Supplementary Legal Opinion on Jushen Logistics Group's Convertible Bond Issuance

Beijing Jiayuan Law Firm
Supplementary Legal Opinion (III)
Regarding the Issuance of Convertible Corporate Bonds by Jushen Logistics Group Co., Ltd. to Unspecified Objects
4th Floor, Ocean Building, No. 158 Fuxingmennei Street, Xicheng District
Beijing, China

Jushen Co., Ltd. Jiayuan - Supplementary Legal Opinion (III)
Table of Contents

Part One: Update on Information During Supplementary Verification Period .......................... 4

1. Authorization and Approval for This Issuance .............................................................. 4
2. Eligibility of the Issuer for This Issuance .................................................................. 4
3. Substantive Conditions for This Issuance .................................................................... 4
4. Independence of the Issuer .......................................................................................... 8
5. Controlling Shareholders, Actual Controllers, and Major Shareholders of the Issuer .... 9
6. Establishment, Capital, and Evolution of the Issuer .................................................... 9
7. Business of the Issuer .................................................................................................. 9
8. Related Transactions and Industry Competition .......................................................... 11
9. Major Assets of the Issuer .......................................................................................... 17
10. Major Debts and Liabilities of the Issuer .................................................................. 26
11. Significant Asset Changes and Mergers and Acquisitions During the Reporting Period of the Issuer ........................................................................................................ 30
12. Formulation and Amendment of the Issuer's Articles of Association ......................... 30