[Hong Kong, 16 July, 2020] Yincheng Life Service CO.,Ltd. (“Yincheng Life Service” or “the Company”, together with itssubsidiaries, “the Group”; Stock code: 1922) announced that thecontrolling shareholder of the Company, Mr. Huang Qingping, through hiswholly-owned company, Silver Wutong Holding Limited (“Silver Wutong”) hastransferred an aggregate of 9,350,320 shares of the Company (the“Shares”)off-market to four senior management of the Company at a price of HK$6.30 pershare as an incentive. The transfer price is at a discount of approximately 20%to the average closing price of the Shares for the five trading daysimmediately preceding 16 July 2020, and the number of the Shares represents 3.5%of the Company's entire issued share capitals. The four management have also undertakennot to sell or transfer the Shares within one year.

The four management are Mr. Li Chunling, ExecutiveDirector and President; Ms. Huang Xuemei, Executive Director and VicePresident; and Ms. Yin Xiaoli and Ms. Fan Xingxia, Vice Presidents of the Company.The number of these incentive shares transferred to Mr. Li Chunling wasapproximately 5.34 million (2% of the entire issued shares), while to the otherthree were approximately 1.34 million (0.5% of the entire issued shares)respectively. All of them have worked in the Company for several years and havemade great contributions to the development of the Company. This shareincentive is the fulfillment of the Company's commitment at the time of listingthat to use the shares held by Silver Wutong as employee incentives in thefuture.

The senior management were willing to purchaseCompany’s shares at a 20% discount with a one-year lockup period, showing theiroptimism about the Company's prospects and their commitment to grow togetherwith the Company. The arrangement is also conducive to enhancing the stockliquidity of the Company in the future. Meanwhile, management becoming shareholdersand being consistent with the interests of all shareholders will enhance thestability of the Company's management team, talent cohesion and execution power,so as to create greater value for all shareholders in the future.