The board of directors of Jia Yao Holdings Limited announced the retirement of Mr. Zeng Shiquan (Mr. Zeng) as an independent nonexecutive Director of the Company. Upon his retirement, Mr. Zeng will also cease to be a member of each of the audit committee (the Audit Committee) and the nomination committee (the Nomination Committee) of the Company. Mr. Zeng is subject to retirement by rotation at the forthcoming annual general meeting (AGM) of the Company to be held on 16 June 2023.

Mr. Zeng has informed the Company that he will not be seeking reelection at the AGM and will therefore retire at the conclusion of the AGM. Mr. Zeng was first appointed as independent nonexecutive Director of the Company in 2014. After having served on the Board for nearly 9 years, Mr. Zeng has decided to retire as a Director with effect from the conclusion of the AGM to make way for future appointments of new independent Directors who would bring fresh ideas to the Board.

Mr. Zeng has confirmed that he has no disagreement with the Board and that he is not aware of any matter in relation to his retirement that needs to be brought to the attention of the shareholders of the Company (the Shareholders).