Cheshi : RESIGNATION OF EXECUTIVE DIRECTOR; APPOINTMENT OF EXECUTIVE DIRECTOR; AND CHANGE IN COMPOSITION OF REMUNERATION COMMITTEE

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Cheshi Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1490)

RESIGNATION OF EXECUTIVE DIRECTOR; APPOINTMENT OF EXECUTIVE DIRECTOR;

AND

CHANGE IN COMPOSITION OF REMUNERATION COMMITTEE

The Board announces that, with effect from March 29, 2021:

• (1) Ms. Suo Yan has resigned as an executive Director and a member of Remuneration Committee due to internal staffing arrangements of the Company but will continue to serve as the Company's senior vice president; and

• (2) Mr. Lin Yuqi has been appointed as an executive Director, a member of Remuneration Committee and chief technological officer.

RESIGNATION OF DIRECTORS

The board (the "Board") of directors ("Directors") of Cheshi Holdings Limited (the "Company", together with its subsidiaries and its consolidated affiliated entities, collectively the "Group") announces that with effect from March 29, 2021, Ms. Suo Yan has resigned as an executive Director and a member of remuneration committee of the Board (the "Remuneration Committee") due to internal staffing arrangements of the Company but will continue to serve as the Company's senior vice president.

Ms. Suo Yan has confirmed that she has no disagreement with the Board and there is no matters in relation to her resignation which needs to be brought to the attention of the shareholders of the Company (the "Shareholders") or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to express its gratitude to Ms. Suo Yan for her valuable efforts and contribution to the Company during her tenure of service.

APPOINTMENT OF EXECUTIVE DIRECTOR AND CHIEF TECHNOLOGICAL OFFICER

The Board further announces that, Mr. Lin Yuqi ("Mr. Lin") has been appointed as an executive Director, a member of the Remuneration Committee and chief technological officer with effect from March 29, 2021 following the resignation of Ms. Suo Yan.

The biographical details of Mr. Lin are as follows:

Mr. Lin, age 34, has over 10 years of experience in the Internet industry. Before joining our Group in 2016, Mr. Lin began his career as an enginner in CNet (Beijing) Information Technology Co., Ltd. ( ෦ॶᅃ€̏ԯ߅ҦϞࠢʮ̡ ) from 2010 to 2012. He then joined Juzhong Netcom (Beijing) Technology Co., Ltd. €ၳ଺ၣஷ€̏ԯ߅ҦϞࠢʮ̡ ) in 2012 and served as director of the technology department until 2016.

Mr. Lin graduated from the Beijing Science, Technology and Management College in computer networking in August 2009.

Mr. Lin has entered into a service agreement with the Company for an initial term of three years commencing from March 29, 2021, and will continue thereafter until terminated by not less than three months' notice in writing served by either party to the other and shall hold office only until the first general meeting of the Company after his appointment and be re-elected at such meeting in accordance with the articles of association of the Company. Mr. Lin is entitled to receive remuneration of RMB600,000 per annum for his services as a chief technological officer and not entitled to any director's fees. Pursuant to the terms of the service contract, Mr. Lin shall not receive additional annual salaries in his capacity as an executive Director (inclusive of his role(s) as a member of any committees of the Board that the Board may appoint from time to time, if any) beyond his remunerative package under his employment contract with the Group or such higher sum as the Remuneration Committee may from time to time decide. Mr. Lin's remuneration is subject to annual review by the Remuneration Committee and shall be subject to the approval by a majority in number of the members of the Board.

As at the date of the announcement, save as disclosed above, Mr. Lin confirmed that (i) he does not have any relationship with any other directors, senior management, substantial shareholders, or controlling shareholders (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules")) of the Company; (ii) he does not have any interests in the shares, underlying shares or debentures of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) he does not hold other positions with the Company or other members of the Group; and (iv) he does not hold any other directorships in the last three years in any other public companies of which the securities are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, as far as the Board is aware, there is no other matters in relation to the appointment of Mr. Lin as an executive Director that need to be brought to the attention of the Shareholders nor any information that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules.

The Board would like to take this opportunity to express its warmest welcome to Mr. Lin for joining the Board.

By order of the Board Cheshi Holdings Limited

Mr. Xu Chong Chairman and Executive Director

Beijing, the PRC, March 29, 2021

As at the date of this announcement, the Board comprises Mr. XU Chong, Mr. LIU Lei, Mr. ZHU Boyang and Mr. LIN Yuqi as executive Directors and Mr. XU Xiangyang, Mr. LI Ming and Mr. NG Jack Ho Wan as independent non-executive Directors.