MingZhu Logistics and Feipeng Logistics Enter into Non-Binding MOU to Acquire Xinjiang Feipeng Logistics

SHENZHEN,China,Oct. 12,2021 -- MingZhu Logistics Holdings Ltd. (NASDAQ: YGMZ) (MingZhu or the Company),a leading trucking service provider,today announced that it has entered into a non-binding memorandum of understanding ("MOU") to acquire the controlling interest of Xinjiang Feipeng Logistics Co. Ltd. ("Feipeng"),a services provider of slack coal transportation for the "first and last mile" by road-railway intermodal system in Xinjiang. The acquisition will provide customers an exclusive,crucial link between the first and last mile between slack coal mines and essential railroads. The Company expects the higher efficiency,lower cost intermodal transport services model will set a new standard for future transport. Upon completion,the acquisition will effectively increase MingZhu's capacity by approximately 5 times of its current capacity approximately 1,000 trucks.

Under the MOU,MingZhu will be responsible for the logistics and timely container transport of slack coal linking mines with essential railroad transportation. Feipeng will be responsible for providing transportation services linking road and railway to delivery slack coal and containers. The integration between the two companies will focus on serving Xinjiang's fast-growing rail cargo transportation,as companies work to meet high demand levels related to the reopened global economy.

Completion of the proposed acquisition transaction is subject to further due diligence by the parties and negotiation and execution of definitive documents,including a share exchange or similar agreements,and the determination of a definitive price and other related documentation to complete the transaction. The MOU is non-binding and there is no assurance that the transaction will be completed on the terms described above or at all.

Mr. Yang Jinlong,CEO of MingZhu,said,"We have a strong partner in Feipeng,with the local presence and expertise critical for a successful venture. The combination will increase our capacity by 5X,as we expand well beyond our pre-COVID level. We have spent a lot of time analyzing the transportation and logistics market to uncover growth opportunities that closely align with our business strategy and priorities. This latest collaboration will greatly strengthen our business capabilities in the road-railway intermodal market,and build upon the framework we have already established under our cooperation agreement with Sinotrans Logistics Limited's wholly owned subsidiary,China Merchants Logistics Group Urumqi Limited."

Mr. Jinlong continued,"Legacy cargo transportation networks are typically expansive with disparate systems and greater inefficiencies. We are creating a new faster more efficient,intermodal transportation system to better serve key commerce centers,like Xinjiang,allowing it to facilitate the transfer by road to by rail,as well to as ship coal by containers to improve the transport capacity."

At present,Xinjiang's railway network carries an average of 496,000 tons of freight per day. As of December 31,2020,Xinjiang's annual railroad cargo shipment volume was 174.8 million tons,reaching a record high with an increase of 15.1% year-on-year. (Source: CCTV.com)

About Xinjiang Feipeng Logistics Co. Ltd.

Founded in July 2014,Feipeng Logistics provides integrated solutions to the logistics supply chain that reduce costs and increase efficiency. Feipeng Logistics is based in China's Xinjiang Autonomous Region Xinjiang,a strategically important location for manufacturing and commerce.

About MingZhu Logistics Holdings Limited (NASDAQ: YGMZ)

Established in 2002 and headquartered in Shenzhen,MingZhu Logistics Holdings Limited is a 4A-rated professional trucking service provider. Based on the Company's regional logistics terminals in Guangdong Province and Xinjiang Autonomous Region,MingZhu Logistics Holdings offers tailored solutions to our clients to deliver their goods through our network density and broad geographic coverage across the country by a combination of self-owned fleets tractors and trailers and subcontractors' fleets. For more information,please visit ir.szygmz.com.

Forward-Looking Statements

The statements in this press release regarding the Company's future expectations,plans and prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans,goals,objectives,strategies,future events,expected performance,assumptions and any other statements of fact that have not occurred. Any statements that contain the words "may","will","want","should","believe","expect","anticipate","estimate","calculate" or similar statements that are not factual in nature are to be considered forward-looking statements. Actual results may differ materially from historical results or from those expressed in these forward-looking statements as a result of a variety of factors. These factors include,but are not limited to,the Company's strategic objectives,the Company's future plans,market demand and user acceptance of the Company's products or services,technological advances,economic trends,the growth of the trucking services market in China,the Company's reputation and brand,the impact of industry competition and bidding,relevant policies and regulations,fluctuations in China's macroeconomic conditions,and the risks and assumptions disclosed in the Company's reports provided to the CSRC (China Security Regulatory Commission) For these and other related reasons,we advise investors not to place any reliance on these forward-looking statements,and we urge investors to review the Company's relevant SEC filings for additional factors that may affect the Company's future results of operations. The Company undertakes no obligation to publicly revise these forward-looking statements subsequent to the filing of these documents as a result of changes in particular events or circumstances.

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