China 21st Century Education Group Limited announced that on 12 June 2023, the board received a notice from Mr. Li Yunong, an executive Director and the chairman of the Board, that he will retire from office upon the conclusion of the AGM pursuant to the Articles of Association. Mr. Li confirmed that he will not offer himself for re- election at the AGM due to his other personal commitments. Accordingly, Mr. Li will also cease to be the chairman of the nomination committee of the Board with effect from the conclusion of the AGM.

The Board is also pleased to announce that Mr. Li Yasheng will be re-designated from an executive Director to a non-executive Director and be appointed as the chairman of the Board and the chairman of the nomination committee of the Board with effect from the conclusion of the AGM, whilst continuing with his present role as a member of the remuneration committee of the Board. As the chairman of the Board, Mr. Li Yasheng will be responsible for formulating the overall development strategy of the Group, and be responsible for resources integration and guiding the Group's development in the capital market. The re-designation of Mr. Li Yasheng from an executive Director to a non-executive Director is to allow him more time to focus on his role as the chairman of the Board in guiding the Company's development in the capital market and external affairs, whilst contributing his experience and skills to the Board.

The biographical details of Mr. Li Yasheng are set out below: Mr. Li Yasheng, aged 27, was appointed as an executive Director in March 2021, is responsible for promoting the implementation of major events of the Group in line with its business strategy. Mr. Li Yasheng joined the Group in 2017, and served as the investment director of the strategic investment department from December 2017 to December 2019 and an assistant to the president of the Company from January 2020 to November 2020. Mr. Li Yasheng graduated from New York University Leonard N. Stern School of Business with a bachelor's degree in finance and market management in 2017.

He also graduated from the Cornell- Tsinghua Dual Degree Finance MBA program jointly offered by PBC School of Finance, Tsinghua University and S.C. Johnson Graduate School of Management, Cornell University, with an MBA degree in October 2022. Mr. Li Yasheng is the son of Mr. Li (a controlling shareholder of the Company and the retiring executive Director).