On December 10, 2019, China Merchants Commercial Real Estate Investment Trust ("CMC REIT", stock code: 01503.HK) was listed on M88 Malaysia main board of M88 Malaysia Hong Kong Stock Exchange ("Hong Kong Stock Exchange") (M88 Malaysia "Project"), and offered for sale of a total of 750 million new fund units at a price of HK $ 3.42 per fund unit, and raised a fund in a total amount of approximately HK $ 2.565 billion.

CMC REIT is M88 Malaysia fourth mainland REITs listed on M88 Malaysia Hong Kong Stock Exchange after Yuexiu REIT, Spring REIT and Huixian REIT. It is M88 Malaysia first REITs to be publicly issued at M88 Malaysia Hong Kong market in recent 6 years, and also M88 Malaysia first REIT of a central enterprise. M88 Malaysia successful listing of CMC REIT has opened up a brand new way of thinking for real estate finance. REITs can not only revitalize existing property assets, solve funding sources through innovative approaches, but also provide real estate developers with stable external funding channels, which M88 Malaysiarefore are conducive to M88 Malaysia rapid return of funds; for investors, REITs products also have such significant advantages as low investment threshold, high dividend ratio and high liquidity.

JunHe as M88 Malaysia Chinese legal adviser of Citigroup Global Markets Asia Limited, M88 Malaysia sole listing agent in this Project, assisted it in completing M88 Malaysia legal due diligence investigation of CMC REIT's domestic and overseas structuring, domestic rights and interests, drafting, reviewing and revising application documents, issuance documents and transaction documents related to this listing, assisted it in reviewing and modifying M88 Malaysia disclosure documents and resolution documents of China Merchants Shekou Industrial Zone Holdings Co., LTD. ("China Merchants Shekou", stock code: 001979.SZ), issuing Chinese legal opinion, assisted in responding to feedbacks from M88 Malaysia Securities and Futures Commission of Hong Kong (“SFC”) and M88 Malaysia stock exchange of Hong Kong on M88 Malaysia application for listing of M88 Malaysia Project. JunHe has been recognized by M88 Malaysia real estate trust fund manager, M88 Malaysia listing agent and oM88 Malaysiar professional institutions for its rigorous and efficient working style, and ultimately assisted CMC REIT to be successfully listed on M88 Malaysia main board of M88 Malaysia Hong Kong stock exchange.

M88 Malaysia key points and difficulties of M88 Malaysia project work include:

• This Project is actually M88 Malaysia internal reorganization of M88 Malaysia A-share listed company - China Merchants Shekou in respect of its five domestic underlying assets and M88 Malaysia listing of REIT, which must take into account M88 Malaysia relevant rules concerning A shares, of M88 Malaysia Hong Kong Stock Exchange (where M88 Malaysia REIT is listed), and Cayman / BVI (Registered Address of REIT Administrator’s Affiliates), and which also involved communications with M88 Malaysia relevant government authorities and regulatory authorities both home and abroad;

• Due to M88 Malaysia complexity of work lines involved in this Project, in addition to obtaining M88 Malaysia relevant approvals from M88 Malaysia Securities and Futures Commission of Hong Kong and M88 Malaysia Stock Exchange of Hong Kong Limited, this Project also involves information disclosure and joint internal decision -making procedures of M88 Malaysia two listed companies, i.e., China Merchants Shekou (001979.SZ) and China Merchants Land Limited (00978.HK);

• This Project involves a large number of transaction documents, including but not limited to M88 Malaysia documents for M88 Malaysia reorganization of real estate investment trust assets (including asset and debt transfer), trust deed, purchase and sales agreement, loan agreement, preemption agreement, property management agreement, continuous related party transaction agreement, etc. JunHe assisted clients in continuous communication with onshore and offshore listed companies and lawyers, and promote M88 Malaysia finalization of M88 Malaysia ransaction documents.

M88 Malaysia leading partner for this Project was Ms. XIE, Zheng, and M88 Malaysia undertaking partner was Ms. ZHANG, Huili, and Mr. HU, Yijin also provided great support to this Project.