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. RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS OUR CONTROLLING SHAREHOLDERS Immediately following the completion of the [REDACTED] (but excluding any Shares which may be allotted and issued pursuant to the exercise of the [REDACTED] or any options which may be granted under the Share Option Scheme), Go Star and Virtue Investment will directly hold [REDACTED] and [REDACTED] of the total issued share capital of our Company, respectively. All the issued shares and interest in Go Star are held by the trustee of the Family Trust, through its holding vehicle, Long Harmony Holding Limited. The entire issued share capital of Virtue Investment is held by Mr. Huang De-Lin Benny who was entrusted by Mr. Huang to hold such shares for the purpose of a share incentive scheme to be adopted after [REDACTED]. Thus, Mr. Huang, as the investment decision maker of the Family Trust and the beneficial owner of Virtue Investment, through Go Star and Virtue Investment, controls more than 30% of the voting power at general meetings of our Company. Accordingly, Mr. Huang, Go Star and Virtue Investment are our Controlling Shareholders. Mr. Huang, our Ultimate Controlling Shareholder, commenced property development business by establishing Shenzhen Galaxy Property Development in 1994. Leveraging the experience gained and foundation built from the success of property development business, Mr. Huang has expanded his investment portfolio to other area of businesses. For details, see “—Excluded Businesses” below. Delineation of Business Our Group engages principally in the provision of commercial operational services to commercial properties including shopping centers and commercial complexes. Other than our Group, our Controlling Shareholders have invested in the businesses of property development, property management services for the residential and commercial properties, finance services, leisure entertainment and industrial park operation (the “Excluded Businesses”). Our commercial operational services business and the Excluded Businesses are driven by different business models, strategies and objectives. Our Directors therefore believe that it is not appropriate to include the Excluded Businesses in our Group. For further details, please see the paragraph headed “Excluded Businesses” below. Excluded Businesses Property development Shenzhen Galaxy Property Development was established by Mr. Huang in 1994 for the purpose of engaging in property development business. Through years of accumulating extensive experience in the property development industry, Shenzhen Galaxy Property Development, together with its subsidiaries and associates (“Galaxy Property Development Group”) has expanded its property development business to various Provinces and Municipalities in the PRC including Guangdong, Jiangsu, Tianjin and Shanghai. Galaxy Property Development Group developed its first commercial property in Shenzhen, namely Shenzhen Futian Galaxy COCO Park (North) (深圳福田星河 – 209 – 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. RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS COCO Park（北區）) in 2004. As of December 31, 2019, Galaxy Property Development Group had delivered more than 40 projects, among which were mainly developed for residential use. As of the same date, Galaxy Property Development Group had developed around 15 commercial properties. In 2020, Galaxy Property Development Group, through Galaxy Holding, was named a “2019 China Top 100 Real Estate Developers (2019中國房地 產百強企業)” by CIA for the ninth consecutive years. Industrial parks operation Having seen the potential for growth in the business of industrial park development, in line with the national strategy of development of high-technology industry and the national and provincial incentive policies for the development of startups and high-tech companies, Galaxy Industrial Investment was established by Galaxy Holding in 2015 for the purpose of provision of operation and management services in the industrial parks developed by Galaxy Property Development Group. Galaxy Industrial Investment, together with its subsidiaries and its associates (“Galaxy Industrial Investment Group”), provides one-stop integrated industrial park operational services (the “Industrial Park Operational Services”), including but not limited to providing workplace and research and development centers, assisting in application for governmental funding and financing, providing property management services and other incubation services to startups and high-tech companies in information technology, artificial intelligence, cultural and creative and finance industries. Galaxy World, the first industrial park under the management of Galaxy Industrial Investment Group, was opened in January 2016. As of December 31, 2019, five industrial parks located in Shenzhen, Zhuhai, Puning and Chongqing were under the management of Galaxy Industrial Investment Group. In 2019, Galaxy Industrial Investment was named a “2019 Top 6 Industrial Real Estate Operators (2019中國產業地產運營商6強)” by Guandian Index (觀點指數). Property management In order to provide quality property management services to properties developed or owned by Galaxy Property Development Group, Galaxy Smart Living was established in 1999. Galaxy Smart Living and its subsidiaries or associates (“Galaxy Smart Living Group”) manage a diversified portfolio of properties covering residential communities and non-residential properties, including commercial properties, office buildings and industrial parks. Galaxy Smart Living Group is focused on the provision of high quality property management services to the residential properties. The service scope of Galaxy Smart Living Group includes (a) a wide range of property management services to residential communities and commercial properties; (b) sales-related assistance and services provided to the property developers at the pre-delivery stage of a sale of property; and (c) other services. As of December 31, 2019, the property management services provided by Galaxy Smart Living Group covered 15 cities across six provinces in China. Galaxy Smart Living Group managed 71 properties, comprised 51 residential communities and 20 non-residential properties as of December 31, 2019. Galaxy Smart Living was quoted on NEEQ (stock code: 836397) in 2016. In 2019, Galaxy Smart Living ranked 57th in the “2019 Top 100 Property Management Companies in China (2019中國物 業服務百強企業)” in terms of overall strength by CIA. – 210 – 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. RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS We engage Galaxy Smart Living Group to provide property management services to certain commercial properties under our management through entrusted management and subleasing service models. For the years ended December 31, 2017, 2018 and 2019 and the four months ended April 30, 2020, the total service fee paid by our Group to Galaxy Smart Living Group in respect of the property management services provided by Galaxy Smart Living Group amounted to approximately RMB41.1 million, RMB45.7 million, RMB57.8 million and RMB16.7 million, respectively. According to the annual reports of Galaxy Smart Living prepared in accordance with PRC Generally Accepted Accounting Principles, revenue derived from the provision of property management services to us accounted for approximately 18.5%, 14.3% and 14.0% of the total revenue of Galaxy Smart Living Group and the profit from the provision of property management services to us accounted for approximately 8.0%, 5.9% and 5.7% of the gross profit of Galaxy Smart Living Group for the three years ended December 31, 2019, respectively. For details, please see the section headed “Connected Transaction—B. Continuing Connected Transaction subject to the Reporting, Annual Review, Announcements and the Independent Shareholders’ Approval Requirements—2. Master Services Procurement” in this document. In addition to the provision of property management services for shopping centers and commercial complexes under the service contracts with us, Galaxy Smart Living Group is also engaged by property owners for the provision of similar services under the brand and management output service model directly. Based on unaudited management accounts of Galaxy Smart Living Group, revenue derived from the provision of property management services to shopping centers and commercial complexes under our management was approximately RMB45.3 million, RMB50.6 million and 62.4 million for each of the three years ended December 31, 2019, respectively, which accounted for approximately 20.4%, 15.7% and 15.1% of the total revenue of Galaxy Smart Living Group for the same periods, respectively. Our Directors consider it is in our best interest not to include the property management business operated by Galaxy Smart Living Group in our Group for the following reasons: • Different business scope – The business scope of Galaxy Smart Living Group mainly includes the provision of a wide range of property management services to residential communities; sales-related assistance and services to the property developers at the