The board of directors of China Youzan Limited announces that, with effect from 24 December 2021: Mr. Cao Chunmeng has resigned as an executive director of the Company and an authorized representative and the chairman of the inside information committee of the Company due to other business engagement which requires more of his dedication; Mr. Yan Xiaotian has resigned as an executive director and the chairman of the risk committee of the Company due to other business engagement which requires more of his dedication; Mr. Gu Jiawang has resigned as an independent non-executive Director and a member of each of the audit committee, remuneration committee and nomination committee of the Company due to other business engagement which requires more of his dedication; and Mr. Xu Yanqing has resigned as an independent non-executive Director of the Company due to other business engagement which requires more of his dedication. The Board also announces that Mr. Fung Kwok Leung has tendered his resignation as the company secretary of the Company (the "Company Secretary") with effect from 24 December 2021 due to other business engagement which requires more of his dedication. The Board announce that, following Mr. Cao ' s resignation as an Authorised Representative under the GEM Listing Rules, Mr. Cheng has been appointed as an Authorised Representative under the GEM Listing Rules and also an authorised representative of the Company under Part 16 of the Companies Ordinance with effect from 24 December 2021.