China Logistics Property Holdings Co. Ltd. announced the Mr. Li has tendered his resignation as the chief executive officer of the Group with effect from 28 January 2022 as a result of the Completion. Mr. Li founded the Group in 2000.

He was appointed as chairman of the Board, president of the Group and executive Director of the Company on 12 November 2013, and the chief executive officer of the Group with effect from 26 April 2019. Mr. Li has been the key driver of the business strategies and achievements of the Group. He has been primarily responsible for formulating and leading the implementation of the Group's overall development strategies and business plans and overseeing the Group's management and strategic development.

The Board will continue Mr. Li's endeavour after his resignation. Following Mr. Li's resignation as the chief executive officer of the Group, Mr. Li remains as an executive Director. Any changes to the Board will be made in compliance with the Takeovers Code and the Listing Rules and further announcement will be made by the Company as and when appropriate.

The Board announced that Mr. Hu Wei has been appointed as the chief executive officer of the Group with effect from 28 January 2022. Mr. Hu is currently the vice-president of JD Group and the chief executive officer of the Offeror. Mr. Hu has been a non-executive director of ESR Cayman Limited, a company listed on the Main Board of the Stock Exchange since February 2021.

Prior to his current positions, Mr. Hu has held several positions in JD Group, including as the general manager of southwest China department and the general manager of north China department of JD Logistics, the logistic arm of JD Group, from May 2015 to November 2017 and from December 2017 to April 2019, respectively. Mr. Hu has entered into a letter of appointment with the Company for an initial term of 3 years commencing from 28 January 2022, and may be terminated in accordance with the terms thereof. Mr. Hu is not entitled to receive any remuneration for his position as the chief executive officer of the Group.