The board of directors of Zhong Ao Home Group Limited (the Company) announced that, the Company entered into a cooperation agreement with Greentown Service Group Co. Ltd., pursuant to which the Company and Greentown agreed to cooperate comprehensively in areas such as life services and property services business. Pursuant to the Cooperation Agreement, the Company and Greentown agreed to jointly establish a life service company (the JV Company) with registered capital of RMB 5 million, which shall be owned as to 30% by the Company and 70% by Greentown.

The Company will inject RMB 1.5 million and Greentown will inject RMB 3.5 million into the JV Company and Greentown undertook to provide life services products, technology, service systems and professional resources to the JV Company. Pursuant to the Cooperation Agreement, it was further agreed between the parties that (i) for any property services businesses that Greentown decides not to undertake by reasons of, among others, its service position and cost structure, Greentown agreed to give priority to recommend such businesses to the Company; (ii) within 6 years from the date of the Cooperation Agreement, Greentown agreed to give priority to consider the Company and its affiliates for undertaking Greentown's outsourcing businesses, such as the provision of cleaning, security, maintenance and elevator maintenance services, on the basis that the terms offered by the Company and its affiliates shall not be less favorable than those offered by independent third parties to Greentown and provided that the Company and its affiliates possess the requisite professional qualifications, the quality of services to be provided shall reach the quality standard required by Greentown and the service fees to be charged shall be in line with the prevailing market prices; and (iii) commencing from 1 July 2021 and subject to fulfilment of the foregoing requirements and the relevant requirements under all applicable laws and regulations and the Rules Governing the Listing of Securities on the Stock Exchange, Greentown and the Company and/or its affiliates shall enter into the relevant property services agreements for engaging the Company and/or its affiliates to provide the above property services with turnover of the relevant business services of not less than RMB300 million per year and with an increment of RMB 200 million every year since the third year of cooperation.