[2 November 2021, Hong Kong] YinchengLife Service (1922.HK) announced that the controllingshareholder of the Company, Mr. Huang Qingping, through his wholly-ownedcompany, Silver Wutong Holding Limited (“Silver Wutong”) has transferred anaggregate of 640,000 shares of the Company (the “Shares”) off-market to tensenior managements of the Company at a price of HK$3.00 per share as anincentive. The transfer price is at a discount of approximately 20% to theaverage closing price of the Shares for the five trading days immediatelypreceding 2 November 2021, and the number of the Shares represents 0.24% of theCompany's entire issued share capitals. The ten managements have alsoundertaken not to sell or transfer the Shares within one year.

The ten managements are Ms.Huang Xuemei, Executive Director and Vice President; and other vice president, assistantpresident, and general management of subsidiaries or property affairsdepartment of the Company. The number of these incentive shares transferred to Ms.Huang Xuemei was approximately 80 thousand (0.03% of the entire issued shares),while to the other nine were approximately 0.56 million (0.21% of the entireissued shares) respectively. These ten employees have worked in the Company forseveral years and have made outstanding contributions to the Company’sdevelopment. It is the second time that the Company has conducted shareincentives after the transfer of 9.35 million shares by Silver Wutong to seniormanagements in July 2020, and once again fulfilled the Company's commitment atthe time of listing that to use the shares held by Silver Wutong as employeeincentives in the future.

The managements have increased theirshareholding in the Company with a one-year lockup period, shows that themanagements are confident in the Company’s prospects and is committed togrowing together in the Company. At the meanwhile, through this transfer, themanagements can participate in the decision-making as the Company'sshareholders, which is conducive to enhancing the stability, talent cohesionand action force of the Company's management team, better realizing the Company'slong-term objectives and creating greater value for all shareholders.