Zhi Sheng Group Holdings Limited

(Stock Code: 8370.HK)

Appoints Mr. Lai Ningning as Chief Executive Officer

(28 January 2025, Hong Kong) Fast-developing data center construction and management company - Zhi Sheng Group Holdings Limited (the “Company” or “Zhi Sheng Group”, stock code: 8370.HK) is pleased to announce that, it has appointed Mr. Lai Ningning as its Chief Executive Officer with effect from 23 December 2024. Mr. Lai has been appointed for an initial term of one year, which is automatically renewable for a successive term of one year each commencing from the expiry of the then current term of appointment.

Mr. Lai is currently an executive Director of Zhi Sheng Group. Entering the data center industry as early as 2000, Mr. Lai. has accumulated over 20 years of industry experience, making him a well-regarded expert in the field. He previously worked for VNET Group, one of China's top data center operators, where he started as a junior engineer. Within six years, he was promoted to senior executive, establishing an industry-leading independent business unit in just another four years. In 2017, Mr. Lai founded Beijing Hao Kuan Network Technology Company Limited, currently the largest internet exchange center service provider in China, serving numerous well-known enterprises. On top of the above achievements, he also founded Beijing Haoyang Cloud & Data Technology Company Limited, overseeing the construction of two large-scale data center campuses along with multiple exchange and incubation projects.

One of the most well-known projects under his supervision was the Langfang No. 1 Data Center. The project, built to national Class A standards, boasts a total power capacity exceeding 300MW and computing power of over 200,000P, capable and currently serving several prominent internet players. Benefited from Mr. Lai’s extensive industry experience and exceptional achievements, the Langfang No. 1 Data Center project has also attracted investment from one of the world's largest private equity firms.

In recent years, Zhi Sheng Group has been actively expanding its data center business. In 2020, the Company officially launched its data center operations in Shanghai through the acquisition of Polyqueue Limited, initially leasing data center cabinets and subleasing them to third-party customers in return for stable rental income. As the data center market continued to thrive, the Company also strived to expand its upstream resources to reduce costs and increase efficiency, and in turn, establish long-term partnerships with several well-known internet companies through outstanding service capabilities. Recently, the Company has also introduced the buildout management service business, an innovative business model that covers data center construction and management, effectively enhancing customer stickiness and profitability of projects.

The Board would like to welcome Mr. Lai on his appointment, and is confident in his capability for fast-tracking its business development. The appointment of Mr. Lai should bring vast industry experience, strong technical know-how, and extensive global resources to the Company's data center business. Given the Company’s data center business is still in its early stages, Mr. Lai’s presence is expected to accelerate the transformation of its data center business, allowing the Company to further expand its customer base, and achieve greater heights in the data center industry.

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About Zhi Sheng Group Holdings Limited

Zhi Sheng Group is principally engaged in the manufacture and sale of furniture products, with its products mainly selling to the domestic PRC market, including Sichuan Province, Chongqing City, the Tibet Autonomous Region and Guizhou Province. Since the acquisition of Polyqueue Limited in January 2020, the Group has also tapped into the data center business in the PRC. By June 2021, the Group started to carry buildout management service business, seizing the market opportunities brought about by the development of AI and cloud computing.

This press release is issued by DLK Advisory Limited on behalf of Zhi Sheng Group Holdings Limited.

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