The board of directors of Yihai International Holding Ltd. announced that with effect from 9 December 2018, Mr. Shi Yonghong ("Mr. Shi"), a non-executive Director and the Chairman of the Board, has been re-designated as an executive Director in order to improve the efficiency of the operations of the Company. He remains as the Chairman of the Board. He has also been appointed as the Chief Executive Officer of the Company with effect from 9 December 2018.

Pursuant to Rule 3.21 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the terms of reference of the audit committee of the Company, the audit committee should comprise non-executive Directors only. Mr. Shi has therefore resigned from being a member of the audit committee with effect from 9 December 2018. The Board announces that with effect from 9 December 2018, Ms. Dang Chunxiang, an executive Director, has been re-designated to Vice President of the Company from the post of Chief Executive Officer due to internal adjustment of personnel responsibilities of the Group.

Ms. Dang remains as an executive Director and will be focused on the human resources of the Company and businesses of the Company relating to, among others, procurement, food safety and strategic research and development. The Board announces that with effect from 9 December 2018, Mr. Qian Mingxing has been appointed as a member of the audit committee. Mr. Shi is one of the founders of Haidilao International Holding Ltd. and its subsidiaries and has over 21 years of food industry and management experience within the Haidilao Group.

He has been a Director since December 2015 and is primarily responsible for participating in making major decisions for the Company.