SF Intra-city Received Stock Exchange's Approval for Conversion of Unlisted Shares

Proactively Promoting Liquidity of Shares and Circulating Market Value

HONG KONG,July 26,2023 --Hangzhou SF Intra-city Industrial Co.,Ltd. ("SF Intra-city" or the "Group") (Stock Code: 9699.HK),China's largest third-party on-demand delivery service provider,is pleased to announce that on 25 July,the Group received approval from the Stock Exchange for the listing and dealing of a total of 451,403,783 H shares,which represent approximately 48.36% of the Group's total issued Shares.

The conversion and listing of H shares will involve 18 participating holders of unlisted shares,and they will participate in the conversion of H shares. Once the conversion and listing of the shares are completed on the Stock Exchange,SF Intra-city's total number of H shares is expected to increase from 310,289,026 to 761,692,809 significantly. This surge represents a remarkable increase in the approximate percentage of issued H shares from 33.24% to 81.60% of the Group's total shares. The listing of the converted H shares on the Stock Exchange is currently expected to commence by the end of this month.

SF Intra-city emphasised that the shares conversion and listing are important measures to further enhance the Group's brand value in the capital market. This move is conducive to bolstering the Group's reputation and competitiveness domestically and internationally while also enhancing operational efficiency,optimizing conporate structures and enhancing profitability. Additionally,the measure will significantly promote the liquidity,trading volume and turnover rate of SF Intra-city's shares,consequently contributing to the increase in circulating market value. The Group also expects a turnaround from losses to profits in the first half of 2023. SF Intra-city will continue focusing on high-quality growth,improved profitability,and steady development,aiming to deliver greater value returns to its shareholders and investors.