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Yincheng Life Service Controlling Shareholder Increased its Shareholding of 4,160,000 Shares

Yincheng Life Service Controlling Shareholder Increased its Shareholding of 4,160,000 Shares

Recognizes its Confidence in the Prospects and Potential Value of the Company

HONG KONG, Dec. 7, 2020 /PRNewswire/ -- The leading regional property management enterprise in the Yangtze River Delta Megalopolis, Yincheng Life Service CO., Ltd. ("Yincheng Life Service" or "the Company", together with its subsidiaries, "the Group"; Stock code: 1922) was informed by Mr. Huang Qingping ("Mr. Huang" ), a non-executive director and controlling shareholder of the Company, that he procured Silver Wutong Holding Limited (a company directly wholly-owned by Mr. Huang) to acquire 4,160,000 shares in the Company on 7 December 2020, representing approximately 1.56% of the entire issued share capital of the Company. The consideration was determined based on the closing price of the Shares of HK$4.66 each as of 4 December 2020, at a total consideration of HK$19,385,600. Immediately upon completion of the Acquisition, the Company is ultimately owned as to approximately 38.91% by Mr. Huang.

The shareholding increase indicates the controlling shareholder's view that the Shares have been trading at a level which undervalues the Company's performance and underlying value. It also recognizes that the controlling shareholder is confidence of the future prospects and growth potential of the Company, as well as his long-term commitment towards the Company. The Board shares the same view with Mr. Huang.

Yincheng Life Service stated that it will continue to utilize its advantages as a "pioneer of marketization" and an "expert of second-hand property management" and enlarge its business scale through market expansion complemented with merger and acquisition. In addition, it will also actively diversify the scope of community value-added services, maintain a good reputation and customer satisfaction, and improve its comprehensive competitiveness and profitability through various methods including strict cost control, thereby achieving steady progress and delivering greater returns to the shareholders of the Company.

Yincheng Life Service's listing ushered in a golden period of development as the Company achieves record highs in various operating indicators and attains remarkable development in operational scale. From 2016 to 2019, the Company's contracted GFA and GFA under management grew at a CAGR of 45.6% and 58.0%, respectively, reaching 37.3 million sq.m. and 33.7 million sq.m. as of June 30, 2020. It also recorded a CAGR of 44.9% and 25.4%, respectively, for its revenue and core net profit from 2016 to 2019. Going forward, Yincheng Life Service will continue to carry out its regional in-depth development strategy and deeply engage in developed cities in the Yangtze River Delta Megalopolis with Nanjing as the regional focus, thereby facilitating the long-term stable development of the Group in the future.

About Yincheng Life Service Co., Ltd

Yincheng Life Service Co., Ltd is an established property management service provider in China, with over 20 years' industry experience for the provision of diversified property management services and community value-added services. Through the high-quality property management services provided by the Company, Yincheng Life Service successfully translated into one of the leading property management service providers in Nanjing and Jiangsu Province, the PRC from a local property management service provider in Nanjing. The Company ranked the 24th among the top 100 property service enterprises in China in 2020.

The business scope of Yincheng Life Service covers a wide spectrum of properties, including residential properties and non-residential properties covering government facilities, financial institutions, property sales offices, hospitals, parks, highway service area, industrial parks, mixed-use properties, schools and office buildings. As at 30 June 2020, the Company's property management services covered 16 PRC cities, including 11 cities in Jiangsu Province and 5 cities in other provinces, with GFA under management reaching approximately 33.7 million sq.m. The Company managed 307 properties, including 142 residential properties and 165 non-residential properties, serving over 190,000 households covering more than one million customers as at 30 June 2020.

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