Aoyuan Healthy Life : SUPPLEMENTAL ANNOUNCEMENT-MAJOR TRANSACTION

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.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3662)

SUPPLEMENTAL ANNOUNCEMENT

MAJOR TRANSACTION

Reference is made to the announcement of Aoyuan Healthy Life Group Company Limited (the "Company") dated 18 September 2020 in relation to the acquisition of the Target Interest in Zhejiang Liantianmei Corporate Management Company Limited* (the "Announcement"). Unless the context otherwise requires, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

This announcement is made to provide supplemental information on the (i) identities

and background of the ultimate beneficial owners of (a) the Vendor, namely Guangzhou Shengzhuang Medical Beauty Investment Company Limited* (廣州盛妝醫療美容投資 有限公司); and (b) the owners of the remaining 40% of the equity interest of the Target

Company (collectively, the "Minority Equity Owners"), namely Mr. Chen Zhenrong (陳珍 榮) ("Mr. Chen") (the vendor of 5% of the equity interest of the Target Company in the 5%

Acquisition), Mr. Huang Jianfei (黃劍飛) ("Mr. Huang"), Hangzhou Baosheng Investment Management Partnership Corporation (Limited Partnership)* (杭州葆升投資管理合夥企業

(有限合夥) (the "Baosheng LP") and Hangzhou Yuanning Huixin Investment Partnership Corporation (Limited Partnership)* (杭州遠寧薈鑫投資合夥企業(有限合夥)) (the "Yuanning

LP"); and (ii) relationship between the Vendor and the Minority Equity Owners (including, among others, Mr. Chen).

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INFORMATION OF THE VENDOR AND ITS ULTIMATE BENEFICIAL OWNERS

As disclosed in the Announcement, the Vendor is a company incorporated in the PRC with limited liability and is principally engaged in the provision of the medical aesthetic services and investment services in the PRC. Based on the public information available, as at the date of this announcement, the ultimate beneficial owners of the Vendor are Mr. Wu Pengfei (吳 鵬飛) , Mr. Mai Genfu (麥根福) and Ms. Li Guiqiong (李桂瓊), indirectly holding 90%, 6% and 4% of the equity interest of the Vendor, respectively, all of whom, to the best knowledge, information and belief of the Directors after making reasonable enquiries, are individual investors and Independent Third Parties.

INFORMATION OF THE MINORITY EQUITY OWNERS AND THEIR ULTIMATE BENEFICIAL OWNERS

As at the date of this announcement, the remaining 40% of the equity interest of the Target Company is owned as to approximately 14.74% by Mr. Chen, approximately 12.06% by Mr. Huang, both of whom are individual investors, approximately 10% by Baosheng LP and approximately 3.2% by Yuanning LP, respectively. Based on the public information available, Baosheng LP is a limited partnership organised and existed under the laws of the PRC principally engaging in, among others, the provision of investment management and consulting services in the PRC, and its ultimate beneficial owners are Mr. Chen (as its general partner) and Mr. Huang, holding 55% and 45% of partnership interest in Baosheng LP, respectively. Yuanning LP is a limited partnership organised and existed under the laws of the PRC principally engaging in, among others, the provision of investment management and consulting services in the PRC, the entire partnership interest of which is directly owned by 23 investors in aggregate, none of whom individually hold over 10% of the partnership interest in

Yuanning LP. The general partner of Yuanning LP is Hangzhou Yuanning Huizhi Investment Management Partnership Corporation (General Partnership)* (杭州遠寧薈智投資管理合夥企

業(普通合夥)), the partnership interest of which is owned as to 35% by Hangzhou Yuanning Investment Management Company Limited* (杭州遠寧投資管理有限公司) (the "Yuanning

Investment") (which is in turn owned as to 30% by Ms. Zhao Ning (趙寧) and 70% by Mr. He

Feng (何烽), respectively), and 65% by Hangzhou Zhiju Investment Management Partnership Corporation (Limited Partnership)* (杭州之聚投資管理合夥企業(有限合夥)) (the partnership

interest of which is owned as to approximately 52.31% by Mr. He Feng (何烽), approximately 15.38% by Ms. Wu Yingping (吳映平), approximately 15.38% by Mr. Min Shiyang (閔詩陽), approximately 15.38% by Mr. Yuan Yongdan (原永丹), all of whom are individual investors, and approximately 1.54% by Yuanning Investment, respectively). To the best knowledge, information and belief of the Directors after making reasonable enquiries, the Minority Equity Owners and their ultimate beneficial owners are all Independent Third Parties.

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RELATIONSHIP BETWEEN THE VENDOR AND THE MINORITY EQUITY OWNERS

To the best knowledge, information and belief of the Directors after making reasonable enquiries, the Vendor, the Minority Equity Owners (including, among others, Mr. Chen) and their respective ultimate beneficial owners are all independent of and not connected with each other and do not have any other relationships with each other, save for their respective investment in the Target Company.

The additional information as disclosed above do not affect any other information contained in the Announcement and all other information and content set out in the Announcement shall continue to be valid for all purposes. This supplemental announcement is supplemental to and should be read in conjunction with the Announcement.

By the order of the Board

Aoyuan Healthy Life Group Company Limited

Guo Zining

Chairman

Hong Kong, 23 September 2020

• For identification purpose only.

As at the date of this announcement, the executive Directors are Mr. Miao Sihua and Mr. Tao Yu; the non-executive Directors are Mr. Guo Zining and Mr. Chen Zhibin; and the independent non-executive Directors are Mr. Hung Ka Hai Clement, Dr. Li Zijun and Mr. Wang Shao.

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