Greentown Management : CHANGE OF JOINT COMPANY SECRETARY AND WAIVER FROM STRICT COMPLIANCE WITH RULES 3.28 AND 8.17 OF THE LISTING RULES

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GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED ၠ۬၍ଣછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 09979)

CHANGE OF JOINT COMPANY SECRETARY

AND

WAIVER FROM STRICT COMPLIANCE WITH RULES

3.28 AND 8.17 OF THE LISTING RULES

The board (the "Board") of directors (the "Directors") of Greentown Management Holdings Company Limited (the "Company") hereby announces that Ms. Yeung Ching Man ("Ms. Yeung") has tendered her resignation as the joint company secretary of the Company (the "Joint Company Secretary(ies)") with effect from 22 March 2021.

Ms. Yeung confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

Reference is made to the announcement of the Company dated 18 December 2020 regarding the appointment of Ms. Zhang Panpan ("Ms. Zhang") as one of the Joint Company Secretaries and the waiver (the "Waiver") granted to the Company by the Stock Exchange.

In view of Ms. Yang's resignation and since Ms. Zhang does not possess the qualifications of company secretary as required under Rule 3.28 of the Listing Rules, the Company has applied for, and the Stock Exchange has granted, a new waiver from strict compliance with Rules 3.28 and 8.17 of the Listing Rules (the "New Waiver") for a period from the date of appointment of Ms. So Shuk Yi Betty ("Ms. So") to 17 December 2023 (the "New Waiver Period") on the conditions that (i) Ms. Zhang will be assisted by Ms. So during the New Waiver Period and the New Waiver will be revoked immediately if and when Ms. So ceases to provide assistance to Ms. Zhang; (ii) the Company shall notify the Stock Exchange at the end of the New Waiver Period for the Stock Exchange to re-visit the situation. The Stock Exchange expects that after the end of the New Waiver Period, the Company will be able to demonstrate that Mr. Zhang can satisfy Rule 3.28 of the Listing Rules after having the benefit of Ms. So's assistance such that a further waiver will not be necessary; and (iii) the Company will disclose details of the New Waiver, including the reasons for and the conditions of the New Waiver. The Board is pleased to further announce that Ms. So has been appointed as the Joint Company Secretary with effect from 22 March 2021.

The biographical details of Ms. So are set out as follows:

Ms. So is the vice president of SWCS Corporate Services Group (Hong Kong) Limited and has over 20 years of experience in corporate secretarial field. Ms. So is an associate member of both The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute in the United Kingdom. Ms. So holds a Master of Law degree from the City University of Hong Kong and a Master of Business Administration degree from the University of Leicester.

The Board would like to take this opportunity to express its gratitude to Ms. Yeung for her contribution to the Company during her tenure of service and welcome Ms. So on her new appointment.

By order of the Board

Greentown Management Holdings Company Limited

Li Jun

Chief Executive Officer and Executive Director

Hangzhou, PRC, 23 March 2021

As at the date of this announcement, the Board comprises Mr. Guo Jiafeng, Mr. Zhang Yadong and Mr. Liu Wensheng as non-executive Directors, Mr. Li Jun and Mr. Lin Sanjiu as executive Directors, and Mr. Lin Zhihong, Dr. Ding Zuyu and Mr. Chan Yan Kwan Andy as independent non-executive Directors.