FUZHOU,China,Oct. 24,2024 -- Shengfeng Development Limited ("Shengfeng" or the "Company") (NASDAQ: SFWL),a contract logistics company in China providing customers with integrated logistics solutions,today announced that Mr. Yongxu Liu,the Company's Chairman,Chief Executive Officer and the largest beneficial shareholder of the Company,has purchased 500,000 Class A ordinary shares of the Company in the open market at an average price of $1.289 per share (the "Shares").

The purchases of Shares were made on October 14,2024 and October 15,2024.

"With our current position in China's logistics market,I'm confident in the Company's prospects,especially with the opportunities that we anticipate will emerge from the new energy sector," said Mr. Liu. "Additionally,I'm optimistic about our strategic expansion into cold chain logistics and cross-border logistics is expected to contribute to our future growth."

About Shengfeng Development Limited

Shengfeng Development Limitedis a contract logistics company in China providing customers with integrated logistics solution services. Established in 2001,the Company has developed extensive and reliable transportation networks in China,covering 341 cities across 31 provinces,as of June 30,2024. The Company provides integrated logistics solutions comprised of B2B freight transportation services,cloud storage services,and value-added services. The Company applies well-established management system and operation procedures to assist companies in China to increase efficiency and improve their own management systems with respect to transportation,warehousing and time management. For more information,please visit the Company's website: http://ir.sfwl.com.cn/.

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition,results of operations,business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances,or changes in its expectations,except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable,it cannot assure you that such expectations will turn out to be correct,and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.