China Dongxiang (Group) Co., Ltd. announced that the board of directors of the Company announced that Mr. Zhang Zhiyong has tendered his resignation as the the president, an executive director and a member of the executive committee of the Company, all with effect from 29 September 2023 . The Board also announced that in place of Mr. Zhang, Ms. Chen Chen has been appointed as the president of the Company each with effect from 29 September 2023. She is aged 37, has been acting as the Board's co-chairman, the co-president, an executive director and a member of the executive committee of the Company.

She is primarily responsible for overseeing the marketing and design of Kappa products of the Company. Ms. Chen joined the Company in 2012 -- she served as product planning representative in the apparel planning team of the Company from 2012 to 2013, and was promoted as the manager of the marketing department and the apparel design department and the vice president of the brand department in 2013. Since December 2014, Ms. Chen has served as an executive director and a member of the executive committee of the Company.

Since February 2018, she has acted as the Company's co-president. In March 2022, Ms. Chen was appointed as the Board's co-chairman. Ms. Chen obtained a bachelor's degree in Fashion Design Technology -- Surface Textiles from University of the Arts -- London College of Fashion, London, the United Kingdom in 2010.

Ms. Chen is the daughter of Mr. Chen Yihong the Board's chairman, an executive director of the Company and the controlling Shareholder.