China Youzan Limited announces that Mr. Guan Guisen resigned as the chairman and an executive Director of the Company, compliance officer of the Company, and a member of each of the remuneration committee and nomination committee of the Company with effect from the date of this announcement, as he would like to devote more time to deal with the proceedings described below and to his personal commitments and matters concerning his roles and capacities outside of the Group. Mr. Guan has confirmed that he has no disagreement with the Board.