The board of directors of Hangzhou SF Intra-city Industrial Co., Ltd. (the "Company", and together with its subsidiaries, the "Group") hereby announced that: Mr. Chan Fei ("Mr. Chan") has tendered his resignation as (i) a non-executive Director, (ii) the chairman of the Board (the "Chairman"), (iii) the chairman of the nomination committee of the Company (the "Nomination Committee") and (iv) a member of the remuneration committee of the Company (the "Remuneration Committee") on 31 October 2023. Mr. Chan would like to resign from the above offices in order to focus on other business endeavours. With the full support and agreement of the Board, Mr. Chan will remain in the above offices until 30 November 2023 to ensure a smooth transition.

The Board announced that Mr. Sun Haijin ("Mr. Sun"), currently the executive Director and the chief executive officer ("CEO") of the Company, has been appointed as the Chairman, the chairman of the Nomination Committee and a member of the Remuneration Committee with effect from 30 November 2023. The biographic details of Mr. Sun are set out below: Mr. Sun, aged 44, is the executive Director and CEO of the Company. Mr. Sun joined S.F. Holding Co., Ltd. and is one of the controlling shareholders of the Company ("SF Holding", together with its subsidiaries, the "SF Holding Group")) and its subsidiaries in April 2006.

Mr. Sun consecutively served as multiple significant positions within SF Holding Group including human resources director, regional general manager, head of product management from April 2006 to June 2016 and accumulated abundant project experience in areas including human resources management, business operation and management and project incubation. Prior to the incorporation of the Company, Mr. Sun served as the head of the intra-city on-demand delivery business unit since June 2016, being fully responsible for the operation and management of the intra-city on-demand delivery business. Mr. Sun established the Group in March 2019 and continues to be responsible for formulating business strategy, making major corporate and operation decisions, as well as the overall management of the Group.

His work experience in the Group mainly includes: served as the executive director and the general manager of Shenzhen SF Intra-city Logistics Co., Ltd. one of our subsidiaries, since October 2018, served as the CEO and the executive Director of the Group since June 2019 and December 2019, respectively, and served as a director of various subsidiaries of the Company. Mr. Sun has nearly 20 years of experience in logistics, delivery, and online-to-offline business management, and has a deep understanding of the combination of traditional logistic industry and new business forms. Mr. Sun was awarded "The 14th China Logistics Industry Golden Pegasus Award - "2020 Outstanding Young Logistics Entrepreneur by the Logistics Times Magazine and Committee of China Logistics Industry Pegasus Award in March 2021, "The 5th New Award - "30 New Influencers in 2022" by Caijing New Media in January 2023 and 2022 New Young Entrepreneur in Shenzhen by Shenzhen Municipal Committee of the Communist Youth League and Shenzhen Youth Federation in April 2023. Mr. Sun obtained a college degree in administrative management from Nanchang University in Jiangxi Province, the PRC in June 2005.