SINGAPORE - Media OutReach - 16 April 2020
- Shanghai Foreign Service (Group) Co., Ltd) ("FSG") (www.fsg.com.cn) and
TG Human Resource Services Pte Ltd ("TG") (www.tg-hr.com) are pleased  to officiate FSG's 35% equity acquisition of
TG by holding an investment signing ceremony on 30 March 2020. The signing was
done remotely, and coordinated among parties in Shanghai, Singapore and Japan.

Present
at the ceremony were:

• Li Dong, Deputy Secretary of the Party Committee of Donghao
  Lansheng Group, Secretary of the Party Committee and Chairman of Shanghai Foreign
  Service
• Gao Yaping, Deputy Secretary of the Party Committee and
  President of Shanghai Foreign Service
• Zhang Zheng, Deputy General Manager of Investment and
  Development Department of Donghao Lansheng 
• Yu Liyue, Vice President of Shanghai Foreign Service
• Paul Ng, Chairman of TG
• Emily Chiang, Director of TG
• Wong Poh Swan, Director and General Manager of TG in Singapore
• Sato Ruiji, Director and General Manager of TG in Japan

The
equity transfer was successfully concluded on 31 March 2020 in Singapore. After
the acquisition, TG is now officially renamed FSG TG Human Resource Services
Pte Ltd ("FSG TG").

Since
2016, FSG and TG have had multiple rounds of high-level exchanges and
discussions regarding equity investment matter which lay the foundation for
this cooperation. After the acquisition, FSG TG will continue to use Singapore
as its headquarters, providing professional human resource services such as
recruitment, RPO, and flexible workforce. FSG TG will operate in Singapore,
Japan, Malaysia, Thailand, Philippines, Australia, Hong Kong, China, Macau,
Taiwan, and has plans for future expansion in other countries and regions. The
acquisition by, and relationship with FSG, will allow FSG TG to enjoy an
integrated industry brand advantage, regional resources, and enhanced
capabilities in accelerating deployment and market expansion in the
Asia-Pacific region.

At the
signing ceremony, Li Dong said, "This is a commemorative moment for FSG and TG,
and I am looking forward to FSG TG achieving new milestones. The directors and
senior management team has worked diligently to create maximum value for
shareholders. I expect FSG TG to have an international vision and local know-how
to create an impact to human capital for Chinese companies going international
and for Asian companies. I also expect FSG TG to use talents as the most
important resource and create a better life for all employees."

Gao
Yaping added, "The cooperation means that FSG and TG are now family. We will
face new opportunities and challenges together, and both parties will actively
promote management integration, accelerate business integration, to achieve the
development goals and growth of FSG TG."

Yu Liyue
said, "FSG TG will focus more on recruitment and flexible employment services
to drive new breakthroughs in the Chinese and Asian markets."

Paul
Ng agreed and said, "FSG TG will actively respond to China's "Belt and Road"
initiative and provide value for money recruitment and flexible employment
solutions for Chinese "Going Global" companies, Asian multinational companies,
and Asian local companies." Sato Ryuji added "This cooperation will open up new
opportunities for the two companies in Asia Pacific, symbolizing the further
expansion of the influence of Asia-centric human resources service companies in
the global human resources space. In the near future, FSG TG will leverage on the
knowledge of both parties to become a benchmark enterprise in the field of
human resources in Asia."

Related Links: About Shanghai Foreign Service (Group) Co., Ltd.

Shanghai
Foreign Service (Group) Co., Ltd. (abbreviated as "Shanghai Service",
English abbreviation "FSG") was established in 1984 and is affiliated
with Donghao Lansheng (Group) Co., Ltd. Relying on 36 years of expertise,
adhering to the corporate mission of "building bridges and leading the
way, gathering talents to develop business", FSG uses the unique service
model of "consultation, technology and service", focusing on
"personnel management, salary and welfare, recruitment and flexibility .
The four main businesses of "employment and business outsourcing"
provide all kinds of enterprises with a comprehensive human resource solution
that integrates local wisdom and global vision, and implements the strategy of
Shanghai talent peak construction, the "Belt and Road" initiative.

At
present, FSG has 163 directly affiliated branches and 450 service outlets
nationwide, providing professional and efficient human resources services to 3
million employees of more than 50,000 companies. More than 85% of the world's
top 500 companies have chosen FSG Outsourcing services. At the same time,
through in-depth cooperation with the world's leading institutions, FSG actively
builds a service platform for human capital allocation in the Asia-Pacific
region. The service network includes Japan, Singapore, Malaysia, Vietnam,
Thailand, South Korea, the Philippines, Hong Kong, China Taiwan, Macau China.

In
2019, FSG's operating income exceeded 150 billion yuan, and its market share
ranked first in the industry. The group affiliated to FSG ranks 125th among the
top 500 Chinese enterprises in 2019 and 53rd among the top 500 Chinese service
enterprises, and continues to lead the human resources service industry in
China.

Related Links: About TG Human Resource Services Pte Ltd.

Headquartered
in Singapore, TG Group provides flexible workforce, permanent placements
recruitment process outsourcing and business process outsourcing services with operations
in Singapore, China, Hong Kong, Japan, Macau, Malaysia and Taiwan. TG mission
is to Improve Economic Returns, Delivering Exceptional HR Solutions that
Matters.