Certain A Shares of Zhejiang SSAW Boutique Hotels Co.,Ltd are subject to a Lock-Up Agreement Ending on 22-SEP-2023. These A Shares will be under lockup for 730 days starting from 22-SEP-2021 to 22-SEP-2023.

Details:
The Company?s actual controller Wu Qiyuan committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 36 months from the listing date. If within 6 months after the listing, the closing price of the shares is lower than the issuance price for 20 consecutive trading days or if the trading price is lower than the issuance price 6 months after listing, the lock-up period will be automatically extended for another 6 months. After the lock-up has expired, while holding office, Wu Qiyuan committed to not transfer more than 25% of shares held each year.

The Company?s directors and senior management who are shareholders Cong Bo, Gan Shenghong, Shi Chenning, and Zhang Yong committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 12 months from the listing date. If within 6 months after the listing, the closing price of the shares is lower than the issuance price for 20 consecutive trading days or if the trading price is lower than the issuance price 6 months after listing, the lock-up period will be automatically extended for another 6 months. After the lock-up has expired, while holding office, they committed to not transfer more than 25% of shares held each year.

The Company?s other shareholders Shanghai Zhongcheng Yonglve Investment Center (Limited Partnership), Shanghai Zhongcheng Yongyi Investment Center (Limited Partnership), Wu Haihao, Xu Hanjie, Shen Wei, and Bao Limin committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 12 months from the listing date.