Greentown Service : GRANT OF SHARE OPTIONS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Greentown Service Group Co. Ltd.

綠 城 服 務 集 團 有 限 公 司

(A company incorporated under the laws of the Cayman Islands with limited liability)

(Stock Code: 2869)

GRANT OF SHARE OPTIONS

This announcement is made by Greentown Service Group Co. Ltd. (the ''Company'', and its subsidiaries, together the ''Group'') pursuant to Rule 17.06A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Stock Exchange'') (the ''Listing Rules'').

The board (the ''Board'') of directors (the ''Director(s)'') of the Company hereby announces that on 14 September 2020 (the ''Date of Grant''), an aggregate of 25,770,000 share options (the ''Share Options'') to subscribe for the ordinary shares of HK$0.00001 each in the share capital of the Company (the ''Share(s)'') were granted to an associate of an independent non-executive Director, as well as certain employees of the Group (the ''Grantee(s)''), subject to acceptance of the Grantees under the share option scheme of the Company adopted on 25 May 2018 (the ''Share Option Scheme'').

The details of the Share Options granted are as follows:

Date of Grant:	14 September 2020
Exercise price of Share	Each Share Option shall entitle the Grantee to subscribe for
Options granted:	one Share upon exercise of such Share Option at an exercise
	price of HK$9.30 per Share, which represents the highest of:
	(1) the closing price of HK$9.28 per Share as stated in the
	daily quotations sheet issued by the Stock Exchange on the
	Date of Grant; and (2) the average closing price of HK$9.30
	per Share as stated in the daily quotations sheets issued by
	the Stock Exchange for the five business days immediately
	preceding the Date of Grant
Total number of Share	25,770,000 Share Options (each Share Option shall entitle
Options granted:	the Grantee to subscribe for one Share)

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Validity period of the Share	The Share Options are valid for a period of 10 years from 14
Options:	September 2020 to 13 September 2030 (both days inclusive)
Vesting dates of the Share	(1)	33% of the total number of the granted Share Options
Options:		will be vested on the next day following the expiry date
		of the Waiting Period (as defined below) and the date on
		which the Performance Conditions (as defined below)
		were satisfied (whichever is later), and be exercisable
		commencing from the earliest of 14 September 2021 to
		13 September 2030 (both days inclusive);
	(2)	33% of the total number of the granted Share Options
		will be vested on the next day following the first
		anniversary of the expiry date of the Waiting Period and
		the date on which the Performance Conditions were
		satisfied (whichever is later), and be exercisable
		commencing from the earliest of 14 September 2022 to
		13 September 2030 (both days inclusive); and
	(3)	34% of the total number of the granted Share Options
		will be vested on the next day following the second
		anniversary of the expiry date of the Waiting Period and
		the date on which the Performance Conditions were
		satisfied (whichever is later), and be exercisable
		commencing from the earliest of 14 September 2023 to
		13 September 2030 (both days inclusive).
Waiting period:	12 months from the date on which the Grantee has achieved
	certain length of service in the Group (the	''Waiting
	Period'')
Performance conditions:	Exercise of the Share Options is conditional upon the
	achievement of certain performance objectives as set out in
	the respective offer letters, including but not limited to the
	respective job objectives as determined by the	Group (the
	''Performance Conditions'')

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Among the Share Options, 320,000 Share Options were granted to an associate of an independent non-executive Director with details as follows:

		Number of Share
		Options offered
Name	Position	to be granted
Lv Hanyao	Vice General Manager of Investment Management	320,000
	Center of Zhejiang Twin-City Network
	Technology Company Ltd. (a subsidiary of the
	Company)

Ms. Lv Hanyao is an associate of Ms. Wu Aiping (an independent non-executive Director). The grant of 320,000 Share Options to Ms. Lv has been approved by the independent non- executive Directors according to Rule 17.04(1) of the Listing Rules. As an associate of a Grantee, Ms. Wu Aiping has abstained from voting on the Board resolution to approve the grant of 320,000 Share Options to Ms. Lv Hanyao.

Save as disclosed in this announcement, none of the Grantees are the Directors, chief executives or substantial shareholders of the Company, nor their respective associates (as defined in the Listing Rules).

By Order of the Board

Greentown Service Group Co. Ltd.

Li Hairong

Chairman

Hangzhou, the PRC

14 September 2020

As at the date of this announcement, the executive Directors are Ms. LI Hairong (Chairman), Mr. YANG Zhangfa, Mr. WU Zhihua and Mr. CHEN Hao; the non-executive Directors are Mr. SHOU Bainian, Ms. XIA Yibo and Mr. WANG Guangjian; and the independent non-executive Directors are Mr. LI Feng, Mr. POON Chiu Kwok, Mr. WONG Ka Yi and Ms. WU Aiping.

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