Zheng Shang Industrial Co., Ltd. (the “Company”) was established in 1965 and has been listed on the main board of the Hong Kong Stock Exchange Limited (the “Stock Exchange”) since 1972. The Company and its subsidiaries (collectively, the “Group”) are mainly engaged in property development, property investment, project management and sales services, hotel operations, and securities trading and investment in Hong Kong, the People's Republic of China (“China”) and overseas. Following the change in the controlling shareholder of the Company in July 2015, the Group continued to expand its business in the Chinese property development industry. From mid-2015 to 2024, the Group completed 161 land reserves in Henan, Beijing and Hubei provinces to support real estate development business through tenders, public auctions and other mergers and acquisitions. As of December 31, 2024, the Group owned 84 completed property projects and/or project phases and 22 integrated property projects currently under development and planning (a total of 90 plots) in China. The project in question constitutes the Group's land reserve, with a total land area of about 6.3 million square meters and an estimated total construction area (“floor area”) of about 13.5 million square meters. It is anticipated that the land reserve will provide the Group with approximately 2.8 million square meters of estimated sale/leasable floor area under development and 2.4 million square meters of estimated planned construction area. The Group has built a solid land reserve for the property development business in China over the next three to four years, and has taken a seat in Henan Province. In the foreseeable future, the company will continue to focus on finding new property development projects in Henan Province and other first-tier and second-tier cities in China and bidding for land use rights for other selected plots in China. Since 2022, the Group has been operating a hotel in Zhengzhou, the first LOFT themed space art hotel in Zhengzhou, China - Zhengshang Jianguo Hotel. In the US, the Japanese Group held approximately 5.6% of the shares in GlobalMedicalReit, Inc. (“GMR”), a real estate investment trust fund listed on the New York Stock Exchange on December 31, 2024, and continued to share GMR's growth through the receipt of dividend income, thereby achieving long-term capital appreciation of the Group's investments. The Company will make good use of the Group's financial, human and technical resources to enhance its investment portfolio, asset base and brand image in China, the US and overseas to create new sustainable revenue streams, thereby increasing shareholder value.