Set out below is a simplified corporate structure of the Group as at 31 December 2024 which excludes intermediate holding entities, and the percentages of interests shown represent the percentages for which the Group has effective control.

(1) Listed on the main board of The Stock Exchange of Hong Kong Limited
(2) Listed on the Shanghai Stock Exchange
(3) Listed on the Shenzhen Stock Exchange
(4) These projects are held by Shenshi Smart Logistics Infrastructure Private Equity Partnership (Limited Partnership), a joint venture held by the Group as to 40% equity interest.
(5) These projects are held by the ChinaAMC-Shenzhen International Warehousing & Logistics Close-end Infrastructure Securities Investment Fund, in which the Group holds approximately 31% of the total units.
(6) Since 27 March 2025, the Group’s shareholding in Shenzhen Expressway Corporation Limited has changed to approximately 47.30%.
(7) Since 28 January 2025, the Group’s shareholding in Air China Cargo Co., Ltd. has changed to approximately 8.76%.
(8) The simplified corporate structure of the Group only included corporate entities and projects which are in operation as at 31 December 2024.

The English names of the PRC entities are translations of their Chinese names and included herein for identification purpose only. In the event of any inconsistency, the Chinese names shall prevail.