The board of directors of Maoye International Holdings Limited announced that with effect from 10 March 2023: Mr. Zhong Pengyi has resigned as an executive Director and the vice chairman of the Board (the "Vice Chairman"), due to his desire to reduce workload to devote more time to his family and personal affairs; and Mr. Wang Bin has resigned as a non-executive Director, the authorised representative of the Company pursuant to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the authorised representative for accepting service of process and notices in Hong Kong on behalf of the Company pursuant to the Companies Ordinance, due to his other personal business engagements which require more of his time and dedication. Each of Mr. Zhong and Mr. Wang has confirmed that they have no disagreement with the Board, and there is no other matter relating to their resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company. The Board further announced that with effect from 10 March 2023: Mr. Tang Haifeng has been appointed as an executive Director; and Mr. Tony Huang has been appointed as a non-executive Director and the Authorised Representative.

Mr. Tang, aged 41, joined the Group in December 2021 and served as the general manager of the financial management centre of the Company. Mr. Tang has been the director of Maoye Commercial Co. Ltd. since December 2022.

From September 2019 to December 2021, Mr. Tang served as the senior director of the financial centre of Fantasia Group (China) Co. Ltd. From June 2017 to September 2019, Mr. Tang served as the deputy director of the financial management department of Shenzhen Huaqiang Group Co. Ltd. Before that, Mr. Tang worked in the financial management field in various large companies such as Shenzhen OCT Properties Co.

Ltd. and Konka Group Co. Ltd. Mr. Tang holds a bachelor's degree from the School of Accounting in Hunan University. Mr. Tang has rich experience in financial management.

Mr. Huang, aged 27, joined the Group in April 2018. Mr. Huang previously served as the general manager of Maoye Digital Intelligence Information Technology (Shenzhen) Co. Ltd. (an indirect non-wholly-owned subsidiary of the Company), the general manager of Shanxi Maoye Land and Real Estate Development Co.

Ltd.(an indirect wholly-owned subsidiary of the Company). Mr. Huang has been the director and CEO of Maoye Commercial Co. Ltd. since November 2019.

He is currently the director of Shenzhen Maoye Shangsha Co. Ltd. Mr. Huang holds a bachelor's degree in Computer Science from the University of Toronto, Canada. Mr. Huang is the son of Mr. Huang Maoru (an executive Director and controlling Shareholder).

Mr. Tang has entered into a service agreement with the Company for a term of three years, and Mr. Huang has signed an appointment letter with the Company for a term of three years. Both of them are subject to retirement by rotation and re-election at the forthcoming 2023 annual general meeting of the Company pursuant to the articles of association of the Company.