Yincheng Life Service : (1) CONNECTED TRANSACTION IN RELATION TO THE FORMATION OF YINCHENG YIJIA; AND (2) VOLUNTARY ANNOUNCEMENT IN RELATION TO THE FORMATION OF NANJING XINHONGJU

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, 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 announcement.

Yincheng Life Service CO., Ltd.

銀城生活服務有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1922)

(1) CONNECTED TRANSACTION IN RELATION TO

THE FORMATION OF YINCHENG YIJIA; AND

(2) VOLUNTARY ANNOUNCEMENT IN RELATION TO

THE FORMATION OF NANJING XINHONGJU

On 11 March 2021, Yincheng Property Services (an indirect wholly-owned subsidiary of the Company) and Yincheng Kangyang entered into the Cooperation Agreement, pursuant to which the parties agreed to form Yincheng Yijia to principally engage in the provision of healthcare and comprehensive ancillary services for the elderly in the PRC.

On the same day, Yincheng Property Services, Gulou Property Services and Guochu Technology entered into the Investment Agreement, pursuant to which the parties agreed to form Nanjing Xinhongju to principally engage in the provision of comprehensive property management services for residential communities in Nanjing, the PRC.

Yincheng Yijia will become a joint venture of the Company and its financial results will not be consolidated into the financial statements of the Group, while Nanjing Xinhongju will become a non wholly-owned subsidiary of the Company and its financial results will be consolidated into the financial statements of the Group.

LISTING RULES IMPLICATIONS

As Yincheng Kangyang is indirectly held as to 53.11% by Mr. Huang, who is a non-executive Director and a controlling shareholder of the Company, Yincheng Kangyang is a connected person of the Company and the formation of Yincheng Yijia constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.

As one or more of the applicable percentage ratio(s) in respect of the formation of Yincheng Yijia is higher than 0.1% but less than 5%, the formation of Yincheng Yijia is subject to the reporting, annual review and announcement requirements, but is exempt from the circular (including independent financial advice) and shareholders' approval requirements pursuant to Rule 14A.76(2) of the Listing Rules.

As each of the applicable percentage ratios under Rule 14.07 of the Listing Rules in respect of the formation of Nanjing Xinhongju is less than 5%, the formation of Nanjing Xinhongju does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules. The disclosures in relation to the formation of Nanjing Xinhongju in this announcement is made by the Company on a voluntary basis.

INTRODUCTION

On 11 March 2021, Yincheng Property Services (an indirect wholly-owned subsidiary of the Company) and Yincheng Kangyang entered into the Cooperation Agreement, pursuant to which the parties agreed to form Yincheng Yijia to principally engage in the provision of healthcare and comprehensive ancillary services for the elderly in the PRC.

On the same day, Yincheng Property Services, Gulou Property Services and Guochu Technology entered into the Investment Agreement, pursuant to which the parties agreed to form Nanjing Xinhongju to principally engage in the provision of comprehensive property management services for residential communities in Nanjing, the PRC.

THE COOPERATION AGREEMENT

Major terms of the Cooperation Agreement are set out below.

Equity holding of

Yincheng Yijia

• : Yincheng Yijia shall be owned as to 70% and 30% by Yincheng Kangyang and Yincheng Property Services, respectively.

  Registered capital and payment schedule

• : The registered capital of RMB10,000,000 shall be contributed as to RMB7,000,000 and RMB3,000,000 in cash by Yincheng Kangyang and Yincheng Property Services, respectively.

  The payment schedule for the registered capital is dependent on the operation needs of Yincheng Yijia, and the parties shall contribute according to their respective proportion of equity interest held in Yincheng Yijia at the time of capital injection.

Business scope

• : Yincheng Yijia will be principally engaged in the provision of healthcare and comprehensive ancillary services for the elderly in the PRC.

  Board of directorsBusiness operations

• : The board of directors of Yincheng Yijia shall consist of three directors, two of which shall be nominated by Yincheng Kangyang and one shall be nominated by Yincheng Property Services.

  The chairman and vice-chairman of the board of directors

  shall be nominated by Yincheng Kangyang and Yincheng

  Property Services, respectively.

• : The operation of Yincheng Yijia shall be conducted in the following manner:

(i)Yincheng Kangyang shall provide professional technical support and consulting services, including but not limited to conducting market research, project positioning, functional zoning, formulation and procurement of equipment and facilities suitable for the elderly, marketing system planning, product development, devising pricing strategy, profit model design, professional team building and daily operation of projects to be undertaken by Yincheng Yijia;

(ii) Yincheng Property Services shall provide property management support for the operation of elderly healthcare services, including but not limited to maintaining an office within the residential communities for the elderly to approach and enquire for the healthcare services in need and a database which consists of basic information of the target customers of Yincheng Yijia; and

(iii)Yincheng Property Services agrees to entrust the operation and management of Yincheng Yijia to Yincheng Kangyang and shall cooperate with Yincheng Kangyang to provide property management services where required. The general manager of Yincheng Yijia shall be nominated by Yincheng Kangyang.

Profit guaranteeFurther investment(s)

in Yincheng Yijia

• : Yincheng Kangyang undertakes to Yincheng Property Services that the investment rate of return (which is calculated by dividing the audited net profit of Yincheng Yijia by the actual capital contribution made by the respective equity holder of Yincheng Yijia) during the first, second, and third year after establishment of Yincheng Yijia shall not be lower than 5%, 6% and 7%, respectively.

  If the actual investment rate of return is higher than the

  abovementioned guaranteed investment rate of return, the

  profits of Yincheng Yijia shall be distributed to Yincheng

  Kangyang and Yincheng Property Services according to their

  respective proportion of equity interest held in Yincheng

  Yijia.

  If the actual investment rate of return is lower than the abovementioned guaranteed investment rate of return, Yincheng Kangyang shall pay Yincheng Property Services the difference between the guaranteed profit (which is calculated by multiplying the respective guaranteed investment rate of return with the actual capital contribution made by Yincheng Property Services) and the actual profit that is proportionate to the percentage of equity interest held by Yincheng Property Services in Yincheng Yijia.

  From the fourth year after establishment of Yincheng Yijia onwards, the investment rate of return to be guaranteed shall be discussed separately between Yincheng Kangyang and Yincheng Property Services.

• : The parties agree that if further investment(s) from the equity holders of Yincheng Yijia is required for subsequent development after completion of the initial investment of RMB10,000,000 in Yincheng Yijia, Yincheng Kangyang and Yincheng Property Services shall increase their investments according to their respective proportion of equity interest held in Yincheng Yijia.

If one equity holder declines to increase its investment in Yincheng Yijia, the other equity holder shall have the right to further increase its investment in Yincheng Yijia by taking up the amount declined by such equity holder. The equity interest ratio of Yincheng Yijia after further capital injection shall be determined by the respective actual capital contribution by the equity holders of Yincheng Yijia.

Pre-emptive right

:

If one equity holder has, with the consent of the other equity holder, pledged its equity interest in Yincheng Yijia, such equity holder shall state in the equity pledge agreement that the other equity holder shall have the pre-emptive right to acquire the pledged equity interest when such pledged equity interest is disposed of for whatever reason.

THE INVESTMENT AGREEMENT

Major terms of the Investment Agreement are set out below.

Equity holding of Nanjing : Nanjing Xinhongju shall be owned as to 51%, 39% and 10%

Xinhongju

by Yincheng Property Services, Gulou Property Services and Guochu Technology, respectively.

Registered capital and payment schedule

:

The registered capital of RMB2,000,000 shall be contributed as to RMB1,020,000, RMB780,000 and RMB200,000 in cash by Yincheng Property Services, Gulou Property Services and Guochu Technology, respectively, and shall be paid up in the following manner:

(i) RMB204,000, RMB156,000 and RMB40,000 shall be paid on 31 March 2021 by Yincheng Property Services, Gulou Property Services and Guochu Technology, respectively;

• (ii) RMB408,000, RMB312,000 and RMB80,000 shall be paid on 31 March 2023 by Yincheng Property Services, Gulou Property Services and Guochu Technology, respectively; and

• (iii) RMB408,000, RMB312,000 and RMB80,000 shall be paid on 31 March 2026 by Yincheng Property Services, Gulou Property Services and Guochu Technology, respectively.

In the event that a party cannot provide the portion of its initial capital contribution in accordance with the payment schedule, the payment can be delayed for 30 days from the scheduled payment date, subject to such party providing notice in writing to the other parties five days in advance of the day on which the initial capital contribution falls due.

Should the party fail to provide the portion of its initial capital contribution after the extended deadline, such party is considered to be in breach and shall be liable to compensate the other parties in accordance with the terms outlined in the paragraph headed "Liability for default" below.

Business scope

• : Nanjing Xinhongju will be principally engaged in the provision of comprehensive property management services for residential communities in Nanjing, the PRC.

  Board of directors

• : The board of directors of Nanjing Xinhongju shall consist of five directors, three of which shall be nominated by Yincheng Property Services, one of which shall be nominated by Gulou Property Services and one shall be nominated by Guochu Technology.

  The chairman of the board of directors shall be nominated by

  Yincheng Property Services.

  Business operations

• : The operation of Nanjing Xinhongju shall be conducted in the following manner:

  • (i) with effect from the date of the Investment Agreement, Yincheng Property Services agrees to the use of the brand "Yincheng Property" by Gulou Property Services for the promotion and marketing of projects to be undertaken by all three parties;

  • (ii) Gulou Property Services shall, in accordance with the relevant laws and regulations, provide a property for the daily office use of Nanjing Xinhongju;

• (iii) Yincheng Property Services shall provide trainings to the property management staff of Nanjing Xinhongju to enhance their image and service standard;

• (iv) Nanjing Xinhongju shall implement the standard of property management services of Yincheng Property Services into its own operation standard;

• (v) Gulou Property Services has the right to evaluate the performance of Nanjing Xinhongju in its provision of property management services regularly and require Nanjing Xinghongju to make rectifications in a timely manner based on the requirements as stated in the property management service agreements and bidding documents entered into by Nanjing Xinhongju;

• (vi) subject to the demand that may arise during the subsequent operation and development of Nanjing Xinhongju, technical support services such as intelligent project construction, research and development of related software, operation of data centre and maintenance services shall be implemented within the areas under the management of Nanjing Xinhongju. Guochu Technology shall, subject to the unanimous approval of the board of directors, be given the priority in implementing such services and the fees to be charged shall not be higher than 10% of the market price;

• (vii) projects to be undertaken by Nanjing Xinhongju shall have the priority to the use of the "Smart Gufang" software application* （智慧鼓房） and big data platform developed by Gulou Property Services for the promotion and application of intelligent property management services;

• (viii) the equity holders of Nanjing Xinhongju may, during the course of business operations of Nanjing Xinhongju, jointly take steps to dissolve Nanjing Xinhongju in the event that (a) the projects to be undertaken by Nanjing Xinhongju are not renewed; or (b) the equity holders of Nanjing Xinhongju unanimously agree that Nanjing Xinhongju cannot meet the intended target; and

(ix) subject to obtaining the internal approval of Nanjing

Xinhongju in accordance with the agreed procedures, Nanjing Xinhongju may undertake other property management service projects available in the market and/or take part in the bidding of other projects.

Pre-emptive rightPublic transfer of equity interest

• : In the event that an equity holder of Nanjing Xinhongju wishes to transfer its equity interest to a third party that is not an existing equity holder of Nanjing Xinhongju, the remaining equity holders shall have a pre-emptive right to acquire such equity interest in accordance with the agreed and prescribed mechanism.

  Where none of the remaining equity holders exercises its pre-emptive right to acquire such equity interest or has indicated its wish to exercise its pre-emptive right within 30 days after receiving written notice from the transferring equity holder, such transferring equity holder may transfer its equity interest to a third party.

• : If an equity holder intends to transfer all or part of its equity interest in Nanjing Xinhongju through the Property Rights Exchange* （產權交易市場） in accordance with the relevant laws and regulations, the transferring equity holder shall enquire as to whether the remaining equity holders wish to exercise its pre-emptive right or not prior to the intended transfer.

  Tag along rights

• : In the event that a controlling shareholder of Nanjing Xinhongju wishes to transfer its equity interest to a third party, the remaining equity holders of Nanjing Xinhongju are entitled to request their equity interest to be acquired by the third party under the same terms and conditions.

  Liability for default

• : Should a party fail to contribute to the capital of Nanjing Xinhongju in accordance with the payment schedule as stipulated in the Investment Agreement, the party in default shall pay the non-defaulting party 0.05% of the unpaid capital contribution for each day on which the payment remains due.

Should the capital contribution payable by a party remains due for three months, or in case of breach of obligations under the Investment Agreement by a party resulting in Nanjing Xinhongju failing to achieve the targets in which it is set to establish and operate, the non-defaulting party shall be entitled to:

(i) unilaterally terminate the Investment Agreement;

(ii) recover from the party in default an amount of

RMB200,000 and other amounts that are not covered by such compensation; and

(iii) dissolve Nanjing Xinhongju or request the party in default to transfer the equity interest attached to the unpaid capital to itself or its designated third party.

The party in default shall not be entitled to any voting or dividend distribution right.

Save as otherwise stipulated in the Investment Agreement, in the event that the terms of the Investment Agreement cannot be fully, partially performed or performed in a timely manner by reason of default by any party, the non-defaulting party shall be entitled to the following compensation from the defaulting party, whichever is higher:

• (i) all losses suffered by the non-defaulting party (including costs and expenses reasonably incurred, such as litigation or attorney fees etc.); or

• (ii) an amount of RMB200,000 for each defaulted obligation, undertaking, declaration or guarantee under the Investment Agreement.

The amount of capital contribution under the Cooperation Agreement and Investment Agreement were determined after arm's length negotiation among the respective parties to the Cooperation Agreement and Investment Agreement with reference to the working capital needs of Yincheng Yijia and Nanjing Xinhongju and the parties' respective responsibilities and contributions to Yincheng Yijia and Nanjing Xinhongju.

The Group intends to fund the capital contribution to be provided by Yincheng Property Services to Yincheng Yijia and Nanjing Xinhongju through its internal resources.

REASONS FOR AND BENEFITS OF ENTERING INTO THE COOPERATION AGREEMENT AND INVESTMENT AGREEMENT

Cooperation Agreement

Yincheng Kangyang has been focusing on the development and operation of providing healthcare services for the elderly in the Yangtze River Delta region in the PRC and is one of the largest elderly healthcare service providers in the Jiangsu Province. It aims to provide comprehensive and integrated healthcare services to the elderly that combines the elements of medical, rehabilitation and elderly care. Yincheng Kangyang is currently operating 16 elderly care institutions in the PRC.

The establishment of Yincheng Yijia intends to take advantage of Yincheng Kangyang's operation experience and reputation in the elderly healthcare industry and the property management experience possessed by Yincheng Property Services to create synergy between the parties for the provision of healthcare and comprehensive ancillary services for the elderly in, but not limited to, the residential communities under management by the Group in the PRC. For projects to be undertaken by Yincheng Yijia, Yincheng Kangyang shall be responsible for the daily operation of the healthcare services while Yincheng Property Services shall be responsible for contribution of its client database and property management expertise.

The Board believes that the establishment of Yincheng Yijia could help the Group to expand its services into the elderly healthcare industry, which also shows the Group's positive response to the government's encouragement for property management companies to promote and implement the home-based community elderly care model （居家社區養老模式） in the PRC. The establishment of Yincheng Yijia would also be in line with the Group's philosophy of providing high-quality integrated services and creation of communities for properties under its management.

In light of the above, the Directors (including the independent non-executive Directors but excluding the Directors who have abstained from voting in the Board, namely Mr. Huang, Mr. Xie, Mr. Ma and Mr. Zhu) consider that the terms of the Cooperation Agreement are fair and reasonable and the transaction contemplated thereunder is on normal commercial terms and in the interests of the Company and the Shareholders as a whole.

Investment Agreement

Gulou Property Services has been focusing on the provision of property management services in Nanjing, the PRC and Guochu Technology has been focusing on the development of computer software and data analytical tools related to property management. The Board believes that the establishment of Nanjing Xinhongju will be able to expand the portfolio of properties under management by the Group to include old residential properties in Nanjing, the PRC and diversify the income source of the Group. It would also allow the Group to participate in the integrated city management （城市綜合管理） in Nanjing, the PRC and increase the Group's brand image by showing its social responsibility to improve the standard of property management in the city where the Group founded its business.

Based on the foregoing, the Directors (including the independent non-executive Directors) consider that the terms of the Investment Agreement are fair and reasonable and the transaction contemplated thereunder is on normal commercial terms and in the interests of the Company and the Shareholders as a whole.

GENERAL INFORMATION ON THE PARTIES

The Company

The Company is a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the Main Board of the Stock Exchange. It is an established property management service provider in the PRC with over 20 years of industry experience in providing property management services and community value-added services. The Company's business covers a wide spectrum of properties, including residential properties and ten types of non-residential properties, including government facilities, financial institutions, property sales offices, hospitals, parks, highway service area, industrial parks, mixed-use properties, schools and office buildings.

Yincheng Property Services

Yincheng Property Services is a company established in the PRC with limited liability. It is principally engaged in the provision of diversified property management services and community value-added services.

Yincheng Kangyang

Yincheng Kangyang is a company established in the PRC with limited liability. It is principally engaged in the provision of elderly healthcare services and healthcare management consulting services.

As at the date of this announcement, Yincheng Kangyang is wholly-owned by Yincheng Real Estate, which in turn is owned as to approximately 53.11%, 19.26%, 8.01%, 5.32%, 5.11%, 4.11%, 3.71% and 1.37% by Mr. Huang, Mr. Dai Chengshu, Mr. Xie, Mr. Zhu Linnan, Mr. Zhu Linbin, Mr. Ma, Mr. Zhu and Ms. Cao Lian, respectively.

Gulou Property Services

Gulou Property Services is a company established in the PRC with limited liability. It is principally engaged in the provision of property management services.

As at the date of this announcement, Gulou Property Services is wholly-owned by Nanjing Gulou Real Estate Group Co., Ltd.* （南京鼓樓房產集團有限公司） , which in turn is wholly-owned by Nanjingshi Gulou State-Owned Asset Investment Development Holding Group Co.,

Ltd.*（南京市鼓樓國有資產投資發展控股集團有限公司）.

Nanjingshi Gulou State-Owned Assets Investment Development Holding Group Co., Ltd.*（南 京市鼓樓國有資產投資發展控股集團有限公司）is wholly-owned by Nanjingshi Gulou District People's Government State-Owned Assets Supervision and Administration Office* （南京市鼓樓區人民政府國有資產監督管理辦公室） as at the date of this announcement.

Guochu Technology

Guochu Technology is a company established in the PRC with limited liability. It is principally engaged in the provision of computer software development, data analysis and construction consultation.

As at the date of this announcement, Guochu Technology is owned as to 61%, 32%, 3%, 2% and 2% by Ms. He Jiao （何嬌女士） , Mr. Tong Zhihua （童自華先生） , Mr. Zhou Jin （周進先 生）, Mr. Lu Chao （陸超先生） and Mr. Zheng Jie （鄭杰先生） , respectively.

To the best of the Director's knowledge, information and belief after having made all reasonable enquiries, each of (i) Gulou Property Services and its ultimate beneficial owner; and (ii) Guochu Technology and its ultimate beneficial owners is a third party independent of the Company and its connected persons.

LISTING RULES IMPLICATIONS

As Yincheng Kangyang is indirectly held as to 53.11% by Mr. Huang, who is a non-executive Director and a controlling shareholder of the Company, Yincheng Kangyang is a connected person of the Company and the formation of Yincheng Yijia constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.

As one or more of the applicable percentage ratio(s) in respect of the formation of Yincheng Yijia is higher than 0.1% but less than 5%, the formation of Yincheng Yijia is subject to the reporting, annual review and announcement requirements, but is exempt from the circular (including independent financial advice) and shareholders' approval requirements pursuant to

Rule 14A.76(2) of the Listing Rules.

Mr. Huang indirectly controls Yincheng Kangyang through his equity interests in Yincheng Real Estate and he is also a director and the chairman of Yincheng Real Estate. Mr. Xie, the chairman and non-executive Director, is also a director, executive president and shareholder of Yincheng Real Estate. Mr. Ma and Mr. Zhu, both being a non-executive Director, are also shareholders of Yincheng Real Estate. Accordingly, Mr. Huang, Mr. Xie, Mr. Ma and Mr. Zhu have abstained from voting on the Board resolutions in connection with the formation of Yincheng Yijia to avoid actual or perceived conflict of interests. Save as disclosed above, to the best knowledge, information and belief of the Directors having made all reasonable enquiries, none of the other Directors have material interest in respect of the formation of Yincheng Yijia.

As each of the applicable percentage ratios under Rule 14.07 of the Listing Rules in respect of the formation of Nanjing Xinhongju is less than 5%, the formation of Nanjing Xinhongju does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules. The disclosures in relation to the formation of Nanjing Xinhongju in this announcement is made by the Company on a voluntary basis.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following words and expressions shall have the meaning ascribed to them below:

"Board"	the board of Directors
"Company"	Yincheng Life Service CO., Ltd（. 銀 城 生 活 服 務 有 限 公 司）,
a company incorporated in the Cayman Islands with limited
liability whose shares are listed on the Main Board of the
Stock Exchange
"connected person"	has the meaning ascribed to it in the Listing Rules
"controlling	has the meaning ascribed to it in the Listing Rules
shareholder(s)"
"Cooperation Agreement"	the cooperation agreemen（t 合作協議） entered into between
Yincheng Property Services and Yincheng Kangyang dated
11 March 2021 in relation to the formation of Yincheng
Yijia;
"Director(s)"	the director(s) of the Company
"Group"	the Company and its subsidiaries
13

"Gulou Property

Services"

Nanjing Gulou Real Estate Group Property Services Co.,

Ltd* （南京鼓樓房產集團物業服務有限公司） , a company established under the laws of the PRC with limited liability and is ultimately wholly-owned by Nanjingshi Gulou District People's Government State-Owned Assets Supervision and Administration Office *（南京市鼓樓區人民政府國有資產 監督管理辦公室） as at the date of this announcement

"Guochu Technology"

Nanjing Guochu Engineering Technology Co., Ltd*（南京 國礎工程技術有限公司） , a company established under the laws of the PRC with limited liability and is owned as to 61%, 32%, 3%, 2% and 2% by Ms. He Jiao（何嬌女士）, Mr. Tong Zhihua （童自華先生） , Mr. Zhou Jin（周進先生）, Mr. Lu Chao （陸超先生） and Mr. Zheng Jie（鄭杰先生）, respectively, as at the date of this announcement

"Hong Kong"

"Investment Agreement"

the Hong Kong Special Administrative Region of the PRC the investment agreemen（t 出資協議書） entered into among Yincheng Property Services, Gulou Property Services and Guochu Technology dated 11 March 2021 in relation to the formation of Nanjing Xinhongju

"Listing Rules"

the Rules Governing the Listing of Securities on the Stock Exchange

"Mr. Huang"

Mr. Huang Qingping （黃清平） , a non-executive Director and a controlling shareholder of the Company as well as a director, chairman and controlling shareholder of Yincheng Real Estate

"Mr. Ma"

Mr. Ma Baohua （馬保華） , a non-executive Director and a shareholder of Yincheng Real Estate

"Mr. Xie"

Mr. Xie Chenguang （謝晨光） , the chairman and a non-executive Director, as well as a director, executive president and shareholder of Yincheng Real Estate

"Mr. Zhu"

Mr. Zhu Li（朱力）, a non-executive Director and a shareholder of Yincheng Real Estate

"Nanjing Xinhongju"	Nanjing Xinongju Property Services Co., Ltd* （南京鑫紅
居物業服務有限公司） , the joint venture company to be
established in the PRC with limited liability pursuant to the
Investment Agreement
"PRC"	the People's Republic of China, which for the sole purpose
of this announcement shall exclude Hong Kong, the Macau
Special Administrative Region of the PRC and Taiwan
"RMB"	Renminbi, the lawful currency of the PRC
"Shareholder(s)"	holder(s) of the share(s) of the Company
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"Yincheng Kangyang"	Nanjing Yincheng Kangyang Elderly Healthcare Services
Co., Ltd.* （南京銀城康養養老服務有限公司） , a company
established under the laws of the PRC with limited liability
and a wholly-owned subsidiary of Yincheng Real Estate
"Yincheng Property	Nanjing Yincheng Property Services Co., Ltd.* （南京銀城物
Services"	業服務有限公司） , a company established under the laws of
the PRC with limited liability and an indirect wholly-owned
subsidiary of the Company
"Yincheng Real Estate"	Yincheng Real Estate Group Co., Ltd.* （銀城地產集團股
份有限公司） , a joint stock company established under the
laws of the PRC with limited liability
"Yincheng Yijia"	Nanjing Yincheng Yijia Elderly Healthcare Services Co.,
Ltd.* （南京銀城怡家養老服務有限公司） , the joint venture
company to be established in the PRC with limited liability
pursuant to the Cooperation Agreement
"%"	per cent.
Hong Kong, 11 March 2021

By order of the Board Yincheng Life Service CO., Ltd.

XIE Chenguang

Chairman

As at the date of this announcement, the executive Directors are Mr. Li Chunling and Ms. Huang Xuemei; the non-executive Directors are Mr. Huang Qingping, Mr. Xie Chenguang, Mr. Ma Baohua and Mr. Zhu Li; and the independent non-executive Directors are Mr. Chow

Siu Hang, Mr. Li Yougen and Mr. Mao Ning.

*For identification purposes only