The board of directors of KWG Living Group Holdings Limited announced that with effect from 2 June 2023, Mr. KONG Jiannan has stepped down as the chief executive officer of the Company due to internal work adjustment and further optimization of duty allocation in the Group, whilst remaining his present role as an executive Director. The Board further announced that with effect from 2 June 2023, Mr. WANG Jianhui has been appointed as the CEO, where he will be responsible for the overall management of the Group. WANG Jianhui, aged 48, joined the Group as the chief executive officer of the property management business in June 2022 and assists the CEO in the overall management of the Group.

Mr. Wang has extensive cross-industry experience, and solid and valuable comprehensive experience in real estate development and operation management, management and organizational reform of large property groups, underlying insights and methodology of properties digital transformation and product implementation. Prior to joining the Group, he served in Longfor Group Holdings Limited and its related companies from June 2001 to November 2021, during which he successively served as civil engineer, research and development engineer, chief civil engineer, project manager and project director of Chongqing Longfor Properties Development Co. Ltd. from June 2001 to March 2010; as engineering director, deputy general manager and general manager of engineering and operation of Sunan Longfor Properties Development Co.

Ltd. from April 2010 to February 2015; as the general manager of the property service group of Longfor Property Service Group Co. Ltd. where he was responsible for the overall management of the group from February 2015 to September 2017; and as the senior vice president of Beijing Qianding Internet Company Limited, where he was responsible for market sales, company operation and digital products of property basic services from September 2017 to November 2021. Mr. Wang graduated from the School of Construction Engineering of Chongqing Architectural University in 1998 with a bachelor's degree in engineering, majoring in industrial and civil construction.

He graduated from Chongqing University in 2001 with a master's degree in management from the School of Construction Management and Real Estate, majoring in management science and engineering. Mr. Wang obtained the title of senior engineer of engineering technology in 2007. He was the vice chairman of the Standardization Working Committee of China Property Management Institute and the rotating chairman of the 4th China Quality Residence Alliance.

Mr. Wang has entered into a labour contract with the Group in respect of his appointment as the CEO for a term commencing from 2 June 2023 to 5 June 2025.