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.

ShanghaiForeign Service (Group) Co., Ltd. (abbreviated as "Shanghai Service",English abbreviation "FSG") was established in 1984 and is affiliatedwith Donghao Lansheng (Group) Co., Ltd. Relying on 36 years of expertise,adhering to the corporate mission of "building bridges and leading theway, gathering talents to develop business", FSG uses the unique servicemodel 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 solutionthat integrates local wisdom and global vision, and implements the strategy ofShanghai talent peak construction, the "Belt and Road" initiative.

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

In2019, FSG's operating income exceeded 150 billion yuan, and its market shareranked first in the industry. The group affiliated to FSG ranks 125th among thetop 500 Chinese enterprises in 2019 and 53rd among the top 500 Chinese serviceenterprises, and continues to lead the human resources service industry inChina.

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.