The board of directors of China Youzan Limited announced that Mr. Zhu Ning, who is an existing executive Director and the chief executive officer of the Company, is appointed as the chairman of the Board and (ii) Mr. Yu Tao ("Mr. Yu"), who is an existing executive Director and the chief financial officer of the Company, is appointed as the compliance officer of the Company for the purposes of Rule 5.19 of the Rules Governing the Listing of Securities on GEM of the Stock Exchange, in each case with effect from the date of this announcement. Mr. Zhu is currently a member of each of the nomination committee and the remuneration committee of the Company. Mr. Zhu is also a director of several subsidiaries of the Company. Mr. Yu is currently a member of each of the inside information committee and risk committee of the Company.