The board of directors of Binjiang Service Group Co. Ltd. (the "Company", and together with its subsidiaries, collectively the "Group") hereby announces that with effect from October 26, 2023, as Mr. Zhu Lidong has reached the retirement age pursuant to laws and regulations of PRC, he has resigned as an executive Director, the chairman (the "Chairman") and the chief executive officer (the "Chief Executive Officer") of the Company, and ceased to act as the chairman of the nomination committee (the "Nomination Committee") and a member of the strategy committee (the "Strategy Committee") of the Company. The Board hereby further announces that Mr. Yu Zhongxiang ("Mr. Yu") has been appointed as an executive Director, the Chairman and the Chief Executive Officer, as well as the chairman of the Nomination Committee and a member of the Strategy Committee, all with effect from October 26, 2023.

Mr. Yu Zhongxiang, aged 53. Mr. Yu joined the Group in October 2023. With his extensive experience, Mr. Yu is principally responsible for the overall management and business operation of the Group, including coordinating board affairs, formulating strategies and operational plans and making major business decisions.

Mr. Yu has approximately 30 years of experience in the real estate industry and has extensive experience in property development and property sale management. Prior to joining the Group, Mr. Yu was the executive president of Hangzhou Binjiang Real Estate Group Co. Ltd. (a company principally engaged in real estate development and listed on the Shenzhen Stock Exchange, stock code: 002244) ("Hangzhou Binjiang Real Estate") from February 2020 to October 2023; the executive vice general manager of Hangzhou Binjiang Real Estate from August 2011 to January 2020; the vice general manager of Hangzhou Binjiang Real Estate from 2005 to July 2011; and a project manager of Hangzhou Binjiang Real Estate from 2003 to 2005.

From 1993 to 2003, Mr. Yu worked as an employee in Hangzhou Cosmos Real Estate Group Co. Ltd. Mr. Yu has ceased to hold the position of executive president of Hangzhou Binjiang Real Estate with effect from 26 October 2023. Mr. Yu received a master's degree in civil engineering and a bachelor's degree in civil engineering from the Zhejiang University in May 2000 and June 1993, respectively.

Mr. Yu is currently a senior civil engineer and a member of the Professional Committee for Green Rock-Soil and Anchoring Engineering of Zhejiang Rock-Soil Mechanics and Engineering Society.