Greentown Management Holdings Company Limited announced the following upgrades of the organizational and managerial structure of the Group in order to strengthen the Group's management team, and to ensure that the optimal combination of administrative and managerial resources and operational capabilities is achieved for the purpose of the long-term development, thereby maintaining the Company's leading position in the industry. The Company announced that Mr. Zhang Yadong ("Mr. Zhang"), a non-executive Director of the Company, has been appointed as a Co-Chairman of the Board with effect from 31 July 2023. Mr. Zhang will remain as a non-executive Director of the Company.

Mr. Zhang is the coordinator and promoter to promote the spin-off and listing of the project management business of Greentown China Holdings Limited ("Greentown China"). After the Company's successful listing, he continued to give a lot of strategic guidance and management support. The Company believes that it will be able to better assist the Company in expanding its business channels, introducing external resources and further enhancing the Company's influence in the industry by taking advantages of Mr. Zhang's working experience, social resources and working background, and thus allowing the Company to accelerate its development under the prevailing industry conditions.

Mr. ZHANG Yadong, aged 55, joined the Greentown China Holdings Limited in May 2018. Currently, he serves as the chairman and executive director of the board of directors of Greentown China. Mr. Zhang is a Ph.D holder with rich experience in education and training.

Mr. Zhang served as the mayor of Pulandian Municipal Committee of Liaoning Province, head of Dalian Urban Construction Bureau, director of Dalian Construction Committee, deputy mayor of Dalian Municipal Government, member of the standing committee and the head of the United Front Work Department of the Dalian Municipal Committee. During his tenure as deputy mayor of Dalian Municipal Government, Mr. Zhang was responsible for matters such as urban construction and management, including overseeing the Dalian Municipal Land Resources and Housing Bureau, Urban and Rural Construction Committee, Planning Bureau and Urban Construction Administration. Mr. Zhang has extensive experience in urban and rural construction and real estate management.

Mr. Zhang was appointed as the chief executive officer of Greentown China on 1 August 2018 (resigned on 17 December 2019), and the chairman and executive director of the board of directors of Greentown China on 11 July 2019. Mr. Zhang has also served as a non-executive Director of the Company since 8 January 2020, primarily responsible for the overall formulation, supervision and guidance of business strategies, planning and development of the Group. Following the appointment of Mr. Zhang as a Co-Chairman of the Board, Mr. Guo Jiafeng ("Mr. Guo") has been redesignated from the Chairman of the Board to the Co-Chairman of the Board.

Mr. Guo will remain as a non-executive Director of the Company. Mr. GUO Jiafeng, aged 58, graduated from Zhejiang Construction Industry School in 1981, majoring in industrial and civil architecture. Mr. Guo has more than 35 years of experience in the industry, and has extensive experience in project development and construction.

Mr. Guo joined the Greentown Group in April 2000, served as an executive director of Greentown China from July 2006 to March 2015, and acted as the executive general manager of Greentown Real Estate Group Co. Ltd. where he was primarily responsible for the real estate development of projects in areas such as Hunan Changsha, Zhejiang Hangzhou, Zhejiang Zhoushan, Jiangsu Nanjing, Anhui Hefei and Xinjiang. He was mainly engaged his personal business from April 2015 to July 2019.

Mr. Guo was reappointed as an executive director of Greentown China on 11 July 2019, and as chief executive officer on 17 December 2020. He has been the Chairman of the Board and a non-executive Director of the Company since 8 January 2020. Currently, Mr. Guo also serves as an executive director and chief executive officer of Greentown China.

The Company announced that Mr. Li Jun ("Mr. Li"), an executive Director of the Company, has been appointed as the Vice-Chairman of the Board with effect from 31 July 2023. In order to maintain its leading position in the industry, whilst in charge of the overall management of the Company, Mr. Li will exert his effort on the strategic development and competitive strategy of the Company, promoting the innovation of the business model and taking charge of the daily operation of the Board. As such, Mr. Li has ceased to be the chief executive officer of the Company but remains as an executive Director of the Company.

Mr. LI Jun, aged 46, has been the chief executive officer and an executive Director of the Company since 2016, primarily responsible for the strategic development, overall operation and management of the Group. Mr. Li joined the Greentown Group as an officer in the quality management department in 2002 and subsequently served as a department manager in its operations management department since 2009. Mr. Li has served as general manager of Greentown's first commercial project management project since 2010 and innovated the asset-light development model.

He has served as president of the Group since 2015, responsible for overseeing daily operation and management. Under the leadership of Mr. Li, the Group became the first and the larger project management company with an asset-light business model in China. In 2019 and 2020, Mr. Li successively received the Most Influential Business Leader in China Real Estate Industry and currently the first rotating chairman of the China Light Assets Alliance.

Mr. Li completed his undergraduate studies in heating ventilation at the University of South China in the PRC in 1998 and obtained a master's degree in project management from Zhejiang University in the PRC in 2010. He has the AMP alumni qualification of the Wharton School of Business in the United States.