THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. BUSINESS OVERVIEW We are a fast-growing real estate developer in the PRC focusing on the development and sales of residential properties. Headquartered in Shanghai and deeply rooted in Anhui Province, we have established our presence in the Yangtze River Delta. Since the establishment of our predecessor, Anhui Sanxun Investment, in 2004, we have been strategically focusing on the real estate market in Anhui Province, and expanded our operation from core prefecture-level cities to county-level cities in the province. We have also successfully expanded into the real estate markets of Shandong and Jiangsu provinces recently. In 2020, we were also honored as one of the 2020 China Real Estate Enterprises with Most Potential Value (2020年中國最具潛力價值房企) by Leju Holdings Ltd. (樂居財經研究院). As of April 30, 2021, our Group and its associate had a total of 44 projects at various stages of development, covering 12 cities in three provinces with an aggregate land bank of 4.3 million sq.m., composed of completed GFA of completed properties of 0.24 million sq.m., GFA of properties under development of 3.45 million sq.m. and GFA of properties held for future development of 0.61 million sq.m., respectively. As of the same date, our GFA of properties held for future development accounted for 14.2% of our total land bank. We achieved rapid growth during the Track Record Period. Our revenue increased from RMB723.9 million in 2018 to RMB3,108.7 million in 2019, and further to RMB3,946.1 million in 2020, representing a CAGR of approximately 76.0%. Our land bank increased from 3.9 million sq.m. as of December 31, 2018 to 4.3 million sq.m. as of April 30, 2021. According to EH Consulting (億翰智庫), we ascended to No. 71 in 2020 from No. 82 in 2019 among the Top 100 Real Estate Developers in the PRC in terms of brand value. Additionally, our ranking was improved to No. 85 in 2019 from No. 91 in 2018 based on comprehensive performance. Adhering to the development philosophy of “Creating a Happy Life (創造幸福生 活),” we have developed different product lines, including “New Chinese (新中式)” and “College Style (學院風)”, distinguished primarily by exterior designs. Each product line offers diversified products catering to the needs of different customer bases, including first-time homebuyers (剛需型), first-time home upgraders (剛改型) and optional home upgraders (改善型). We also refine our product lines continuously as customer demands evolve. In addition, we aim to provide quality living experience to customers and promote environmental and health concepts when designing our products. We adopt a systematic approach to the property development process and have implemented standardized procedures to accelerate asset turnover and enhance operational efficiency throughout the project cycle. We believe our operation model has enabled us to achieve relatively high operational efficiency and low leverage ratio. As of December 31, 2019 and 2020, our net gearing ratios were 22.9% and at a net cash position, respectively. As of December 31, 2018, we recorded a net cash position. – 168 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. BUSINESS As a result of our efficient operation and quality products, we have quickly grown from a developer to a multi-regional quality residence provider, meeting the housing needs of different types of homebuyers. We believe our high-efficiency operational model will enable us to replicate our success in Anhui to more regions in China and further improve our market position and competitiveness. According to Anhui Economic and Information Bureau (安徽省經濟和信息化廳), among all private real estate enterprises headquartered in or primarily focusing on Anhui Province, we were ranked 3rd in terms of operating income in 2019. In March 2020, we were honored as one of the 2020 China Top 100 Real Estate Developers (2020年房地產百強企業) and 2020 China Star Real Estate Developers (2020年房地產百強之星) by China Real Estate Top 10 Research (中國房地產TOP 10研究組) based on a comprehensive assessment system covering seven secondary indicators: scale, profitability, growth, stability, financing, operation efficiency and social responsibility. In September 2020, we were honored as one of the 2020 Top 50 Brands of China Real Estate Companies (2020中國房地產公司品牌價值 Top 50) by China Real Estate Top 10 Research. We were also honored as one of the Top 100 Real Estate Companies in China in Terms of Brand Value (中國房企品牌價值Top 100) and Top 100 Real Estate Companies in China in Terms of Overall Strength (中國房企綜合實力 Top 100) by EH Consulting in August 2020. OUR COMPETITIVE STRENGTHS We believe that our current market position is mainly attributable to the following competitive strengths: Fast-Growing Real Estate Developer Headquartered in Shanghai, Focusing on Development and Sales of Residential Properties in Anhui Province and Strategically Expanding into the Yangtze River Delta We are a residential property developer headquartered in Shanghai and deeply rooted in Anhui Province. Since the establishment of our predecessor, Anhui Sanxun Investment, in 2004, our Group has been strategically focusing on the real estate market in Anhui Province. Our Group has penetrated into multiple levels of cities in Anhui Province and have gradually expanded our operation from core prefecture-level cities, such as Chuzhou, to county-level cities, such as Lixin and Fengyang, in the province. According to Anhui Economic and Information Bureau (安徽省經濟和信息化廳), among all private real estate enterprises headquartered in or primarily focusing on Anhui Province, we were ranked 3rd in terms of operating income in 2019. In March 2020, we were honored as one of the 2020 China Top 100 Real Estate Developers (2020年房地產百強企業) and 2020 China Star Real Estate Developers (2020年房地產百強之星) by China Real Estate Top 10 Research (中國房地產TOP 10研究組) based on a comprehensive assessment system covering seven secondary indicators: scale, profitability, growth, stability, financing, operation efficiency and social responsibility. Leveraging our strong market position in Anhui Province, our Group strives to expand our operations into the markets surrounding Anhui Province and take advantage of the momentum in other regions. Our Group has successfully entered the real estate markets of Shandong Province in 2018 and Jiangsu Province in 2019. As of April 30, 2021, our Group and our associate had a total of 44 projects at various stages of development with an aggregate land bank of 4,293,486 sq.m., located in 12 cities in three provinces, namely Chuzhou, Bozhou, Hefei, Huainan, Fuyang, Anqing, Suzhou, Xuancheng and Bengbu in Anhui Province, Taian in Shandong Province, Nanjing and Wuxi in Jiangsu Province. – 169 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. BUSINESS We achieved rapid growth during the Track Record Period. Our revenue increased by 329.4% to RMB3,108.7 million in 2019 from RMB723.9 million in 2018, and also increased by 26.9% to RMB3,946.1 million in 2020 from RMB3,108.7 million in 2019. Our land bank increased from 3.9 million sq.m. as of December 31, 2018 to 4.3 million sq.m. as of April 30, 2021. The number of our projects increased from 27 as of December 31, 2018 to 44 as of April 30, 2021. According to EH Consulting (億翰智庫), we ascended to No. 71 in 2020 from No. 82 in 2019 among the Top 100 Real Estate Developers in the PRC in terms of brand value. Additionally, our ranking was improved to No. 85 in 2019 from No. 91 in 2018 based on comprehensive performance. Our brand of “Sanxun” is well recognized and associated with quality products in the real estate market in Anhui Province. In 2021, our Huaiyuan Sanxun Elegance (懷遠三 巽•風華和悅) project was awarded 2021 Anhui Quality Assured Real Estate Project (2021安 徽房地產質量放心樓盤) by Anhui Real Estate Research Association (安徽房地產研究會) and Anhui Real Estate Evaluation Center (安徽省房地產測評中心). In 2019, our Chuzhou Fragrance Shire (滁州香頌名郡) project was awarded the “‘Huangshan Cup’ for Construction Projects in Anhui Province” (安徽省建設工程『黃山杯』) by the Housing and Urban-Rural Development Department of Anhui Province (安徽省住房和城鄉建設廳). In 2019, our Mingguang British Mansion (明光英倫華第) project was awarded the “‘Langya Cup’ for Construction Projects in Chuzhou” (滁州市建設工程『琅琊杯』) for 2018 by the Housing and Urban-Rural Development Bureau of Chuzhou City (滁州市住房和城鄉建設 局). According to the National Bureau of Statistics and the Bureau of Statistics of Anhui Province, the CAGRs of nominal GDP of Anhui Province from 2015 to 2020 was higher than the national average during the same period, and the growth rate of nominal GDP of Anhui Province in 2020 as compared to 2019 ranked the 4th among the 34 provinces in China. Moreover, the urbanization rate of Anhui Province has steadily increased, leading to great demand for residential properties. We believe that our experience and market recognition in Anhui Province accumulated over the years and our presence in cities surrounding Anhui Province will help us capture market opportunities in Anhui Province and cities in surrounding provinces and achieve sustainable growth. Quality Land Bank and Efficient Land Acquisition Capability Leveraging our deep understanding of local real estate markets in Anhui Province and adhering to our strategy of penetrating into Anhui Province at multiple levels, we have accumulated land bank at prime locations in Anhui Province. As of April 30, 2021, our projects covered most prefecture-level cities in Anhui Province, and many of them were located in core districts and transportation hubs of such cities.