Baisheng Commercial Group Co., Ltd. (the “Company”) is a leading retail operator of fashion lifestyle throughout the People's Republic of China (“China”). The Baisheng brand entered the Beijing market in the early 90s and now operates and manages a diverse mix of retail formats, including department stores, shopping malls, urban outlets, “Parkson Beauty” concept stores and supermarkets. As of December 31, 2023, through the Company's subsidiaries and associated companies (hereinafter collectively referred to as the “Group”), the Group operated and managed 43 stores and 2 Baisheng Youke City Plaza in 29 cities in China and Laos. Localization and consistent market positioning are key strategies for Parkson to record continued growth and success. The Group adjusts product mix, brand mix and business area allocation based on each department store to better serve mid-range and high-end target consumers in the cities where the Group operates. The Group provides a range of fashion and lifestyle products from internationally renowned brands. These products are divided into four categories, namely “fashion and clothing”, “cosmetics and accessories”, “household goods and appliances”, and “food and fresh goods”, specially designed for young and fashionable families.