MingZhu Logistics Holdings Limited Announces Partial Exercise of Underwriter's Over-Allotment Option

SHENZHEN,China,Oct. 31,2020 -- MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ),a China-based trucking services provider,today announced that ViewTrade Securities,Inc.,who acted as the underwriter and sole book-runner of the Company's underwritten initial public offering ("IPO"),has exercised the partial over-allotment option and purchased an additional 350,000 ordinary shares of the Company at the IPO price of$4.00per share. As a result,the Company has raised$13,400,000in gross proceeds,before underwriting discounts and commissions and offering expenses,through the issuance of a total of 3,350,000 common shares in the IPO.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (SEC) onSeptember 30,2020. The offering of these securities was made only by means of a prospectus,forming a part of the registration statement. A copy of the final prospectus related to the offering may be obtained,when available,from ViewTrade Securities,via email:IB@Viewtrade.comor standard mail at ViewTrade Securities,7280 W Palmetto Park Rd,#310,Boca Raton,FL33433,Attn: Prospectus Department. In addition,a copy of the final prospectus relating to the offering may be obtained via the SEC's website atwww.sec.gov.

About MingZhu Logistics Holdings Limited

Founded in 2002 and Headquartered in Shenzhen,MingZhu is 3A-grade trucking services provider,offering both network density and broad geographic coverage to meet customers' diverse transportation needs. The Company operates two regional terminals in Guangdong Province and Xinjiang Autonomous Region,respectively,with a mix of self-own fleets of tractors and trailers and subcontractors' fleets. More information about MingZhu can be found at: www.szygmz.com/en/

About ViewTrade Securities Inc.

ViewTrade Securities Inc. ("ViewTrade Securities"),is a global provider of brokerage,investment banking,corporate,advisory and trading platform services.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans,objectives,goals,strategies,future events or performance,and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may,"will,"intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters,it is making forward-looking statements.Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including,but not limited to,the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the trucking services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons,among others,investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC,which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information,please contact:

At the Company:

Dennis Tan

Email: company@szygmz.com

Phone: (+86) 150-1854-1833

Investor Relations:

Sherry Zheng

Email: shunyu.zheng@weitian-ir.com

Phone: (+1) 718-213-7386

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