflow of RMB2,500,000 and the amount was reflected as a deemed distribution to the Ultimate Owner in the consolidated statement of changes in equity for the year ended 31 December 2019.

24 Financial risk management and fair values of financial instruments

Exposure to credit, liquidity and interest rate risks arises in the normal course of the Group’s business.

The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group’s credit risk is primarily attributable to cash at bank, financial assets measured at FVPL, trade and other receivables and contract assets. The Group’s exposure to credit risk arising from cash and cash equivalents and financial assets measured at FVPL are limited because the counterparties are banks and financial institutions with a high credit standing assigned by the management of the Group, to which the Group considers to have low credit risk.

In respect of trade receivables due from related parties, payments on behalf of property owners, deposits and advances to employees included in other receivables, the Group has assessed that the expected credit loss rate for these receivables is immaterial under 12-month expected losses method based on historical settlement records.

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In respect of trade receivables due from third parties and contract assets, the Group measures loss allowances at an amount equal to lifetime ECLs based on historical settlement records. The Group has large number of customers and there was no concentration of credit risk. In addition, the Group has monitoring procedures to ensure that follow-up action is taken to recover overdue debts. The Group considers that a default event occurs when there is significant decrease in services fee collection rate and estimates the expected credit loss rate for the Relevant Periods. Normally, the Group does not obtain collateral from customers.

The following table provides information about the Group’s exposure to credit risk and ECLs for trade receivables due from third parties as at 31 December 2018, 2019 and 2020 and 30 April 2021.

At 31 December 2018 Expected Gross carrying Loss loss rate amount allowance % RMB’000 RMB’000

within 1 year 5% 59,223 2,961 1 - 2 years 10% 17,631 1,763 2 - 3 years 25% 9,342 2,336 3 - 4 years 40% 4,405 1,762 4 - 5 years 75% 1,575 1,181 over 5 years 100% 1,235 1,235

93,411 11,238

At 31 December 2019 Expected Gross carrying Loss loss rate amount allowance % RMB’000 RMB’000

within 1 year 5% 85,509 4,275 1 - 2 years 10% 20,839 2,084 2 - 3 years 30% 10,805 3,242 3 - 4 years 45% 6,677 3,005 4 - 5 years 80% 3,034 2,427 over 5 years 100% 2,412 2,412

129,276 17,445

At 31 December 2020 Expected Gross carrying Loss loss rate amount allowance % RMB’000 RMB’000

within 1 year 5% 109,548 5,479 1 - 2 years 15% 32,481 4,872 2 - 3 years 30% 11,641 3,492 3 - 4 years 45% 7,076 3,184 4 - 5 years 75% 4,664 3,498 over 5 years 100% 3,496 3,496

168,906 24,021

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At 30 April 2021 Expected Gross carrying Loss loss rate amount allowance % RMB’000 RMB’000

within 1 year 3% 183,491 6,050 1 - 2 years 15% 46,567 6,985 2 - 3 years 30% 15,438 4,631 3 - 4 years 45% 8,805 3,962 4 - 5 years 75% 5,327 3,995 over 5 years 100% 4,932 4,932

264,560 30,555

Expected loss rates are based on actual loss experience over the past two years. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables.

(b) Liquidity risk

Individual operating entities within the Group are responsible for their own cash management, including the short-term investment of cash surpluses and the raising of loans to cover expected cash demands, subject to approval by the board when the borrowings exceed certain predetermined levels of authority. The Group’s policy is to regularly monitor its liquidity requirements, to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.

The following tables show the remaining contractual maturities at the end of each reporting period of the Group’s non-derivative financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay.

At 31 December 2018 Contractual undiscounted cash outflow More than More than Within 1 year but 2 years but 1 year or less than less than More than Carrying on demand 2 years 5 years 5 years Total amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Trade and other payables 426,409 – – – 426,409 426,409 Lease liabilities 2,037 2,008 3,067 – 7,112 6,536

428,446 2,008 3,067 – 433,521 432,945

At 31 December 2019 Contractual undiscounted cash outflow More than More than Within 1 year but 2 years but 1 year or less than less than More than Carrying on demand 2 years 5 years 5 years Total amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Trade and other payables 351,398 – – – 351,398 351,398 Lease liabilities 2,008 1,962 1,105 – 5,075 4,771

353,406 1,962 1,105 – 356,473 356,169

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At 31 December 2020 Contractual undiscounted cash outflow More than More than Within 1 year but 2 years but 1 year or less than less than More than Carrying on demand 2 years 5 years 5 years Total amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Trade and other payables 423,761 – – – 423,761 423,761 Lease liabilities 2,186 1,308 198 – 3,692 3,528

425,947 1,308 198 – 427,453 427,289

At 30 April 2021 Contractual undiscounted cash outflow More than More than Within 1 year but 2 years but 1 year or less than less than More than Carrying on demand 2 years 5 years 5 years Total amount RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Trade and other payables 383,008 – – – 383,008 383,008 Lease liabilities 587 672 171 – 1,387 1,314

383,595 672 171 – 384,395 384,322

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is not subject to significant interest rate risk.

The following table details the interest rate profile of the Group’s borrowings at the end of the reporting period.

(i) Interest rate profile

At 31 December 2018 At 31 December 2019 At 31 December 2020 At 30 April 2021 Effective Effective Effective Effective interest rate interest rate interest rate interest rate % RMB’000 % RMB’000 % RMB’000 % RMB’000

Fixed rate financial instruments: Lease liabilities 4.75% 6,536 4.75% 4,771 4.75% 3,528 4.75% 1,314

Total 6,536 4,771 3,528 1,314

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(d) Fair value measurement

(i) Financial assets and liabilities measured at fair value

Fair value hierarchy

The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in IFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

• Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date

• Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available.

• Level 3 valuations: Fair value measured using significant unobservable inputs

Fair value Fair value Fair value Fair value as at as at as at as at 31 December 31 December 31 December 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Financial assets measured at FVPL Level 2 543,740–––

During the Relevant Periods, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.

Valuation techniques and inputs used in Level 2 fair value measurements:

The fair value of wealth management products is determined based on the estimated amount that the Group would receive to redeem the financial assets at the end of each reporting period. The estimated redeemable amount is calculated based on the expected rate of returns or the daily income published by the financial institutions.

(ii) Fair value of financial assets and liabilities carried at other than fair value

The carrying amounts of the Group’s financial instruments carried at amortised cost were not materially different from their fair values as at 31 December 2018, 2019 and 2020 and 30 April 2021.

25 Contingent assets and liabilities

The Group did not have any material contingent liabilities as at 31 December 2018, 2019 and 2020 and 30 April 2021.

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26 Material related party transactions

(a) Key management personnel remuneration

Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors as disclosed in Note 8 and certain of the highest paid employees as disclosed in Note 9, is as follows:

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Short-term employee benefits 4,504 6,266 7,528 779 1,204 Post-employment benefits 179 237 21 19 114

4,683 6,503 7,549 798 1,318

Total remuneration is included in “staff costs” (see Note 6(b)).

(b) Significant related party transactions

During the Relevant Periods, the Group entered into the following transactions with its related parties.

Four months ended Year ended 31 December 30 April 2018 2019 2020 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Provision of property management services and other services to companies controlled by the Ultimate Owner 17,295 12,907 121,005 2,178 132,302 Receiving services from companies controlled by the Ultimate Owner 18,054 22,559 20,324 5,210 8,418 Purchase of goods from companies controlled by the Ultimate Owner 17,051 16,496 30,442 6,636 22,077 Provision of loans to companies controlled by the Ultimate Owner 1,315,000 650,000––– Repayment of loans from companies controlled by the Ultimate Owner 1,953,026 668,372––– Interest from companies controlled by the Ultimate Owner 72,438 9,206––– Interest from associates of companies controlled by the Ultimate Owner 2,343––––

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At 31 December At 30 April 2018 2019 2020 2021 RMB’000 RMB’000 RMB’000 RMB’000

Trade related Trade receivables 4,441 3,646 11,116 12,255 Contract assets – – – 1,686 Trade payables 7,048 18,064 32,339 34,701 Contract liabilities – – 65,422 46,593 Non-trade related Dividends payable 100,000 – – – Loans and interest receivables due from associates of companies controlled by the Ultimate Owner 18,372–––

(d) Name and relationship with related parties

During the Relevant Periods, transactions with the following parties are considered as related party transactions:

Name of related party Relationship with the Group

Century Golden Resources Investment Group Co., Ltd.* Company controlled by the Ultimate Owner 世紀金源投資集團有限公司 Beijing Golden Resources Hongda Real Estate Company controlled by the Ultimate Owner Co., Ltd.* 北京金源鴻大房地產有限公司 Beijing Golden Resources Times Shopping Center Company controlled by the Ultimate Owner Co., Ltd.* 北京金源時代購物中心有限公司 Hefei Century Golden Resources Shopping Center Company controlled by the Ultimate Owner Co., Ltd.* 合肥市世紀金源購物中心有限公司 Guiyang Century Golden Resources Shopping Center Company controlled by the Ultimate Owner Real Estate Co., Ltd.* 貴陽世紀金源購物中心置業有限公司 Hunan Century Golden Resources Real Estate Shopping Company controlled by the Ultimate Owner center Co., Ltd.* 湖南世紀金源置業購物中心有限責任公司 Hefei Centown Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 合肥世紀城置業有限責任公司 Yunnan Huizhiyuan Food Co., Ltd.* Company controlled by the Ultimate Owner 雲南匯智源食品有限公司 Kunming Century Golden Resources Shopping Plaza Company controlled by the Ultimate Owner Co., Ltd.* 昆明世紀金源購物大廣場有限公司 Tengchong Century Golden Resources times Shopping Company controlled by the Ultimate Owner Center Co., Ltd.* 騰沖世紀金源時代購物中心有限責任公司 Fuzhou Minjiang Centown Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 福州閩江世紀城置業有限公司 Fuzhou Minjiang Century Golden Resources Exhibition Company controlled by the Ultimate Owner Center Hotel Co., Ltd.* 福州閩江世紀金源會展中心大飯店有限公司 Fujian Happy World Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 福建歡樂天地置業有限責任公司 Luoyuanwan Binhai Xincheng Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 羅源灣濱海新城置業有限責任公司

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Name of related party Relationship with the Group

Fujian Guian New World Tourism Culture Investment Company controlled by the Ultimate Owner Co., Ltd.* 福建貴安新天地旅遊文化投資有限公司 Kunming Century Shengnuo Medical Management Company controlled by the Ultimate Owner Co., Ltd.* 昆明世紀聖諾醫療管理有限公司 Beijing Tengyun Optometry Medical Technology Co., Ltd.* Company controlled by the Ultimate Owner 北京騰雲視光醫療科技有限公司 Ningbo Hangzhou Bay Centown Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 寧波杭州灣世紀城置業有限公司 Hefei Beicheng Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 合肥市北城世紀金源大飯店有限責任公司 Xishuangbanna Binjiang Orchard Resort Co., Ltd.* Company controlled by the Ultimate Owner 西雙版納濱江果園避寒度假山莊有限公司 Tengchong Century Golden Resources Resort Hotel Company controlled by the Ultimate Owner Co., Ltd.* 騰沖世紀金源度假大飯店有限責任公司 Tengchong Tentury Golden Resources Sports Holiday Company controlled by the Ultimate Owner Co., Ltd.* 騰沖世紀金源體育度假有限責任公司 Tengchong Centown Leisure Resort Manor Co., Ltd.* Company controlled by the Ultimate Owner 騰沖世紀城休閒度假莊園有限公司 Beijing Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 北京世紀金源大飯店有限責任公司 Beijing Huaqiao Building Co., Ltd.* Company controlled by the Ultimate Owner 北京華僑大廈有限公司 Beijing Century Golden Resources Xiangshan Hotel Company controlled by the Ultimate Owner Development Co., Ltd.* 北京世紀金源香山商旅酒店發展有限責任公司 Beijing Hetianran Investment Management Co., Ltd.* Company controlled by the Ultimate Owner 北京和天然投資管理有限公司 Kunming Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 昆明世紀金源大飯店有限公司 Xishuangbanna Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 西雙版納世紀金源大飯店有限責任公司 Chongqing Golden Resources Times Shopping Plaza Company controlled by the Ultimate Owner Co., Ltd.* 重慶金源時代購物廣場有限公司 Fuzhou Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 福州世紀金源大飯店有限公司 Fuzhou Guotai Concrete Co., Ltd.* Company controlled by the Ultimate Owner 福州國泰混凝土有限公司 Fuzhou Gui’an Century Golden Resources Hot Spring Company controlled by the Ultimate Owner Hotel Co., Ltd.* 福州貴安世紀金源溫泉大飯店有限責任公司 Fuzhou Gui’an Junhao Hotel Co., Ltd.* Company controlled by the Ultimate Owner 福州貴安君豪大飯店有限責任公司 Luoyuanwan Century Golden Resources Hotel Company controlled by the Ultimate Owner Co., Ltd.* 羅源灣世紀金源大飯店有限責任公司 Luoyuan Century Golden Resources Shopping Center Company controlled by the Ultimate Owner Co., Ltd.* 羅源世紀金源購物中心有限公司 Changsha Century Golden Resources Hotel Co., Ltd.* Company controlled by the Ultimate Owner 長沙世紀金源大飯店有限公司 Guiyang Century Golden Resources Hotel Management Company controlled by the Ultimate Owner Co., Ltd.* 貴陽世紀金源大飯店管理有限責任公司

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Name of related party Relationship with the Group

Anhui Century Golden Resources Hotel Management Company controlled by the Ultimate Owner Co., Ltd.* 安徽省世紀金源大飯店管理有限公司 Anhui Beicheng Century Golden Resources Shopping Company controlled by the Ultimate Owner Center Co., Ltd.* 安徽北城世紀金源購物中心有限責任公司 Ningbo Century Golden Resources Shopping Center Company controlled by the Ultimate Owner Development Co., Ltd.* 寧波世紀金源購物中心開發有限公司 Ningbo Hangzhou Bay Dream Spring Water World Company controlled by the Ultimate Owner Co., Ltd.* 寧波杭州灣夢幻溫泉水世界有限責任公司 Tibet Shiji Tengyun Business Management Co., Ltd.* Company controlled by the Ultimate Owner 西藏世紀騰雲商業管理有限責任公司 Hefei Beicheng Century Golden Resources Hotel Company controlled by the Ultimate Owner Co., Ltd.* 合肥北城世紀金源大飯店有限責任公司 Luoyuan Coastal Tourism Culture Development Company controlled by the Ultimate Owner Co., Ltd.* 羅源灣濱海旅遊文化開發有限公司 Beijing Century Huixin Wealth Investment Management Company controlled by the Ultimate Owner Co., Ltd.* 北京世紀匯信財富投資管理有限公司 Tibet Tongdou Tiandi Business Management Co., Ltd.* Company controlled by the Ultimate Owner 西藏童兜天地商業管理有限公司 Beijing Huizhiyuan Trading Co., Ltd.* Company controlled by the Ultimate Owner 北京匯智源商貿有限公司 Beijing Century Yuanhui Technology Co., Ltd.* Company controlled by the Ultimate Owner 北京世紀源薈科技有限公司 Guiyang Centown Real Estate Development Co., Ltd.* Company controlled by the Ultimate Owner 貴陽世紀城房地產開發有限責任公司 Ningbo Branch of Qushui century Golden Resources Company controlled by the Ultimate Owner Fangyuanhui Business Management Co., Ltd.* 曲水世紀金源方圓薈商業管理有限公司寧波分公司 Fuzhou Branch of Century Golden Resources Outlets Company controlled by the Ultimate Owner Business Management Co., Ltd.* 世紀金源奧特萊斯商業管理有限責任公司福州分公司 Shenzhen Century Huaxin Commercial Factoring Company controlled by the Ultimate Owner Co., Ltd.* 深圳市世紀華信商業保理有限公司 Fuzhou Gui’an Junhao Hotel Co., Ltd.* Company controlled by the Ultimate Owner 福州貴安君豪大飯店有限公司 Guizhou Branch of Qushui Century Golden Resources Company controlled by the Ultimate Owner Fangyuanhui Business Management Co., Ltd.* 曲水世紀金源方圓薈商業管理有限公司貴州分公司 Kunming Branch of Tibet Tongdou Tiandi Business Company controlled by the Ultimate Owner Management Co., Ltd.* 西藏童兜天地商業管理有限公司昆明分公司 Yunnan Branch of Qushui Century Golden Resources Company controlled by the Ultimate Owner Fangyuanhui Business Management Co., Ltd.* 曲水世紀金源方圓薈商業管理有限公司雲南分公司 Yiwu Gongchen Shangbo Real Estate Co., Ltd.* Company controlled by the Ultimate Owner 義烏拱辰商博置業有限公司 Shengrong International Finance Leasing Co., Ltd.* Associates of companies controlled by the 晟融國際融資租賃有限公司 Ultimate Owner

* The English names of the companies which operate in the PRC are for reference only and have not been registered.

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27 Non-adjusting events after the reporting period

[●]

28 Immediate and ultimate controlling party

At 31 December 2018, 2019 and 2020 and 30 April 2021, the directors of the Company consider ultimate controlling party of the Group to be Mr. Huang Tao. Before completion of the Reorganisation, the immediate controlling party of the Group is Qushui Baiying Enterprise Management Co., Ltd. (曲水百盈企業管理有限責任公司). After completion of the Reorganisation, the immediate controlling party of the Group is Platinum Wish Limited and the ultimate controlling party remained the same.

29 Possible impact of amendments, new standards and interpretations issued but not yet effective for the accounting period beginning on 1 January 2021

Up to the date of issue of this report, the IASB has issued the following amendments, new standards and interpretations which are not yet effective for the Relevant Periods and which have not been adopted in the Historical Financial Information:

Effective for accounting periods beginning on or after

Amendments to IFRS 3, Reference to the Conceptual Framework 1 January 2022

Amendments to IAS 16, Property, Plant and Equipment: Proceeds 1 January 2022 before Intended Use

Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a 1 January 2022 Contract

Annual Improvements to IFRSs 2018-2020 Cycle 1 January 2022

Amendments to IAS 1, Classification of Liabilities as Current 1 January 2023 or Non-current

Amendments to IFRS 17 Insurance contracts 1 January 2023

Amendments to IAS 1 and IFRS Practice Statement 2, 1 January 2023 Disclosure of Accounting Policies

Amendments to IAS 8, Definition of Accounting Estimates 1 January 2023

Amendments to IFRS 4, Extension of the temporary exemption from 1 January 2023 applying IFRS 9

Amendments to IFRS 10 and IAS 28, Sale or contribution To be determined of assets between an investor and its associate or joint venture

The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements.

Subsequent financial statements

No audited financial statements have been prepared by the Company and its subsidiaries comprising the Group in respect of any period subsequent to 30 April 2021.

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The following information does not form part of the Accountants’ Report received from the Company’s reporting accountants, KPMG, Certified Public Accountants, Hong Kong, as set out in Appendix I to this document, and is included herein for illustrative purposes only. The unaudited [REDACTED] financial information should be read in conjunction with the section headed “Financial information” in this document and the historical financial information included in the Accountants’ Report set out in Appendix I to this document.

A. UNAUDITED [REDACTED] ADJUSTED NET TANGIBLE ASSETS

The following unaudited [REDACTED] statement of adjusted net tangible assets of our Group is prepared in accordance with Rule 4.29 of the Listing Rules and is set out below to illustrate the effect of the [REDACTED] on the consolidated net tangible assets of the Group attributable to the equity shareholders of the Company as at 30 April 2021 as if the [REDACTED] had taken place on 30 April 2021.

The unaudited [REDACTED] statement of adjusted net tangible assets has been prepared for illustrative purposes only and because of its hypothetical nature, it may not give a true picture of the financial position of the Group had the [REDACTED] been completed as at 30 April 2021 or at any future date.

Unaudited [REDACTED] adjusted net tangible assets Consolidated net attributable tangible assets to equity attributable Estimated shareholders Unaudited [REDACTED] to the equity net of the adjusted net tangible assets shareholders of [REDACTED] Company as attributable to equity the Company as from the at 30 April shareholders of the Company at 30 April 2021(1) [REDACTED](2) 2021 per Share RMB’000 RMB’000 RMB’000 RMB(3) HK$(4)

Based on an [REDACTED]of HK$[REDACTED] per Share 361,174 [REDACTED][REDACTED][REDACTED][REDACTED] Based on an [REDACTED]of HK$[REDACTED] per Share 361,174 [REDACTED][REDACTED][REDACTED][REDACTED]

Notes:

(1) The consolidated net tangible assets attributable to the equity shareholders of the Company as at 30 April 2021 is arrived at based on after (i) deducting intangible assets of RMB1,363,000; and (ii) adjusting the share of intangible assets attributable to non-controlling interests of RMB2,000 from the consolidated total equity attributable to equity shareholders of the Company as at 30 April 2021 of RMB362,535,000, which is extracted from the Accountants’ Report set out in Appendix I to this document.

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(2) The estimated [REDACTED] from the [REDACTED] are based on the indicative [REDACTED]of HK$[REDACTED] per Share (being the minimum [REDACTED]) and HK$[REDACTED] per Share (being the maximum [REDACTED]), after deduction of the [REDACTED] and other related expenses paid or payable by the Group (excluding the expenses that have been charged to profit or loss during the Track Record Period), and does not take into account any shares which may be issued upon the exercise of the [REDACTED]. The estimated net [REDACTED]ofthe[REDACTED] have been converted to Renminbi at the PBOC rate of HK$1 to RMB0.83 prevailing on 30 April 2021. No representation is made that Hong Kong dollars amount have been, could have been or may be converted to Renminbi, or vice versa, at that rate or at any other rate.

(3) The unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of the Company per Share is arrived at by dividing the unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of the Company by [REDACTED] Shares, being the number of shares expected to be in issue following the completion of the Capitalisation Issue and the [REDACTED], and does not take into account any shares which may be issued upon the exercise of the [REDACTED].

(4) The unaudited [REDACTED] adjusted net tangible assets attributable to equity shareholders of the Company per Share amounts in RMB are converted to Hong Kong dollar with the PBOC rate of RMB1.00 to HK$1.20 prevailing on 30 April 2021. No representation is made that Renminbi amount have been, could have been or may be converted to Hong Kong dollars, or vice versa, at that rate or at any other rate.

(5) No adjustment has been made to reflect any trading result or other transactions of the Group entered into subsequent to 30 April 2021.

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[REDACTED]

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[REDACTED]

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[REDACTED]

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[REDACTED]

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SUMMARY OF THE CONSTITUTION OF THE COMPANY

1 Memorandum of Association

The Memorandum of Association of the Company was conditionally adopted on [●] and states, inter alia, that the liability of the members of the Company is limited, that the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the Cayman Companies Act or any other law of the Cayman Islands.

The Memorandum of Association is available for inspection at the address specified in Appendix V in the section headed “Documents Delivered to the Registrar of Companies and Available for Inspection”.

2 Articles of Association

The Articles of Association of the Company were conditionally adopted on [●] and include provisions to the following effect:

2.1 Classes of Shares

The share capital of the Company consists of ordinary shares. The authorized share capital of the Company at the date of adoption of the Articles is US$50,000 divided into 5,000,000,000 shares of US$0.00001 each.

2.2 Directors

(a) Power to allot and issue Shares

Subject to the provisions of the Cayman Companies Act and the Memorandum and Articles of Association, the unissued shares in the Company (whether forming part of its original or any increased capital) shall be at the disposal of the Directors, who may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration, and upon such terms, as the Directors shall determine.

Subject to the provisions of the Articles of Association and to any direction that may be given by the Company in general meeting and without prejudice to any special rights conferred on the holders of any existing shares or attaching to any class of shares, any share may be issued with or have attached thereto such preferred, deferred, qualified or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise, and to such persons at such times and for such consideration as the Directors may determine. Subject to the Cayman

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Companies Act and to any special rights conferred on any shareholders or attaching to any class of shares, any share may, with the sanction of a special resolution, be issued on terms that it is, or at the option of the Company or the holder thereof, liable to be redeemed.

(b) Power to dispose of the assets of the Company or any subsidiary

The management of the business of the Company shall be vested in the Directors who, in addition to the powers and authorities by the Articles of Association expressly conferred upon them, may exercise all such powers and do all such acts and things as may be exercised or done or approved by the Company and are not by the Articles of Association or the Cayman Companies Act expressly directed or required to be exercised or done by the Company in general meeting, but subject nevertheless to the provisions of the Cayman Companies Act and of the Articles of Association and to any regulation from time to time made by the Company in general meeting not being inconsistent with such provisions or the Articles of Association, provided that no regulation so made shall invalidate any prior act of the Directors which would have been valid if such regulation had not been made.

Payment to any Director or past Director of any sum by way of compensation for loss of office or as consideration for or in connection with his retirement from office (not being a payment to which the Director is contractually entitled) must first be approved by the Company in general meeting.

(d) Loans to Directors

There are provisions in the Articles of Association prohibiting the making of loans to Directors or their respective close associates which are equivalent to the restrictions imposed by the Companies Ordinance.

(e) Financial assistance to purchase Shares

Subject to all applicable laws, the Company may give financial assistance to Directors and employees of the Company, its subsidiaries or any holding company or any subsidiary of such holding company in order that they may buy shares in the Company or any such subsidiary or holding company. Further, subject to all applicable laws, the Company may give financial assistance to a trustee for the acquisition of shares in the Company or shares in any such subsidiary or holding company to be held for the benefit of employees of the Company, its subsidiaries, any holding company of the Company or any subsidiary of any such holding company (including salaried Directors).

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(f) Disclosure of interest in contracts with the Company or any of its subsidiaries

No Director or proposed Director shall be disqualified by his office from contracting with the Company either as vendor, purchaser or otherwise nor shall any such contract or any contract or arrangement entered into by or on behalf of the Company with any person, company or partnership of or in which any Director shall be a member or otherwise interested be capable on that account of being avoided, nor shall any Director so contracting or being any member or so interested be liable to account to the Company for any profit so realized by any such contract or arrangement by reason only of such Director holding that office or the fiduciary relationship thereby established, provided that such Director shall, if his interest in such contract or arrangement is material, declare the nature of his interest at the earliest meeting of the board of Directors at which it is practicable for him to do so, either specifically or by way of a general notice stating that, by reason of the facts specified in the notice, he is to be regarded as interested in any contracts of a specified description which may be made by the Company.

A Director shall not be entitled to vote on (nor shall be counted in the quorum in relation to) any resolution of the Directors in respect of any contract or arrangement or any other proposal in which the Director or any of his close associates (or, if required by the Listing Rules, his other associates) has any material interest, and if he shall do so his vote shall not be counted (nor is he to be counted in the quorum for the resolution), but this prohibition shall not apply to any of the following matters, namely:

(i) the giving to such Director or any of his close associates of any security or indemnity in respect of money lent or obligations incurred or undertaken by him or any of them at the request of or for the benefit of the Company or any of its subsidiaries;

(ii) the giving of any security or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director or any of his close associates has himself/themselves assumed responsibility in whole or in part and whether alone or jointly under a guarantee or indemnity or by the giving of security;

(iii) any proposal concerning an offer of shares, debentures or other securities of or by the Company or any other company which the Company may promote or be interested in for subscription or purchase where the Director or any of his close associates is/are or is/are to be interested as a participant in the underwriting or sub-underwriting of the offer;

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(iv) any proposal or arrangement concerning the benefit of employees of the Company or any of its subsidiaries including:

(A) the adoption, modification or operation of any employees’ share scheme or any share incentive scheme or share option scheme under which the Director or any of his close associates may benefit; or

(B) the adoption, modification or operation of a pension or provident fund or retirement, death or disability benefits scheme which relates both to Directors, their close associates and employees of the Company or any of its subsidiaries and does not provide in respect of any Director or any of his close associates, as such any privilege or advantage not generally accorded to the class of persons to which such scheme or fund relates; and

(v) any contract or arrangement in which the Director or any of his close associates is/are interested in the same manner as other holders of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures or other securities of the Company.

(g) Remuneration

The Directors shall be entitled to receive by way of remuneration for their services such sum as shall from time to time be determined by the Directors, or the Company in general meeting, as the case may be, such sum (unless otherwise directed by the resolution by which it is determined) to be divided amongst the Directors in such proportions and in such manner as they may agree, or failing agreement, equally, except that in such event any Director holding office for less than the whole of the relevant period in respect of which the remuneration is paid shall only rank in such division in proportion to the time during such period for which he has held office. Such remuneration shall be in addition to any other remuneration to which a Director who holds any salaried employment or office in the Company may be entitled by reason of such employment or office.

The Directors shall also be entitled to be paid all expenses, including travel expenses, reasonably incurred by them in or in connection with the performance of their duties as Directors including their expenses of traveling to and from board meetings, committee meetings or general meetings or otherwise incurred whilst engaged on the business of the Company or in the discharge of their duties as Directors.

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The Directors may grant special remuneration to any Director who shall perform any special or extra services at the request of the Company. Such special remuneration may be made payable to such Director in addition to or in substitution for his ordinary remuneration as a Director, and may be made payable by way of salary, commission or participation in profits or otherwise as may be agreed.

The remuneration of an executive Director or a Director appointed to any other office in the management of the Company shall from time to time be fixed by the Directors and may be by way of salary, commission or participation in profits or otherwise or by all or any of those modes and with such other benefits (including share option and/or pension and/or gratuity and/or other benefits on retirement) and allowances as the Directors may from time to time decide. Such remuneration shall be in addition to such remuneration as the recipient may be entitled to receive as a Director.

(h) Retirement, appointment and removal

The number of Directors shall not be less than two.

The Directors shall have power at any time and from time to time to appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Any Director so appointed shall hold office only until the next general meeting of the Company and shall then be eligible for re-election at that meeting.

The Company may by ordinary resolution remove any Director (including a Managing Director or other executive Director) before the expiration of his period of office notwithstanding anything in the Articles of Association or in any agreement between the Company and such Director (but without prejudice to any claim for compensation or damages payable to him in respect of the termination of his appointment as Director or of any other appointment of office as a result of the termination of this appointment as Director).

The Company may by ordinary resolution appoint another person in his place. Any Director so appointed shall hold office during such time only as the Director in whose place he is appointed would have held the same if he had not been removed. The Company may also by ordinary resolution elect any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Any Director so appointed shall hold office only until the next following general meeting of the Company and shall then be eligible for re-election but shall not be taken into account in determining the number of Directors and which Directors who are to retire by rotation at such meeting.

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No person shall, unless recommended by the Board, be eligible for election to the office of Director at any general meeting unless, during the period, which shall be at least seven days, commencing no earlier than the day after the dispatch of the notice of the meeting appointed for such election and ending no later than seven days prior to the date of such meeting, there has been given to the Secretary of the Company notice in writing by a member of the Company (not being the person to be proposed) entitled to attend and vote at the meeting for which such notice is given of his intention to propose such person for election and also notice in writing signed by the person to be proposed of his willingness to be elected.

There is no shareholding qualification for Directors nor is there any specified age limit for Directors. The office of a Director shall be vacated:

(i) if he resigns his office by notice in writing to the Company at its registered office or its principal office in Hong Kong;

(ii) if an order is made by any competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs and the Directors resolve that his office be vacated;

(iii) if, without leave, he is absent from meetings of the Directors (unless an alternate Director appointed by him attends) for 12 consecutive months, and the Directors resolve that his office be vacated;

(iv) if he becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally;

(v) if he ceases to be or is prohibited from being a Director by law or by virtue of any provision in the Articles of Association;

(vi) if he is removed from office by a notice in writing served upon him signed by not less than three-fourths in number (or, if that is not a round number, the nearest lower round number) of the Directors (including himself) for the time being then in office; or

(vii) if he shall be removed from office by an ordinary resolution of the members of the Company under the Articles of Association.

At every annual general meeting of the Company one-third of the Directors for the time being, or, if their number is not three or a multiple of three, then the number nearest to, but not less than, one-third, shall retire from office by rotation, provided that every Director (including those appointed for a specific term) shall be subject to retirement by rotation at least once every three years. A retiring Director shall

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retain office until the close of the meeting at which he retires and shall be eligible for re-election thereat. The Company at any annual general meeting at which any Directors retire may fill the vacated office by electing a like number of persons to be Directors.

(i) Borrowing powers

The Directors may from time to time at their discretion exercise all the powers of the Company to raise or borrow or to secure the payment of any sum or sums of money for the purposes of the Company and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof.

(j) Proceedings of the Board

The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings and proceedings as they think fit in any part of the world. Questions arising at any meeting shall be determined by a majority of votes. In the case of an equality of votes, the chairman of the meeting shall have a second or casting vote.

2.3 Alteration to constitutional documents

No alteration or amendment to the Memorandum or Articles of Association may be made except by special resolution.

2.4 Variation of rights of existing shares or classes of shares

If at any time the share capital of the Company is divided into different classes of shares, all or any of the rights attached to any class of shares for the time being issued (unless otherwise provided for in the terms of issue of the shares of that class) may, subject to the provisions of the Cayman Companies Act, be varied or abrogated either with the consent in writing of the holders of not less than three-fourths in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. To every such separate meeting all the provisions of the Articles of Association relating to general meetings shall mutatis mutandis apply, but so that the quorum for the purposes of any such separate meeting and of any adjournment thereof shall be a person or persons together holding (or representing by proxy or duly authorized representative) at the date of the relevant meeting not less than one-third in nominal value of the issued shares of that class.

The special rights conferred upon the holders of shares of any class shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.

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2.5 Alteration of capital

The Company may, from time to time, whether or not all the shares for the time being authorized shall have been issued and whether or not all the shares for the time being issued shall have been fully paid up, by ordinary resolution, increase its share capital by the creation of new shares, such new capital to be of such amount and to be divided into shares of such respective amounts as the resolution shall prescribe.

The Company may from time to time by ordinary resolution:

(a) consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares. On any consolidation of fully paid shares and division into shares of larger amount, the Directors may settle any difficulty which may arise as they think expedient and in particular (but without prejudice to the generality of the foregoing) may as between the holders of shares to be consolidated determine which particular shares are to be consolidated into each consolidated share, and if it shall happen that any person shall become entitled to fractions of a consolidated share or shares, such fractions may be sold by some person appointed by the Directors for that purpose and the person so appointed may transfer the shares so sold to the purchaser thereof and the validity of such transfer shall not be questioned, and so that the net proceeds of such sale (after deduction of the expenses of such sale) may either be distributed among the persons who would otherwise be entitled to a fraction or fractions of a consolidated share or shares ratably in accordance with their rights and interests or may be paid to the Company for the Company’s benefit;

(b) cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so canceled subject to the provisions of the Cayman Companies Act; and

(c) sub-divide its shares or any of them into shares of smaller amount than is fixed by the Memorandum of Association, subject nevertheless to the provisions of the Cayman Companies Act, and so that the resolution whereby any share is sub-divided may determine that, as between the holders of the shares resulting from such sub-division, one or more of the shares may have any such preferred or other special rights, over, or may have such deferred rights or be subject to any such restrictions as compared with the others as the Company has power to attach to unissued or new shares.

The Company may by special resolution reduce its share capital or any capital redemption reserve in any manner authorized and subject to any conditions prescribed by the Cayman Companies Act.

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2.6 Special resolution-majority required

A “special resolution” is defined in the Articles of Association to have the meaning ascribed thereto in the Cayman Companies Act, for which purpose, the requisite majority shall be not less than three-fourths of the votes of such members of the Company as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given and includes a special resolution signed by all members for the time being entitled to receive notice of and to attend and vote at general meetings (or being corporations by their duly appointed representatives), and any such resolution shall be deemed to have been passed at a meeting held on the date on which it was signed by the last member to sign.

In contrast, an “ordinary resolution” is defined in the Articles of Association to mean a resolution passed by a simple majority of the votes of such members of the Company as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting held in accordance with the Articles of Association and includes an ordinary resolution approved in writing by all the members of the Company aforesaid.

2.7 Voting rights

Subject to any special rights, privileges or restrictions as to voting for the time being attached to any class or classes of shares, at any general meeting on a poll every member present in person (or, in the case of a member being a corporation, by its duly authorized representative) or by proxy shall have one vote for each share registered in his name in the register of members of the Company.

Where any member is, under the Listing Rules, required to abstain from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by or on behalf of such member in contravention of such requirement or restriction shall not be counted.

In the case of joint registered holders of any share, any one of such persons may vote at any meeting, either personally or by proxy, in respect of such share as if he were solely entitled thereto; but if more than one of such joint holders be present at any meeting personally or by proxy, that one of the said persons so present being the most or, as the case may be, the more senior shall alone be entitled to vote in respect of the relevant joint holding and, for this purpose, seniority shall be determined by reference to the order in which the names of the joint holders stand on the register in respect of the relevant joint holding.

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A member of the Company in respect of whom an order has been made by any competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs may vote by any person authorized in such circumstances to do so and such person may vote by proxy.

Save as expressly provided in the Articles of Association or as otherwise determined by the Directors, no person other than a member of the Company duly registered and who shall have paid all sums for the time being due from him payable to the Company in respect of his shares shall be entitled to be present or to vote (save as proxy for another member of the Company), or to be reckoned in a quorum, either personally or by proxy at any general meeting.

At any general meeting a resolution put to the vote of the meeting shall be decided by way of a poll save that the chairman of the meeting may allow a resolution which relates purely to a procedural or administrative matter as prescribed under the Listing Rules to be voted on by a show of hands.

If a recognized clearing house (or its nominee(s)) is a member of the Company it may authorize such person or persons as it thinks fit to act as its proxy(ies) or representative(s) at any general meeting of the Company or at any general meeting of any class of members of the Company provided that, if more than one person is so authorized, the authorization shall specify the number and class of shares in respect of which each such person is so authorized. A person authorized pursuant to this provision shall be entitled to exercise the same rights and powers on behalf of the recognized clearing house (or its nominee(s)) which he represents as that recognized clearing house (or its nominee(s)) could exercise as if it were an individual member of the Company holding the number and class of shares specified in such authorization, including, where a show of hands is allowed, the right to vote individually on a show of hands.

2.8 Annual general meetings and extraordinary general meetings

The Company shall hold a general meeting as its annual general meeting each year, within a period of not more than 15 months after the holding of the last preceding annual general meeting (or such longer period as the Stock Exchange may authorize). The annual general meeting shall be specified as such in the notices calling it.

Extraordinary general meetings may be convened on the requisition of two or more shareholders (or any one member which is a recognized clearing house (or its nominee(s)) holding, at the date of deposit of the requisition, not less than one-tenth of the paid up capital of the Company having the right of voting at general meetings.

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2.9 Accounts and audit

The Directors shall cause to be kept such books of account as are necessary to give a true and fair view of the state of the Company’s affairs and to show and explain its transactions and otherwise in accordance with the Cayman Companies Act.

The Directors shall from time to time determine whether, and to what extent, and at what times and places and under what conditions or regulations, the accounts and books of the Company, or any of them, shall be open to the inspection by members of the Company (other than officers of the Company) and no such member shall have any right of inspecting any accounts or books or documents of the Company except as conferred by the Cayman Companies Act or any other relevant law or regulation or as authorized by the Directors or by the Company in general meeting.

The Directors shall, commencing with the first annual general meeting, cause to be prepared and to be laid before the members of the Company at every annual general meeting a profit and loss account for the period, in the case of the first account, since the incorporation of the Company and, in any other case, since the preceding account, together with a statement of financial position as at the date to which the profit and loss account is made up and a Director’s report with respect to the profit or loss of the Company for the period covered by the profit and loss account and the state of the Company’s affairs as at the end of such period, an auditor’s report on such accounts and such other reports and accounts as may be required by law. Copies of those documents to be laid before the members of the Company at an annual general meeting shall not less than 21 days before the date of the meeting, be sent in the manner in which notices may be served by the Company as provided in the Articles of Association to every member of the Company and every holder of debentures of the Company provided that the Company shall not be required to send copies of those documents to any person of whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

The Company shall at every annual general meeting appoint an auditor or auditors of the Company who shall hold office until the next annual general meeting. The removal of an auditor before the expiration of his period of office shall require the approval of an ordinary resolution of the members in general meeting. The remuneration of the auditors shall be fixed by the Company at the annual general meeting at which they are appointed provided that in respect of any particular year the Company in general meeting may delegate the fixing of such remuneration to the Directors.

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2.10 Notice of meetings and business to be conducted thereat

An annual general meeting shall be called by not less than 21 days’ notice in writing and any extraordinary general meeting shall be called by not less than 14 days’ notice in writing. The notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and shall specify the time, place and agenda of the meeting, particulars of the resolutions and the general nature of the business to be considered at the meeting. The notice convening an annual general meeting shall specify the meeting as such, and the notice convening a meeting to pass a special resolution shall specify the intention to propose the resolution as a special resolution. Notice of every general meeting shall be given to the auditors and all members of the Company (other than those who, under the provisions of the Articles of Association or the terms of issue of the shares they hold, are not entitled to receive such notice from the Company).

Notwithstanding that a meeting of the Company is called by shorter notice than that mentioned above, it shall be deemed to have been duly called if it is so agreed:

(a) in the case of a meeting called as an annual general meeting, by all members of the Company entitled to attend and vote thereat or their proxies; and

(b) in the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting, being a majority together holding not less than 95% in nominal value of the shares giving that right.

2.11 Transfer of shares

Transfers of shares may be effected by an instrument of transfer in the usual common form or in such other form as the Directors may approve which is consistent with the standard form of transfer as prescribed by the Stock Exchange.

The instrument of transfer shall be executed by or on behalf of the transferor and, unless the Directors otherwise determine, the transferee, and the transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the register of members of the Company in respect thereof. All instruments of transfer shall be retained by the Company.

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The Directors may, in its absolute discretion, and without assigning any reason, refuse to register any transfer of any share which is not fully paid up or on which the Company has a lien. The Directors may also decline to register any transfer of any shares unless:

(a) the instrument of transfer is lodged with the Company accompanied by the certificate for the shares to which it relates (which shall upon the registration of the transfer be canceled) and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer;

(b) the instrument of transfer is in respect of only one class of shares;

(d) in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four;

(e) the shares concerned are free of any lien in favor of the Company; and

(f) a fee of such amount not exceeding the maximum amount as the Stock Exchange may from time to time determine to be payable (or such lesser sum as the Directors may from time to time require) is paid to the Company in respect thereof.

If the Directors refuse to register a transfer of any share they shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 10 business days’ notice (or on 6 business days’ notice in the case of a rights issue) being given by advertisement published on the Stock Exchange’s website, or, subject to the Listing Rules, by electronic communication in the manner in which notices may be served by the Company by electronic means as provided in the Articles of Association or by advertisement published in the newspapers, be suspended and the register of members of the Company closed at such times for such periods as the Directors may from time to time determine, provided that the registration of transfers shall not be suspended or the register closed for more than 30 days in any year (or such longer period as the members of the Company may by ordinary resolution determine provided that such period shall not be extended beyond 60 days in any year).

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2.12 Power of the Company to purchase its own shares

The Company is empowered by the Cayman Companies Act and the Articles of Association to purchase its own shares subject to certain restrictions and the Directors may only exercise this power on behalf of the Company subject to the authority of its members in general meeting as to the manner in which they do so and to any applicable requirements imposed from time to time by the Stock Exchange and the Securities and Futures Commission of Hong Kong. Shares which have been repurchased will be treated as canceled upon the repurchase. The holder of the shares being purchased shall be bound to deliver up to the Company at its principal place of business in Hong Kong or such other place as the Directors shall specify the certificate(s) thereof, if any, for cancellation and thereupon the Company shall pay to him the purchase or redemption monies in respect thereof.

2.13 Power of any subsidiary of the Company to own shares

There are no provisions in the Articles of Association relating to the ownership of shares by a subsidiary.

2.14 Dividends and other methods of distribution

Subject to the Cayman Companies Act and the Articles of Association, the Company in general meeting may declare dividends in any currency but no dividends shall exceed the amount recommended by the Directors. No dividend may be declared or paid other than out of profits and reserves of the Company lawfully available for distribution, including share premium.

Unless and to the extent that the rights attached to any shares or the terms of issue thereof otherwise provide, all dividends shall (as regards any shares not fully paid throughout the period in respect of which the dividend is paid) be apportioned and paid pro rata according to the amounts paid up on the shares during any portion or portions of the period in respect of which the dividend is paid. For these purposes no amount paid up on a share in advance of calls shall be treated as paid up on the share.

The Directors may from time to time pay to the members of the Company such interim dividends as appear to the Directors to be justified by the profits of the Company. The Directors may also pay half-yearly or at other intervals to be selected by them any dividend which may be at a fixed rate if they are of the opinion that the profits available for distribution justify the payment.

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The Directors may retain any dividends or other monies payable on or in respect of a share upon which the Company has a lien, and may apply the same in or towards satisfaction of the debts, liabilities or engagements in respect of which the lien exists. The Directors may also deduct from any dividend or other monies payable to any member of the Company all sums of money (if any) presently payable by him to the Company on account of calls, installments or otherwise.

No dividend shall carry interest against the Company.

Whenever the Directors or the Company in general meeting have resolved that a dividend be paid or declared on the share capital of the Company, the Directors may further resolve: (a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully paid up on the basis that the shares so allotted are to be of the same class as the class already held by the allottee, provided that the members of the Company entitled thereto will be entitled to elect to receive such dividend (or part thereof) in cash in lieu of such allotment; or (b) that the members of the Company entitled to such dividend will be entitled to elect to receive an allotment of shares credited as fully paid up in lieu of the whole or such part of the dividend as the Directors may think fit on the basis that the shares so allotted are to be of the same class as the class already held by the allottee. The Company may upon the recommendation of the Directors by ordinary resolution resolve in respect of any one particular dividend of the Company that notwithstanding the foregoing a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid without offering any right to members of the Company to elect to receive such dividend in cash in lieu of such allotment.

Any dividend, interest or other sum payable in cash to a holder of shares may be paid by cheque or warrant sent through the post addressed to the registered address of the member of the Company entitled, or in the case of joint holders, to the registered address of the person whose name stands first in the register of members of the Company in respect of the joint holding or to such person and to such address as the holder or joint holders may in writing direct. Every cheque or warrant so sent shall be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the register of members of the Company in respect of such shares, and shall be sent at his or their risk and the payment of any such cheque or warrant by the bank on which it is drawn shall operate as a good discharge to the Company in respect of the dividend and/or bonus represented thereby, notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. The Company may cease sending such cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise its power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered. Any one of two or more joint holders may give effectual receipts for any dividends or other monies payable or property distributable in respect of the shares held by such joint holders.

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Any dividend unclaimed for six years from the date of declaration of such dividend may be forfeited by the Directors and shall revert to the Company.

Whenever the Directors or the Company in general meeting have resolved that a dividend may be paid or declared, the Directors may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind, and in particular of paid up shares, debentures or warrants to subscribe securities of any other company, and where any difficulty arises in regard to such distribution the Directors may settle it as they think expedient, and in particular may disregard fractional entitlements, round the same up or down or provide that the same shall accrue to the benefit of the Company, and may fix the value for distribution of such specific assets and may determine that cash payments shall be made to any members of the Company upon the footing of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Directors.

2.15 Proxies

Any member of the Company entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person who must be an individual as his proxy to attend and vote instead of him and a proxy so appointed shall have the same right as the member to speak at the meeting. A proxy need not be a member of the Company.

Instruments of proxy shall be in common form or in such other form as the Directors may from time to time approve provided that it shall enable a member to instruct his proxy to vote in favor of or against (or in default of instructions or in the event of conflicting instructions, to exercise his discretion in respect of) each resolution to be proposed at the meeting to which the form of proxy relates. The instrument of proxy shall be deemed to confer authority to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates provided that the meeting was originally held within 12 months from such date.

The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney authorized in writing or if the appointor is a corporation either under its seal or under the hand of an officer, attorney or other person authorized to sign the same.

The instrument appointing a proxy and (if required by the Directors) the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power or authority, shall be delivered at the registered office of the Company (or at such other place as may be specified in the notice convening the meeting or in any notice of any adjournment or, in either case, in any document sent therewith) not less than 48 hours before the time appointed for holding the meeting or adjourned meeting at which

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the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than 48 hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of 12 months from the date named in it as the date of its execution. Delivery of any instrument appointing a proxy shall not preclude a member of the Company from attending and voting in person at the meeting or poll concerned and, in such event, the instrument appointing a proxy shall be deemed to be revoked.

2.16 Calls on shares and forfeiture of shares

The Directors may from time to time make calls upon the members of the Company in respect of any monies unpaid on their shares (whether on account of the nominal amount of the shares or by way of premium or otherwise) and not by the conditions of allotment thereof made payable at fixed times and each member of the Company shall (subject to the Company serving upon him at least 14 days’ notice specifying the time and place of payment and to whom such payment shall be made) pay to the person at the time and place so specified the amount called on his shares. A call may be revoked or postponed as the Directors may determine. A person upon whom a call is made shall remain liable on such call notwithstanding the subsequent transfer of the shares in respect of which the call was made.

A call may be made payable either in one sum or by installments and shall be deemed to have been made at the time when the resolution of the Directors authorizing the call was passed. The joint holders of a share shall be jointly and severally liable to pay all calls and installments due in respect of such share or other monies due in respect thereof.

If a sum called in respect of a share shall not be paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the sum from the day appointed for payment thereof to the time of actual payment at such rate, not exceeding 15% per annum, as the Directors may determine, but the Directors shall be at liberty to waive payment of such interest wholly or in part.

If any call or installment of a call remains unpaid on any share after the day appointed for payment thereof, the Directors may at any time during such time as any part thereof remains unpaid serve a notice on the bolder of such shares requiring payment of so much of the call or installment as is unpaid together with any interest which may be accrued and which may still accrue up to the date of actual payment.

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The notice shall name a further day (not being less than 14 days from the date of service of the notice) on or before which, and the place where, the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time and at the place appointed, the shares in respect of which such call was made or installment is unpaid will be liable to be forfeited.

If the requirements of such notice are not complied with, any share in respect of which such notice has been given may at any time thereafter, before payment of all calls or installments and interest due in respect thereof has been made, be forfeited by a resolution of the Directors to that effect. Such forfeiture shall include all dividends and bonuses declared in respect of the forfeited shares and not actually paid before the forfeiture. A forfeited share shall be deemed to be the property of the Company and may be re-allotted, sold or otherwise disposed of.

A person whose shares have been forfeited shall cease to be a member of the Company in respect of the forfeited shares but shall, notwithstanding the forfeiture, remain liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of the shares, together with (if the Directors shall in their discretion so require) interest thereon at such rate not exceeding 15% per annum as the Directors may prescribe from the date of forfeiture until payment, and the Directors may enforce payment thereof without being under any obligation to make any allowance for the value of the shares forfeited, at the date of forfeiture.

2.17 Inspection of register of members

The register of members of the Company shall be kept in such manner as to show at all times the members of the Company for the time being and the shares respectively held by them. The register may, on 10 business days’ notice (or on 6 business days’ notice in the case of a rights issue) being given by advertisement published on the Stock Exchange’s website, or, subject to the Listing Rules, by electronic communication in the manner in which notices may be served by the Company by electronic means as provided in the Articles of Association or by advertisement published in the newspapers, be closed at such times and for such periods as the Directors may from time to time determine either generally or in respect of any class of shares, provided that the register shall not be closed for more than 30 days in any year (or such longer period as the members of the Company may by ordinary resolution determine provided that such period shall not be extended beyond 60 days in any year).

Any register of members kept in Hong Kong shall during normal business hours (subject to such reasonable restrictions as the Directors may impose) be open to inspection by any member of the Company without charge and by any other person on payment of a fee of such amount not exceeding the maximum amount as may from time to time be permitted under the Listing Rules as the Directors may determine for each inspection.

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2.18 Quorum for meetings and separate class meetings

No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the appointment of a chairman which shall not be treated as part of the business of the meeting.

Two members of the Company present in person or by proxy shall be a quorum provided always that if the Company has only one member of record the quorum shall be that one member present in person or by proxy.

A corporation being a member of the Company shall be deemed for the purpose of the Articles of Association to be present in person if represented by its duly authorized representative being the person appointed by resolution of the directors or other governing body of such corporation or by power of attorney to act as its representative at the relevant general meeting of the Company or at any relevant general meeting of any class of members of the Company.

The quorum for a separate general meeting of the holders of a separate class of shares of the Company is described in paragraph 2.4 above.

2.19 Rights of minorities in relation to fraud or oppression

There are no provisions in the Articles of Association concerning the rights of minority shareholders in relation to fraud or oppression.

2.20 Procedure on liquidation

If the Company shall be wound up, and the assets available for distribution amongst the members of the Company as such shall be insufficient to repay the whole of the paid-up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members of the Company in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively. If in a winding up the assets available for distribution amongst the members of the Company shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed amongst the members of the Company in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively. The foregoing is without prejudice to the rights of the holders of shares issued upon special terms and conditions.

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If the Company shall be wound up, the liquidator may with the sanction of a special resolution of the Company and any other sanction required by the Cayman Companies Act, divide amongst the members of the Company in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the members or different classes of members of the Company. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the members of the Company as the liquidator, with the like sanction and subject to the Cayman Companies Act, shall think fit, but so that no member of the Company shall be compelled to accept any assets, shares or other securities in respect of which there is a liability.

2.21 Untraceable members

The Company shall be entitled to sell any shares of a member of the Company or the shares to which a person is entitled by virtue of transmission on death or bankruptcy or operation of law if: (a) all cheques or warrants, not being less than three in number, for any sums payable in cash to the holder of such shares have remained uncashed for a period of 12 years; (b) the Company has not during that time or before the expiry of the three month period referred to in (d) below received any indication of the whereabouts or existence of the member; (c) during the 12 year period, at least three dividends in respect of the shares in question have become payable and no dividend during that period has been claimed by the member; and (d) upon expiry of the 12 year period, the Company has caused an advertisement to be published in the newspapers or subject to the Listing Rules, by electronic communication in the manner in which notices may be served by the Company by electronic means as provided in the Articles of Association, giving notice of its intention to sell such shares and a period of three months has elapsed since such advertisement and the Stock Exchange has been notified of such intention. The net proceeds of any such sale shall belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former member for an amount equal to such net proceeds.

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SUMMARY OF CAYMAN ISLANDS COMPANY LAW AND TAXATION

1 Introduction

The Cayman Companies Act is derived, to a large extent, from the older Companies Acts of England, although there are significant differences between the Cayman Companies Act and the current Companies Act of England. Set out below is a summary of certain provisions of the Cayman Companies Act, although this does not purport to contain all applicable qualifications and exceptions or to be a complete review of all matters of corporate law and taxation which may differ from equivalent provisions in jurisdictions with which interested parties may be more familiar.

2 Incorporation

The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 24 August 2020 under the Cayman Companies Act. As such, its operations must be conducted mainly outside the Cayman Islands. The Company is required to file an annual return each year with the Registrar of Companies of the Cayman Islands and pay a fee which is based on the size of its authorized share capital.

3 Share Capital

The Cayman Companies Act permits a company to issue ordinary shares, preference shares, redeemable shares or any combination thereof.

The Cayman Companies Act provides that where a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the value of the premia on those shares shall be transferred to an account called the “share premium account”. At the option of a company, these provisions may not apply to premia on shares of that company allotted pursuant to any arrangement in consideration of the acquisition or cancelation of shares in any other company and issued at a premium. The Cayman Companies Act provides that the share premium account may be applied by a company, subject to the provisions, if any, of its memorandum and articles of association, in such manner as the company may from time to time determine including, but without limitation:

(a) paying distributions or dividends to members;

(b) paying up unissued shares of the company to be issued to members as fully paid bonus shares;

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(d) writing-off the preliminary expenses of the company;

(e) writing-off the expenses of, or the commission paid or discount allowed on, any issue of shares or debentures of the company; and

(f) providing for the premium payable on redemption or purchase of any shares or debentures of the company.

No distribution or dividend may be paid to members out of the share premium account unless immediately following the date on which the distribution or dividend is proposed to be paid the company will be able to pay its debts as they fall due in the ordinary course of business.

The Cayman Companies Act provides that, subject to confirmation by the Grand Court of the Cayman Islands, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorized by its articles of association, by special resolution reduce its share capital in any way.

Subject to the detailed provisions of the Cayman Companies Act, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorized by its articles of association, issue shares which are to be redeemed or are liable to be redeemed at the option of the company or a shareholder. In addition, such a company may, if authorized to do so by its articles of association, purchase its own shares, including any redeemable shares. The manner of such a purchase must be authorized either by the articles of association or by an ordinary resolution of the company. The articles of association may provide that the manner of purchase may be determined by the directors of the company. At no time may a company redeem or purchase its shares unless they are fully paid. A company may not redeem or purchase any of its shares if, as a result of the redemption or purchase, there would no longer be any member of the company holding shares. A payment out of capital by a company for the redemption or purchase of its own shares is not lawful unless immediately following the date on which the payment is proposed to be made, the company shall be able to pay its debts as they fall due in the ordinary course of business.

There is no statutory restriction in the Cayman Islands on the provision of financial assistance by a company for the purchase of, or subscription for, its own or its holding company’s shares. Accordingly, a company may provide financial assistance if the directors of the company consider, in discharging their duties of care and to act in good faith, for a proper purpose and in the interests of the company, that such assistance can properly be given. Such assistance should be on an arm’s-length basis.

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4 Dividends and Distributions

With the exception of section 34 of the Cayman Companies Act, there are no statutory provisions relating to the payment of dividends. Based upon English case law which is likely to be persuasive in the Cayman Islands in this area, dividends may be paid only out of profits. In addition, section 34 of the Cayman Companies Act permits, subject to a solvency test and the provisions, if any, of the company’s memorandum and articles of association, the payment of dividends and distributions out of the share premium account (see paragraph 3 above for details).

5 Shareholders’ Suits

The Cayman Islands courts can be expected to follow English case law precedents. The rule in Foss v. Harbottle (and the exceptions thereto which permit a minority shareholder to commence a class action against or derivative actions in the name of the company to challenge (a) an act which is ultra vires the company or illegal, (b) an act which constitutes a fraud against the minority where the wrongdoers are themselves in control of the company, and (c) an action which requires a resolution with a qualified (or special) majority which has not been obtained) has been applied and followed by the courts in the Cayman Islands.

6 Protection of Minorities

In the case of a company (not being a bank) having a share capital divided into shares, the Grand Court of the Cayman Islands may, on the application of members holding not less than one-fifth of the shares of the company in issue, appoint an inspector to examine into the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

Any shareholder of a company may petition the Grand Court of the Cayman Islands which may make a winding up order if the court is of the opinion that it is just and equitable that the company should be wound up.

Claims against a company by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by the company’s memorandum and articles of association.

The English common law rule that the majority will not be permitted to commit a fraud on the minority has been applied and followed by the courts of the Cayman Islands.

7 Disposal of Assets

The Cayman Companies Act contains no specific restrictions on the powers of directors to dispose of assets of a company. As a matter of general law, in the exercise of those powers, the directors must discharge their duties of care and to act in good faith, for a proper purpose and in the interests of the company.

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8 Accounting and Auditing Requirements

The Cayman Companies Act requires that a company shall cause to be kept proper books of account with respect to:

(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;

(b) all sales and purchases of goods by the company; and

Proper books of account shall not be deemed to be kept if there are not kept such books as are necessary to give a true and fair view of the state of the company’s affairs and to explain its transactions.

9 Register of Members

An exempted company may, subject to the provisions of its articles of association, maintain its principal register of members and any branch registers at such locations, whether within or without the Cayman Islands, as its directors may from time to time think fit. There is no requirement under the Cayman Companies Act for an exempted company to make any returns of members to the Registrar of Companies of the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection.

10 Inspection of Books and Records

Members of a company will have no general right under the Cayman Companies Act to inspect or obtain copies of the register of members or corporate records of the company. They will, however, have such rights as may be set out in the company’s articles of association.

11 Special Resolutions

The Cayman Companies Act provides that a resolution is a special resolution when it has been passed by a majority of at least two-thirds of such members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given, except that a company may in its articles of association specify that the required majority shall be a number greater than two-thirds, and may additionally so provide that such majority (being not less than two-thirds) may differ as between matters required to be approved by a special resolution. Written resolutions signed by all the members entitled to vote for the time being of the company may take effect as special resolutions if this is authorized by the articles of association of the company.

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12 Subsidiary Owning Shares in Parent

The Cayman Companies Act does not prohibit a Cayman Islands company acquiring and holding shares in its parent company provided its objects so permit. The directors of any subsidiary making such acquisition must discharge their duties of care and to act in good faith, for a proper purpose and in the interests of the subsidiary.

13 Mergers and Consolidations

The Cayman Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) “merger” means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) “consolidation” means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of each constituent company and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

14 Reconstructions

There are statutory provisions which facilitate reconstructions and amalgamations approved by a majority in number representing 75% in value of shareholders or creditors, depending on the circumstances, as are present at a meeting called for such purpose and thereafter sanctioned by the Grand Court of the Cayman Islands. Whilst a dissenting shareholder would have the right to express to the Grand Court his view that the transaction for which approval is sought would not provide the shareholders with a fair value for their shares, the Grand Court is unlikely to disapprove the transaction on that ground alone in the absence of evidence of fraud or bad faith on behalf of management and if the transaction were approved and consummated the dissenting shareholder would have no rights comparable to the appraisal rights (i.e. the right to receive payment in cash for the judicially determined value of his shares) ordinarily available, for example, to dissenting shareholders of United States corporations.

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15 Take-overs

Where an offer is made by a company for the shares of another company and, within four months of the offer, the holders of not less than 90% of the shares which are the subject of the offer accept, the offeror may at any time within two months after the expiration of the said four months, by notice require the dissenting shareholders to transfer their shares on the terms of the offer. A dissenting shareholder may apply to the Grand Court of the Cayman Islands within one month of the notice objecting to the transfer. The burden is on the dissenting shareholder to show that the Grand Court should exercise its discretion, which it will be unlikely to do unless there is evidence of fraud or bad faith or collusion as between the offeror and the holders of the shares who have accepted the offer as a means of unfairly forcing out minority shareholders.

16 Indemnification

Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime).

17 Liquidation

A company may be placed in liquidation compulsorily by an order of the court, or voluntarily (a) by a special resolution of its members if the company is solvent, or (b) by an ordinary resolution of its members if the company is insolvent. The liquidator’s duties are to collect the assets of the company (including the amount (if any) due from the contributories (shareholders)), settle the list of creditors and discharge the company’s liability to them, ratably if insufficient assets exist to discharge the liabilities in full, and to settle the list of contributories and divide the surplus assets (if any) amongst them in accordance with the rights attaching to the shares.

18 Stamp Duty on Transfers

No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands.

19 Taxation

Pursuant to section 6 of the Tax Concessions Act (2018 Revision) of the Cayman Islands, the Company may obtain an undertaking from the Financial Secretary of the Cayman Islands:

(a) that no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and

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(b) in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:

(i) on or in respect of the shares, debentures or other obligations of the Company; or

(ii) by way of the withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (2018 Revision).

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands save certain stamp duties which may be applicable, from time to time, on certain instruments executed in or brought within the jurisdiction of the Cayman Islands. The Cayman Islands are not party to any double tax treaties that are applicable to any payments made by or to the Company.

20 Exchange Control

There are no exchange control regulations or currency restrictions in the Cayman Islands.

21 General

Campbells, the Company’s legal advisers on Cayman Islands law, have sent to the Company a letter of advice summarizing aspects of Cayman Islands company law. This letter, together with a copy of the Cayman Companies Act, is available for inspection as referred to in the section headed “Documents Delivered to the Registrar of Companies and Available for Inspection” in Appendix V. Any person wishing to have a detailed summary of Cayman Islands company law or advice on the differences between it and the laws of any jurisdiction with which he/she is more familiar is recommended to seek independent legal advice.

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A. FURTHER INFORMATION ABOUT OUR GROUP

1. Incorporation of Our Company

We were incorporated in the Cayman Islands under the Cayman Companies Act as an exempted company with limited liability on August 24, 2020. Our registered office address is at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 – 1205 Cayman Islands.

Our registered place of business in Hong Kong is at 40/F, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong. We were registered as a non-Hong Kong company under Part 16 of the Companies Ordinance on January 13, 2021 with the Registrar of Companies in Hong Kong. Mr. WONG Yu Kit have been appointed as our authorized representatives for the acceptance of service of process and notices on our behalf in Hong Kong.

As we were incorporated in the Cayman Islands, our operations are subject to the Cayman Companies Act and to our constitution comprising our Memorandum and the Articles of Association. A summary of certain provisions of our constitution and relevant aspects of the Cayman Companies Act is set out in Appendix III to this document.

2. Changes in our share capital

As of the date of incorporation of our Company, our authorized share capital was US$50,000.00 divided into 5,000,000,000 shares of a nominal or par value of US$0.00001 each. The following sets out the changes in our Company’s share capital within the two years immediately preceding the issue of this document.

On August 24, 2020, our Company issued 1 share with a par value of US$0.00001 to Vistra (Cayman) Limited, which was subsequently transferred to Platinum Wish Limited on the same day for a consideration of US$0.00001;

On August 24, 2020, our Company issued and allotted an aggregate of 99 Shares to the following persons with a par value of US$0.00001 each:

Number of Shares Consideration Number of Name Allotted paid Shares Held

Platinum Wish Limited 53 US$0.00053 54 Lead Tide Limited 6 US$0.00006 6 View Max Limited 36 US$0.00036 36 Source Coast Limited 4 US$0.00004 4

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On December 11, 2020, our Company issued and allotted an aggregate of 9,900 Shares to the following persons with a par value of US$0.00001 each:

Number of Shares Consideration Number of Name Allotted paid Shares Held

Platinum Wish Limited 4,914 US$0.04914 4,968 Lead Tide Limited 546 US$0.00546 552 View Max Limited 3,276 US$0.03276 3,312 Source Coast Limited 364 US$0.00364 368 Forward Fame Limited 800 US$0.008 800

Save as disclosed above, there has been no alteration in our share capital within the two years immediately preceding the date of this document.

3. Changes in the share capital of our subsidiaries

Our subsidiaries are set out in Accountants’ Report set out in Appendix I to this document.

The following subsidiaries have been incorporated within two years immediately preceding the date of this document:

Place of Name of Subsidiary Incorporation Date of Incorporation

Dehong Centown Property PRC April 15, 2019 Management Co., Ltd. Luoping Century Golden Resources PRC August 20, 2019 Property Management Co., Ltd. Wenshan Century Golden Resources PRC August 23, 2019 Property Services Co., Ltd. Meishan Golden Resources Property PRC January 18, 2021 Services Co., Ltd Shenzhen Century Nanyue Life PRC December 17, 2019 Services Co., Ltd. Beijing Shunxinju Construction PRC January 19, 2020 Engineering Co., Ltd. Tongren Century Golden Resources PRC March 4, 2020 Property Services Co., Ltd. Beijing Century Shengyuan Urban PRC August 28, 2020 Services Co., Ltd. Beijing Century Yongying PRC October 14, 2020 Guangzhou Century Life Property PRC December 11, 2020 Management Co., Ltd. Xishuangbanna Yizhai Technology PRC December 18, 2020 Co., Ltd. Baoding Golden Resources Property PRC March 4, 2021 Services Co., Ltd.

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The following sets out the changes in the share capital of our subsidiaries during the two years immediately preceding the date of this document:

Beijing Century Minan Heating Co., Ltd.

On August 2, 2019, Century Life Property Group, a wholly-owned subsidiary of our Company, entered in to an equity transfer agreement with Tibet Hongxin Weiye Property Services Co., Ltd. (西藏鴻鑫偉業物業服務有限公司), pursuant to which Tibet Hongxin Weiye Property Services Co., Ltd. agreed to sell, and Century Life Property Group agreed to purchase 100% of the equity interests of Beijing Century Min’an Heating Co., Ltd. Upon completion of the transaction, Beijing Century Min’an Heating Co., Ltd. is directly owned by Century Life Property Group as to 100% of its share capital.

Century Golden Resources Property Services Group Co., Ltd. (“Century Golden Resources Property”)

On August 27, 2019, the share capital of Century Golden Resources Property increased from RMB6,250,000 to RMB50,000,000 due to capital injection by Century Life Property Group, a wholly-owned subsidiary of our Company.

Century Yihe Property Company

On September 19, 2019, the share capital of Century Yihe Property Company increased from RMB5,900,000 to RMB50,000,000 due to capital injection by Century Life Property Group.

Nantong Blue Bay Property Co., Ltd.

On September 1, 2019, Century Golden Resources Property, a wholly-owned subsidiary of our Company, entered into an equity transfer agreement with WU Yumei and, pursuant to which WU Yumei agreed to sell, and Century Golden Resources Property agreed to purchase 100% of the equity interest in Nantong Blue Bay Property Co., Ltd. Upon completion of the transaction, Nantong Blue Bay Property Co., Ltd. is directly owned by Century Golden Resources Property as to 100% of its share capital.

Beijing Shunxinju Construction Engineering Co., Ltd.

On September 10, 2020, Beijing Yizhai Technology Co., Ltd., a wholly-owned subsidiary of our Company, entered into an equity transfer agreement with LI Yanwei and Beijing Shunxinju Construction Engineering Co., Ltd. (formerly known as Beijing Shunxinju Real Estate Development Co., Ltd., 北京順欣居房地產開發有限公司), pursuant to which LI Yanwei agreed to sell, and Beijing Yizhai Technology Co., Ltd. agreed to purchase 100% of the equity interest in Beijing Shunxinju Real Estate Development Co., Ltd. Upon completion of the transaction, Beijing Shunxinju Construction Engineering Co., Ltd. is directly owned by Beijing Yizhai Technology Co., Ltd. as to 100% of its share capital.

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Century Life Property Group

On September 25, 2020, the share capital of Century Life Property Group increased from RMB100,000,000 to RMB108,695,652.17 due to capital injection by Flourishing Age Limited. Upon completion of the capital injection, Flourishing Age Limited holds 8% of the share capital of Century Life Property Group.

On December 4, 2020, Beijing Century Yongying, a wholly-owned subsidiary of the Company, entered into equity transfer agreements with Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd., separately, pursuant to which Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd. agreed to sell, and Beijing Century Yongying agreed to purchase, 92% equity interest of Century Life Property Group in aggregate at a total consideration of RMB100 million, which is equal to the respective capital contribution of Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd.

Changsha Century Golden Resources Property Management Co., Ltd.

On July 15, 2021, the share capital of Changsha Century Golden Resources Property ManagementCo., Ltd. increased from RMB5,000,000 to RMB10,000,000 due to capital injection by Century Life Property Group.

Save as disclosed above, there has been no alteration in the share capital of our subsidiaries within two years immediately preceding the date of this document.

4. Resolutions of the Shareholders of Our Company dated [●], 2021

On [●], 2021, resolutions of the Company were passed by the Shareholders that, among other things, conditional upon the satisfaction (or, if applicable, waiver) of the conditions set out in “Structure of the [REDACTED] – Conditions of the [REDACTED]” and pursuant to the terms set out therein:

(a) the Company approved and adopted the Memorandum and Articles of Association with effect conditional and immediately upon the [REDACTED];

(b) the [REDACTED] and the grant of the [REDACTED] were approved and executive Director of our Company from time to time or (if applicable), any of his duly authorized attorney (the “Authorized Signatory”) were authorized to allot and issue the Shares pursuant to the [REDACTED] and the exercise of the [REDACTED];

(d) conditional on the share premium account of our Company being credited as a result of the [REDACTED], the sum of US$5,999.9 be capitalized and applied in paying up in full at par value 599,990,000 Shares for allotment and issue to our Shareholders whose names were on the register of members of our Company immediately prior to the [REDACTED] and such Shares (or as they may direct) to be allotted and issued pursuant to this resolution shall rank pari passu in all respect with the existing issued Shares;

–IV-4– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(e) subject to the “lock-up” provisions under Rule 10.08 of the Listing Rules, a general unconditional mandate would be granted to the Directors to allot, issue and deal with the Shares or securities convertible into Shares or options, warrants or similar rights to subscribe for the Shares or such convertible securities and to make or grant offers, agreements or options which would or might require the exercise of such powers whether during or after the end of the Relevant Period (as defined below), provided that the aggregate number of Shares allotted or agreed to be allotted by the Directors other than pursuant to a (i) rights issue, (ii) any scrip dividend scheme or similar arrangement providing for the allotment of the Shares in lieu of the whole or part of a dividend on the Shares; or (iii) a specific authority granted by the Shareholder(s) in general meeting, shall not exceed the aggregate of:

(A) 20% of the total number of Shares in issue immediately following the completion of the Capitalization Issue and the [REDACTED]; and

(B) the aggregate number of Shares bought back by the Company (if any) under the general mandate to buy back Shares referred to in paragraph below,

(C) such mandate to remain in effect during the period from the passing of the resolution until the earliest of (i) the conclusion of the next annual general meeting of the Company unless renewed by an ordinary resolution of our Shareholders in a general meeting, either unconditionally or subject to conditions, (ii) the expiration of the period within which the next annual general meeting of the Company is required by the Memorandum and Articles of Association or any applicable laws to be held, and (iii) the date on which the mandate is varied or revoked by an ordinary resolution of the Shareholder(s) in general meeting (the “Relevant Period”); and

(f) a general unconditional mandate would be granted to the Directors to exercise all the powers of the Company to buy back the Shares on the Stock Exchange, or on any other stock exchange on which the Shares may be listed (and which is recognized by the SFC and the Stock Exchange for this purpose) not exceeding in aggregate 10% of the total number of Shares in issue immediately following the completion of the Capitalization Issue and the [REDACTED] but excluding (where applicable) any Shares which may be issued pursuant to the exercise of the [REDACTED]of the Company in accordance with all applicable laws and the requirements of the Listing Rules, such mandate to remain in effect during the period from the passing of the resolution until the earliest of (i) the conclusion of the next annual general meeting of the Company unless renewed by an ordinary resolution of our Shareholders in a general meeting, either unconditionally or subject to conditions, (ii) the expiration of the period within which the next annual general meeting of the Company is required by the Memorandum and Articles of Association or any applicable laws to be held, and (iii) the date on which the mandate is varied or revoked by an ordinary resolution of the Shareholder(s) in general meeting.

–IV-5– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

5. Repurchase of our Shares

(a) Provisions of the Listing Rules

The Listing Rules permit companies with a primary listing on the Hong Kong Stock Exchange to buy back their securities on the Hong Kong Stock Exchange subject to certain restrictions, the more important of which are summarized below:

(i) Shareholders’ approval

All proposed purchases of Shares (which must be fully paid up) by a company with a primary listing on the Hong Kong Stock Exchange must be approved in advance by an ordinary resolution of the shareholders in general meeting, either by way of general mandate or by specific approval of a particular transaction.

Pursuant to a written resolution passed by our then Shareholders on [●], 2021, a general unconditional mandate (the “Buy-back Mandate”) was given to the Directors authorizing any purchase by us of Shares on the Hong Kong Stock Exchange or on any other approved stock exchange on which the securities may be listed and which is recognized by the SFC and the Hong Kong Stock Exchange for this purpose, of not more than 10% of the aggregate nominal value of our Shares in issue immediately following the completion of the Capitalization Issue and the [REDACTED], such mandate to expire at the conclusion of our next annual general meeting, the date by which our next annual general meeting is required by our Articles of Association or any other applicable laws to be held or when revoked or varied by an ordinary resolution of Shareholders in general meeting, whichever first occurs.

(ii) Source of funds

Purchases must be funded out of funds legally available for such purpose in accordance with the Articles of Association and the laws of the Cayman Islands. A listed company may not buy back its own securities on the Hong Kong Stock Exchange for a consideration other than cash or for settlement otherwise than in accordance with the trading rules of the Hong Kong Stock Exchange from time to time. Under the Cayman Companies Act, the par value of any Shares bought back by us may be provided for out of our profits or out of the proceeds of a fresh issue of Shares made for the purpose of the purchase or, if so authorized by the Articles of Association and subject to the provisions of the Cayman Companies Act, out of capital. Any premium payable on a purchase over the par value of the Shares to be bought back must be provided for out of our profits or from sums standing to the credit of our share premium account or, if authorized by the Articles of Association and subject to the provisions of the Cayman Companies Act, out of capital.

–IV-6– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(iii) Trading restrictions

The total number of Shares which we may buy back is up to 10% of the total number of our Shares in issue immediately after the completion of the Capitalization Issue and the [REDACTED] (but not taking into account any Shares which may be issued pursuant to the exercise of the [REDACTED]). We may not issue or announce a proposed issue of Shares for a period of 30 days immediately following a purchase of Shares, without the prior approval of the Hong Kong Stock Exchange. We are also prohibited from buying back Shares on the Hong Kong Stock Exchange if the purchase would result in the number of listed Shares which are in the hands of the public falling below the relevant prescribed minimum percentage as required by the Hong Kong Stock Exchange. We are required to procure that the broker appointed by us to effect a purchase of Shares discloses to the Hong Kong Stock Exchange such information with respect to the purchase as the Hong Kong Stock Exchange may require. As required by the prevailing requirements of the Listing Rules, an issuer shall not purchase its shares on the Hong Kong Stock Exchange if the purchase price is higher by 5% or more than the average closing market price for the five preceding trading days on which its shares were traded on the Hong Kong Stock Exchange.

(iv) Status of bought-back Shares

All bought-back Shares (whether effected on the Hong Kong Stock Exchange or otherwise) will be automatically delisted and the certificates for those Shares must be cancelled and destroyed. Under Cayman Companies Act, a company’s bought-back shares shall be treated as cancelled and the amount of the company’s issued share capital shall be reduced by the aggregate par value of the bought back shares accordingly although the authorized share capital of the company will not be reduced.

(v) Suspension of buy back

Pursuant to the Listing Rules, we may not make any purchases of Shares after inside information has come to our knowledge until the information is made publicly available. In particular, under the requirements of the Listing Rules in force as of the date hereof, during the period of one month immediately preceding the earlier of:

(i) the date of the Board meeting (as such date is first notified to the Hong Kong Stock Exchange in accordance with the Listing Rules) for the approval of our results for any year, half year, quarterly or any other interim period (whether or not required under the Listing Rules); and

–IV-7– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(ii) the deadline for us to publish an announcement of our results for any year or half-year under the Listing Rules, or quarterly or any other interim period (whether or not required under the Listing Rules), and in each case ending on the date of the results announcement, we may not buy back Shares on the Hong Kong Stock Exchange unless the circumstances are exceptional.

(vi) Procedural and reporting requirements

As required by the Listing Rules, purchases of Shares on the Hong Kong Stock Exchange or otherwise must be reported to the Hong Kong Stock Exchange not later than 30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session on the Hong Kong Stock Exchange business day following any day on which we may make a purchase of Shares. The report must state the total number of Shares purchased the previous day, the purchase price per Share or the highest and lowest prices paid for such purchases. In addition, our annual report is required to disclose details regarding purchases of Shares made during the year, including a monthly analysis of the number of shares bought-back, the purchase price per Share or the highest and lowest price paid for all such purchases, where relevant, and the aggregate prices paid.

(vii) Connected parties

A company is prohibited from knowingly buying back securities on the Hong Kong Stock Exchange from a connected person (as defined in the Listing Rules) and a connected person shall not knowingly sell its securities to the company on the Hong Kong Stock Exchange.

(b) Reasons for purchases

The Directors believe that it is in the best interests of us and Shareholders for the Directors to have general authority from the Shareholders to enable the Directors to buy back Shares in the market. Such purchases may, depending on market conditions and funding arrangements at the time, lead to an enhancement of the net asset value per Share and/or earnings per Share and will only be made where the Directors believe that such purchases will benefit us and our Shareholders.

In securities buy-back, we may only apply funds legally available for such purpose in accordance with the Articles of Association, the Listing Rules and the applicable laws and regulations of the Cayman Islands.

–IV-8– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

On the basis of the current financial position as disclosed in this document and taking into account the current working capital position, the Directors consider that, if the Buy-back Mandate were to be exercised in full, it might have a material adverse effect on our working capital and/or gearing position as compared with the position disclosed in this document. The Directors, however, do not propose to exercise the Buy-back Mandate to such an extent as would, in the circumstances, have a material adverse effect on our working capital requirements or gearing levels which in the opinion of the Directors are from time to time appropriate for us.

The exercise in full of the Buy-back Mandate, on the basis of [REDACTED] Shares in issue immediately following the completion of the Capitalization Issue and the [REDACTED] (but not taking into account any Shares which may be issued pursuant to the exercise of the [REDACTED]), could accordingly result in [REDACTED] Shares being bought back by us during the period prior to (1) the conclusion of our next annual general meeting; (2) the expiration of the period within which we are required by any applicable law or our Articles to hold our next annual general meeting; or (3) the revocation or variation of the purchase mandate by an ordinary resolution of the Shareholders in general meeting, whichever occurs first (the “Relevant Period”).

(d) General

None of the Directors or, to the best of their knowledge having made all reasonable enquiries, any of their associates currently intends to sell any Shares to us or our subsidiaries.

The Directors have undertaken to the Hong Kong Stock Exchange that, so far as the same may be applicable, they will exercise the Buy-back Mandate in accordance with the Listing Rules and the applicable laws and regulations of the Cayman Islands. We have not bought back any Shares since our incorporation.

If, as a result of any purchase of Shares, a shareholder’s proportionate interest in our voting rights is increased, such increase will be treated as an acquisition for the purposes of the Takeovers Code. Accordingly, a shareholder or a group of shareholders acting in concert could obtain or consolidate control of our Company and become obliged to make a mandatory offer in accordance with rule 26 of the Takeovers Code. Save as aforesaid, the Directors are not aware of any consequences which would arise under the Takeovers Code as a consequence of any purchases pursuant to the Buy-back Mandate. Any purchase of Shares which results in the number of Shares held by the public being reduced to less than 25% of our Shares then in issue could only be implemented with the approval of the Hong Kong Stock Exchange to waive the Listing Rules requirements regarding the public shareholding referred to above. It is believed that a waiver of this provision would not normally be given other than in exceptional circumstances.

No core connected person has notified us that he or she has a present intention to sell Shares to us, or has undertaken not to do so, if the Buy-back Mandate is exercised.

–IV-9– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

B. FURTHER INFORMATION ABOUT OUR BUSINESS

1. Summary of Material Contracts

We have entered into the following contracts (not being contracts entered into in the ordinary course of business) within the two years preceding the date of this document that are or may be material:

(a) an capital increase agreement dated September 25, 2020 entered into among Flourishing Age Limited, Qushui Baiying Enterprise Management Co., Ltd., Mr. HUANG Tao, Mr. HUANG Shiying and Century Life Property Group, pursuant to which Flourishing Age Limited agreed to subscribe, and Century Life Property Group agreed to issue and allot, 8% of total issued shares of Century Life Property Group (on a fully diluted basis), at the aggregate consideration of HK$25.525 million. Upon the Completion, Flourishing Age Limited will hold 8% of total issued shares of Century Life;

(b) equity transfer agreements dated December 4, 2020 entered into between Beijing Century Yongying and Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd. separately, pursuant to which Beijing Century Yongying agreed to purchase, and Mr. HUANG Tao, Mr. HUANG Shiying and Qushui Baiying Enterprise Management Co., Ltd. agreed to sell, 92% equity interest of Century Life Property Group in aggregate at a total consideration of RMB100 million;

(c) a share swap agreement dated December 11, 2020 entered into among the Company, Forward Fame Limited and Flourishing Age Limited, pursuant to which the Company agreed to acquire 100% equity interest of Flourishing Age Limited from Forward Fame Limited at a consideration of 800 newly issued Shares, representing 8% of the equity interest of the Company on a fully diluted basis; and

(d) [REDACTED].

– IV-10 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

2. Intellectual Property rights of our Group

As of the Latest Practicable Date, we have registered the following intellectual property rights which, in the opinion of our Directors, are material to our business.

(a) Trademarks

(i) Registered Trademarks

As of the Latest Practicable Date, we have registered the following trademarks which we consider to be material to the business of our Group:

Name of Place of Registered Registration Expiry Date No Trademark Class Registration Proprietor Number (dd/mm/yyyy)

1 37 PRC Century Life 39520451 06/06/2030 Property Group 2 43 PRC Century Life 39543975 20/09/2030 Property Group 3 16,35,36 Hong Kong Century Life 305348368 30/07/2030 Property Group 4 16,35,36 Hong Kong Century Life 305348359 30/07/2030 Property Group 5 16,35,36 Hong Kong Century Life 305350347 03/08/2030 Property Group 6 16,35,36 Hong Kong Century Life 305350356 03/08/2030 Property Group 7 16,35,36 Hong Kong Century Life 305350374 03/08/2030 Property Group 8 5 PRC Beijing Yizhai 48234695 06/06/2031 Technology Co., Ltd. 9 8 PRC Beijing Yizhai 48214356 13/03/2031 Technology Co., Ltd. 10 22 PRC Beijing Yizhai 48218129 20/03/2031 Technology Co., Ltd. 11 29 PRC Beijing Yizhai 48244303 06/06/2031 Technology Co., Ltd. 12 31 PRC Beijing Yizhai 48227383 06/06/2031 Technology Co., Ltd. 13 32 PRC Beijing Yizhai 48242138 20/03/2031 Technology Co., Ltd.

–IV-11– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(ii) Trademarks Applications Pending

As of the Latest Practicable Date, we have applied for the registration of following trademarks which we consider to be material to the business of our Group:

Application Place of Application Date No Trademark Class Application Applicant Number (dd/mm/yyyy)

1 3 PRC Century Life 52936984 13/01/2021 Property Group

2 9 PRC Century Life 52944288 13/01/2021 Property Group

3 16 PRC Century Life 52953619 13/01/2021 Property Group

4 17 PRC Century Life 52941416 13/01/2021 Property Group

5 18 PRC Century Life 52945799 13/01/2021 Property Group

6 24 PRC Century Life 52947546 13/01/2021 Property Group

7 25 PRC Century Life 52943541 13/01/2021 Property Group

8 27 PRC Century Life 52935096 13/01/2021 Property Group

9 29 PRC Century Life 52953441 13/01/2021 Property Group

10 30 PRC Century Life 52943053 13/01/2021 Property Group

11 31 PRC Century Life 52946458 13/01/2021 Property Group

12 32 PRC Century Life 52966755 13/01/2021 Property Group

– IV-12 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

Application Place of Application Date No Trademark Class Application Applicant Number (dd/mm/yyyy)

13 33 PRC Century Life 52963257 13/01/2021 Property Group

14 35 PRC Century Life 52939950 13/01/2021 Property Group

15 36 PRC Century Life 52956715 13/01/2021 Property Group

16 37 PRC Century Life 52935184 13/01/2021 Property Group

17 39 PRC Century Life 52951125 13/01/2021 Property Group

18 43 PRC Century Life 52938882 13/01/2021 Property Group

19 44 PRC Century Life 52935231 13/01/2021 Property Group

20 45 PRC Century Life 52959727 13/01/2021 Property Group

– IV-13 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

Pursuant to the trademark licensing agreement entered into between Century Life Property Group and Century Golden Resources on December 31, 2020, our Group was licensed to use the following trademarks:

Name of Registration registered Place of Date of No. Trademark number Class proprietor registration registration Expiry Date

1 11778977 39 Century Golden PRC 07/07/2014 06/07/2024 Resources

2 11779003 45 Century Golden PRC 07/07/2014 06/07/2024 Resources

3 11778941 36 Century Golden PRC 21/07/2014 20/07/2024 Resources

4 世紀城 7119733 36 Century Golden PRC 14/06/2014 13/06/2024 Resources 5 世紀金源 4422764 35 Century Golden PRC 14/10/2008 13/10/2028 Resources 6 世紀金源 4593977 44 Century Golden PRC 21/10/2008 20/10/2028 Resources 7 世紀金源 4593978 43 Century Golden PRC 21/10/2008 20/10/2028 Resources 8 世紀金源 4593981 41 Century Golden PRC 21/10/2008 20/10/2028 Resources 9 世紀金源 4593982 35 Century Golden PRC 07/11/2009 06/11/2029 Resources 10 世紀金源 7119785 14 Century Golden PRC 07/07/2010 06/07/2030 Resources 11 世紀金源 7119784 16 Century Golden PRC 28/09/2010 27/09/2030 Resources 12 世紀金源 7119786 9 Century Golden PRC 14/10/2010 13/10/2030 Resources 13 世紀金源 4593968 36 Century Golden PRC 14/11/2010 13/11/2030 Resources 14 世紀金源 7119782 35 Century Golden PRC 14/11/2011 13/11/2021 Resources 15 世紀金源 7119732 41 Century Golden PRC 07/11/2012 06/11/2022 Resources 16 世紀金源 7119731 36 Century Golden PRC 21/06/2014 20/06/2024 Resources

– IV-14 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(b) Copyrights

As at the Latest Practicable Date, we had registered the following copyrights which we consider to be or may be material to our business:

Name of Registration Issue Date No Copyright Proprietor Number (dd/mm/yyyy)

1 Century Cloud Century Life 2020SR0118876 03/02/2020 Intelligent Property Group Management Platform V2.0 (世紀雲智慧管理平台V2.0) 2 Century Life Platform Century Life 2020SR0170735 25/02/2020 V2.0 (abbr. Century Property Group Life) (世紀生活平台 V2.0,簡稱世紀生活) 3 Century Housekeeper Century Life 2020SR0170736 25/02/2020 Platform V2.0 Property Group (abbr. Century Housekeeper) (世紀管家平台V2.0, 簡稱世紀管家)

As at the Latest Practicable Date, we are licensed by Century Golden Resources Group to use the following copyrights which we consider to be or may be material to our business:

Name of Registration Issue Date No Copyright Proprietor Number (dd/mm/yyyy)

1 Century PLUS Beijing Century 2019SR0079300 23/01/2019 Platform Regional Yuanhui Consumption Technology Ecosystem Software Co., Ltd. V1.0 (abbr. Century PLUS Platform) (世紀PLUS平台區域消費生態圈軟件V1.0, 簡稱世紀PLUS平台)

– IV-15 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

Name of Registration Issue Date No Copyright Proprietor Number (dd/mm/yyyy)

2 Guanghe Office Century Golden 2019SR1390144 18/12/2019 Automation System Resources V1.0 (abbr. Guanghe) (光合辦公系統V1.0,簡稱光合)

As of the Latest Practicable Date, we have registered the following domain names which we consider to be material to the business of our Group:

Expiry Date No Domain Name Registered Owner (dd/mm/yyyy)

1 icentown.com Century Life Property 08/03/2030 Group

Save as aforesaid, as of the Latest Practicable Date, there were no patents and no other trademarks, copyrights, domain names, intellectual or industrial property rights which were material in relation to our business.

C. FURTHER INFORMATION ABOUT OUR DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

1. Disclosure of Interests

(a) Interests and short positions of our Directors in the share capital of our Company and its associated corporations following completion of the Capitalization Issue and the [REDACTED]

As of the Latest Practicable Date, our Directors or chief executive were not aware of any person being a Director or chief executive of our Company, immediately following the completion of the Capitalization Issue and the [REDACTED], would fall to be disclosed to our Company, the interests or short positions of our Directors or chief executives in the shares, underlying shares and debentures of our Company or its associated corporations (within the meaning of Part XV of the SFO) which will be required to be notified to us and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO) or which will be required, under Section 352 of the SFO, to be entered in the register referred to in that section, or which will be required to be notified to us and the Hong Kong Stock Exchange, under the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) as set out in the Appendix 10 to the Listing Rules.

– IV-16 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(b) Interests and short positions disclosable under Divisions 2 and 3 of Part XV of the SFO

As of the Latest Practicable Date, our Directors or chief executive were not aware of any other person, not being a Director or chief executive of our Company, immediately following the completion of the Capitalization Issue and the [REDACTED], would fall to be disclosed to our Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or, be interested, directly or indirectly, in 10% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of any member of our Group.

2. Particulars of Service Contracts

(a) Executive Directors

Each of our executive Directors has entered into a service contract with us pursuant to which he agreed to act as executive Director for an initial term of three years with effect from the date of this document and until the third annual general meeting of our Company since the [REDACTED] (whichever ends earlier). Either party has the right to give not less than three months’ written notice to terminate the agreement. The appointments of the executive Directors are subject to the provisions of retirement and rotation of Directors under the Articles.

(b) Non-executive Director and Independent Non-executive Directors

Each of the non-executive Directors [has entered] into an appointment letter with our Company on [●]. The initial term for their appointment letters shall commence from the date of this document and shall continue for three years after or until the third annual general meeting of the Company since the [REDACTED], whichever ends earlier, (subject always to re-election as and when required under the Memorandum and Articles of Association) until terminated in accordance with the terms and conditions of the appointment letter or by either party giving to the other not less than three months’ prior notice in writing.

Each of the independent non-executive Directors [has entered] into an appointment letter with our Company on [●]. The initial term for their appointment letters shall be three years from the date of this document or until the third annual general meeting of the Company since the [REDACTED], whichever ends earlier, (subject always to re-election as and when required under the Memorandum and Articles of Association) until terminated in accordance with the terms and conditions of the appointment letter or by either party giving to the other not less than three months’ prior notice in writing.

– IV-17 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(i) Save as disclosed in this document, none of the Directors has entered into any service contract with any member of our Group (excluding contracts expiring or determinable by the employer within one year without payment of compensation other than statutory compensation).

(ii) Remuneration of approximately RMB2,505,000, RMB3,376,000, RMB3,407,000 and RMB327,000 in aggregate were paid by our Group to our Directors in respect of the years ended December 31, 2018, 2019, 2020 and the four months ended 30 April 2021.

(iii) Under the arrangement currently in force, the aggregate of the remuneration and benefits in kind payable to the Directors for the year ending December 31, 2021 will be approximately RMB4 million.

(iv) During the Track Record Period, no fees were paid by the Group to any of the Directors or the five highest paid individuals as an inducement to join us or as compensation for loss of office and none of the Directors waived any remuneration during the relevant period.

3. Disclaimers

Save as disclosed in this document:

(a) none of the Directors or any experts named in the paragraph headed “D. Other Information-8. Consents of Experts” below has any direct or indirect interest in the promotion of, or in any assets which have been, within the two years immediately preceding the date of this document, acquired or disposed of by or leased to any member of the Group, or are proposed to be acquired or disposed of by or leased to any member of the Group;

(b) none of the Directors or any experts named in the paragraph headed “D. Other Information-8. Consents of Experts” below is materially interested in any contract or arrangement subsisting at the date of this document which is significant in relation to the business of our Group taken as a whole;

(c) none of our Directors or any of experts named in the paragraph headed “D. Other Information-8. Consents of Experts” below has any existing or proposed service contracts with any member of our Group (excluding contracts expiring or determinable by the employer within one year without payment of compensation (other than statutory compensation));

– IV-18 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(d) taking no account of any Shares which may be taken up under the [REDACTED], so far as is known to any Director or chief executive of the Company, no other person (other than a Director or chief executive of the Company) will, immediately following completion of the Capitalization Issue and the [REDACTED], have interests or short positions in the Shares and underlying Shares which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or (not being a member of the Group), be interested, directly or indirectly, in 10% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of any member of the Group;

(e) none of the Directors or chief executive of the Company has any interests or short positions in the Shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which will have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which he is taken or deemed to have under such provisions of the SFO) or which will be required, pursuant to section 352 of the SFO, to be entered into the register referred to therein, or will be required, pursuant to the Model Code for Securities Transaction by Directors of Listed Issuers, to be notified to the Company and the Stock Exchange once the Shares are listed thereon; and

(f) so far as is known to our Directors, none of our Directors, their respective close associates or our Shareholders who are interested in more than 5% of the share capital of our Group has any interests in the five largest customers or the five largest supplier of our Group.

D. OTHER INFORMATION

1. Estate Duty

Our Directors have been advised that no material liability for estate duty is likely to fall on our Company or any of our subsidiaries.

2. Litigation

As of the Latest Practicable Date, we are not aware of any other litigation or arbitration proceedings of material importance pending or threatened against us or any of our Directors that could have a material adverse effect on our financial condition or results of operations.

3. Application for [REDACTED]

The Sole Sponsor has made an application on behalf of our Company to the [REDACTED] for the [REDACTED] of, and permission to deal in, the Shares in issue and to be issued as mentioned in this document.

– IV-19 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

4. Sole Sponsor

The Sole Sponsor satisfies the independence criteria applicable to sponsor set out in Rule 3A.07 of the Listing Rules. The fee payable to the Sole Sponsor in respect of its services as a sponsor for the [REDACTED] is approximately US$800,000 and payable by us.

5. Preliminary Expenses

The preliminary expenses incurred by us in relation to our incorporation were approximately US$2,877 and were paid by us.

6. Promoter

We have no promoter for the purpose of the Listing Rules. Save as disclosed in this document, within the two years immediately preceding the date of this document, no cash, securities or other benefit has been paid, allotted or given nor are any proposed to be paid, allotted or given to any promoters in connection with the [REDACTED] and the related transactions described in this document.

7. Qualification of Experts

The following are the qualifications of the experts who have given opinion or advice which are contained in this document:

Huatai Financial Holdings (Hong Kong) a licensed corporation to carry out Type 1 Limited (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) activities under the SFO

KPMG Certified Public Accountants, Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance

Commerce & Finance Law Offices Qualified PRC Lawyers

Campbells Legal advisor as to Cayman Islands law

CPMRI Information Technology Co. Ltd, Industry consultant Beijing

– IV-20 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

As of the Latest Practicable Date, none of the experts named above has any shareholding interest in our Company or any of our subsidiaries or the right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for securities in any member of our Group.

8. Consents of Experts

Each of the experts referred to in “D. Other Information – 7. Qualification of Experts” has given and has not withdrawn its respective written consent to the issue of this document with the inclusion of its report and/or letter and/or opinion and/or the references to its name included in this document in the form and context in which it is respectively included.

9. Binding Effect

This document shall have the effect, if an application is made in pursuance of this document, of rendering all persons concerned bound by all of the provisions (other than the penal provisions) of sections 44A and 44B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance insofar as applicable.

10. Hong Kong Taxation

(a) Capital Gains and Profit Tax

No tax is imposed in Hong Kong in respect of capital gains from the sale of the Shares. Trading gains from the sale of the Shares by persons carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong from such trade, profession or business, will be chargeable to Hong Kong profits tax.

(b) Stamp Duty

Hong Kong stamp duty will be payable by the purchaser on every purchase, and by the seller on every sale, of the Shares. The duty is charged at the ad valorem rate of 0.1% of the consideration for, or (if greater) the value of, the Shares transferred on each of the seller and purchaser. In other words, a total of 0.2% is currently payable on a typical sale and purchase transaction of the Shares.

In addition, a fixed duty of HK$5 is charged on each instrument of transfer (if required). Where a sale or purchase of the Shares is effected by a person who is not a resident of Hong Kong and any stamp duty payable on the instrument of transfer is not paid, the relevant instrument of transfer (if any) will be chargeable with such duty, together with the duty otherwise chargeable thereon, and the transferee will be liable to pay such duty.

– IV-21 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

The Revenue (Abolition of Estate Duty) Ordinance 2005 came into effect on February 11, 2006 in Hong Kong, pursuant to which estate duty ceased to be chargeable in Hong Kong in respect of the estates of persons dying on or after that date. No Hong Kong estate duty is payable and no estate duty clearance papers are needed for an application for a grant of representation in respect of holders of Shares whose death occur on or after February 11, 2006.

11. Miscellaneous

(a) Save as disclosed in this document, within the two years immediately preceding the date of this document:

(i) no share or loan capital of our Company or any of its subsidiaries has been issued or agreed to be issued or is proposed to be fully or partly paid either for cash or a consideration other than cash;

(ii) no share or loan capital of our Company or any of its subsidiaries is under option or is agreed conditionally or unconditionally to be put under option;

(iii) no commissions, discounts, brokerages or other special terms have been granted or agreed to be granted in connection with the issue or sale of any share or loan capital of our Company or any of its subsidiaries; and

(iv) no commission has been paid or is payable for subscription, agreeing to subscribe, procuring subscription or agreeing to procure subscription of any share in our Company or any of its subsidiaries.

(b) Save as disclosed in this document:

(i) no founders or management or deferred shares or any debentures of our Company or any of its subsidiaries have been issued or agreed to be issued;

(ii) our Group had not issued any debentures nor did it have any outstanding debentures nor any convertible debt securities; and

(iii) no commission has been paid or is payable for subscription, agreeing to subscribe, procuring subscription or agreeing to procure subscription of any share in our Company or any of its subsidiaries.

– IV-22 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX IV STATUTORY AND GENERAL INFORMATION

(i) there has been no material adverse change in the financial or trading position or prospects of the Group since September 30, 2020 (being the date to which the latest audited consolidated financial statements of the Group were prepared);

(ii) there is no arrangement under which future dividends are waived or agreed to be waived; and

(iii) there has not been any interruption in the business of the Group which may have or has had a significant effect on the financial position of the Group in the 12 months preceding the date of this document.

(d) Our principal register of members will be maintained by our principal registrar, Campbells Corporate Services Limited, in the Cayman Islands and our Hong Kong register of members will be maintained by our Hong Kong Share Registrar, [REDACTED], in Hong Kong. Unless the Directors otherwise agree, all transfer and other documents of title of Shares must be lodged for registration with and registered by our Hong Kong Share Registrar and may not be lodged in the Cayman Islands.

(e) All necessary arrangements have been made to enable our Shares to be admitted into CCASS for clearing and settlement.

(f) No equity or debt securities of any company within our Group is presently listed on any stock exchange or traded on any trading system nor is any listing or permission to deal being or proposed to be sought.

(g) The English and Chinese language versions of this document are being published separately, in reliance upon the exemption provided by section 4 of the Companies (Exemption of Companies and Prospectuses from Compliance with Provisions) Notice (Chapter 32L of the Laws of Hong Kong).

– IV-23 – THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES AND AVAILABLE FOR INSPECTION

1. DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES

The documents attached to a copy of this document and delivered to the Registrar of Companies in Hong Kong for registration were:

(a) a copy of the [REDACTED];

(b) a copy of each of the material contracts referred to in the section headed “Statutory and General Information – B. Further Information About Our Business – 1. Summary of Material Contracts” in Appendix IV to this document; and

(c) the written consents referred to in the section headed “Statutory and General Information – D. Other Information – 8. Consents of Experts” in Appendix IV to this document.

2. DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the following documents will be available for inspection at the offices of Clifford Chance at 27/F, Jardine House, One Connaught Place, Central, Hong Kong during normal business hours up to and including the date which is 14 days from the date of this document:

(a) our Memorandum and Articles of Association;

(b) Accountants’ Report of our Group and the report on the unaudited [REDACTED] financial information of our Group issued by KPMG, the texts of which are respectively set out in Appendix I and Appendix II to this document;

(c) the audited consolidated financial statements of our Company for the years ended December 31, 2018, 2019, 2020 and the four months ended April 30, 2021;

(d) the PRC legal opinions issued by Commerce & Finance Law Offices, our PRC legal adviser, in respect of certain aspects of the Group and the property interests of the Group;

(e) the letter of advice issued by Campbells, our Cayman legal adviser, in respect of certain aspects of the Cayman Companies Act referred to in Appendix III to this document;

(f) the Cayman Companies Act;

(g) the report issued by CPMRI, the summary of which is set forth in the section headed “Industry Overview”;

–V-1– THIS DOCUMENT IS IN DRAFT FORM. THE INFORMATION CONTAINED HEREIN IS INCOMPLETE AND IS SUBJECT TO CHANGE. THIS DOCUMENT MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES AND AVAILABLE FOR INSPECTION

(h) the material contracts referred to the section headed “Statutory and General Information – B. Further Information About Our Business – 1. Summary of Material Contracts” in Appendix IV to this document;

(i) the written consents referred to in the section headed “Statutory and General Information – D. Other Information – 8. Consents of Experts” in Appendix IV to this document; and

(j) the service contracts and letters of appointment referred to in the section headed “Statutory and General Information – C. Further Information about Our Directors and Substantial Shareholders – 2. Particulars of Service Contracts” in Appendix IV to this document.

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