Minsheng Securities Co., Ltd. on the Listing Sponsorship Letter for the Initial Public Offering of Guangdong Jushen Logistics Co., Ltd.

Shenzhen Stock Exchange:

According to the approval document "Zheng Jian Xu Ke [2021] No. 1117" from the China Securities Regulatory Commission (CSRC), Guangdong Jushen Logistics Co., Ltd. (hereinafter referred to as "Jushen Co.", "the issuer", "the company") has publicly issued 32.242 million shares of common stock to the public, with the prospectus published on April 8, 2021. The issuer has committed to promptly handle the business registration changes after the issuance is completed. As the sponsor for Jushen Co.'s initial public offering, Minsheng Securities Co., Ltd. (hereinafter referred to as "Minsheng Securities", "the sponsor") believes that Jushen Co.'s application for stock listing fully complies with the relevant provisions of the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the Listing Rules of the Shenzhen Stock Exchange, and hereby recommends its stock for listing and trading on your exchange. The relevant information is reported as follows: Unless otherwise specified, the abbreviations or definitions in this sponsorship letter are the same as those in the "Prospectus for the Initial Public Offering of Guangdong Jushen Logistics Co., Ltd."

I. Overview of the Issuer

(1) Basic Information of the Issuer

1. Overview

   • Company Name: Guangdong Jushen Logistics Co., Ltd.
   • English Name: Guangdong Jushen Logistics Company Limited
   • Registered Capital (before this issuance): RMB 96.558 million
   • Registered Capital (after this issuance): RMB 128.800 million
   • Legal Representative: Lei Qi
   • Date of Establishment: November 10, 2011
   • Date of Transformation into a Joint Stock Company: July 1, 2016
   • Company Address: Room 211, 213, 2nd Floor, Office Building, No. 1 Jintai Road, Danzhao Logistics Center, Nanhai District, Foshan City
   • Postal Code: 528216
   • Telephone: 0757-85130718
   • Fax: 0757-85130720
   • Website: www.jushen.co
   • Email: benbu.lei@jushen.co
   • Business Scope: General freight (operating with a valid Road Transport Business License); cargo transportation agency, cargo loading and unloading services. (Projects requiring approval must be approved by relevant departments before commencing operations.)

2. Establishment The company was established through the overall transformation of Jushen Limited into a joint-stock company. On May 30, 2016, the limited company held a shareholders' meeting and unanimously agreed to transform the company from a limited liability company into a joint-stock company. On June 18, 2016, the preparatory joint-stock company held its founding meeting and the first extraordinary shareholders' meeting of 2016, resolving to transform the limited company into a joint-stock company, with Jushen Limited's audited net asset value as of March 31, 2016, being RMB 46.9697 million, and after deducting special reserves of RMB 140,700, the capital stock was converted at a ratio of 1:0.9609 to 45 million shares, with the remaining RMB 1.829 million included in capital reserves. On July 1, 2016, the company completed the change of registration with the Foshan Administration for Industry and Commerce and received its business license, with a unified social credit code of 914406045847415061. At the time of establishment, the number of shares held by each promoter and their respective shareholding ratios were as follows:

(2) Main Business

The company focuses on the logistics field of non-ferrous metals, providing customers with diversified comprehensive logistics services, including logistics solution design, transportation, warehousing and loading and unloading, futures delivery and standard warehouse receipt production, cargo rights transfer registration, and warehousing management.