The board of directors of East Buy Holding Limited has resolved, on 16 December 2023, to dismiss Mr. Sun Dongxu ("Mr. Sun") from the position of Chief Executive Officer of the Company ("CEO") and to re-designate him from his position as Executive Director of the Company, effective immediately. The change in Mr. Sun's position reflects his recent mismanagement of the Company's brand and reputation in light of recent media sentiment; the Board is of the view that Mr. Sun stepping down from these positions will better protect the interests of the Company's shareholders and allow for a more experienced director to take over the management of the Company. The Board has appointed Mr. Yu Minhong ("Mr. Yu") as the new CEO of the Company, effective immediately.

Mr. Yu will remain Chairman of the Board and will be re-designated as an Executive Director of the Company. Mr. Yu not only has a wealth of business executive and management experience, he has been and remains to be a well-known public figure in China, and is already the face and voice of the Group. Additionally, Mr. Yu has a deep understanding of both agricultural products and live-broadcasting.

With Mr. Yu acting as both Chairman of the Board and CEO, the Company will not only continue developing under Mr. Yu ' s strategic guidance and direction as Chairman of the Board, but management will be better able to implement this vision in an efficient and effective manner under Mr. Yu's executive leadership; the Board considers this dual-role to be beneficial to both the Company and its shareholders. The Board considers this a welcome opportunity to have Mr. Yu take a greater part in the executive and daily management operations of the Company and looks forward to working more closely with Mr. Yu on the future executive direction of the Company.