The board of directors of the Cosmo Lady (China) Holdings Company Limited announced that Mr. Zheng Yaonan (“Mr. Zheng”) has resigned from his position as the Chief Executive Officer (the “CEO”) of the Company with effect from 19 August 2019, but remains as the chairman of the Board (“Chairman”) and an executive Director of the Company; and Mr. Siu Ka Lok (“Mr. Siu”) has been appointed as the CEO of the Company with effect from 19 August 2019. Mr. Siu joined adidas Sports (China) Co. Ltd. (“adidas”) in 2002, and was formerly the senior vice president of adidas Greater China, responsible for all business in Greater China.

Under his leadership, the revenue and profit of adidas in Greater China have recorded sustainable and profitable growth every year, making adidas one of the most popular sport wear brands in Greater China. In 2017, Mr. Siu, with extensive management experience in sports and apparel retail industries, has been awarded as “The Top 50 retail leaders in the retail industry in Hong Kong. The Board further announced that Mr. Lin Zonghong (“Mr. Lin”), an executive director of the Company and the deputy chairman of the Board, has been re-designated as a non-executive director of the Company and has vacated the office of deputy chairmanship with effect from 19 August 2019 due to internal group reshuffling of duties Mr. Lin is a vice president of the Company.

He also holds positions as a non-executive director and concurrently as the general manager of a number of the Company's subsidiaries. Mr. Lin is also one of the founders of the Group and he is primarily responsible for assisting the CEO in the strategic planning and monitoring overall performance of the Group. Mr. Lin has been serving the Group since September 2009.