Competing Proposal for Smart Share Global Ltd

Hillhouse Investment Management, Ltd. has submitted a competing proposal to acquire all outstanding shares and ADSs of Smart Share Global Ltd that are not already beneficially owned by Hillhouse, excluding those held by management members which will be rolled over. The proposed acquisition price is US$1.77 per ADS or US$0.885 per share in cash, representing a 42% premium over the current price of US$1.25 per ADS. Hillhouse intends to fund the acquisition solely through its U.S.-dollar investment funds, ensuring no third-party equity or debt financing is required. The proposal values the company at approximately US$450 million, significantly higher than the US$327 million implied by the current merger agreement. Hillhouse believes this offer provides superior value and greater deal certainty to the company's shareholders and constitutes a 'Superior Proposal' under the existing merger agreement.