The board of directors of Meituan announced that Mr. Wang Huiwen has been re-designated from an executive Director to a non-executive Director with effect from March 25, 2023, as he would like to devote more time to his other commercial and personal affairs. After the Re-designation, Mr. Wang will relinquish his weighted voting rights (WVR) and gradually convert all his holding of the class A ordinary shares of the Company (the Class A Shares) into the class B ordinary shares of the Company (the Class B Shares) on the basis that one Class A Share shall be converted into one Class B Share. From the date of this announcement and before the aforesaid conversion which is expected to be completed by the end of April 2023 given the necessary procedural formalities involved, Mr. Wang will not exercise his WVR in any matters requiring approval from the shareholders of the Company (the Shareholders).

In addition, following the Re-designation, Mr. Wang will remain as a member of the nomination committee of the Board. Wang Huiwen, aged 44, is a Co-founder, and had been an executive Director. He was responsible for the on-demand delivery and certain new initiatives of the Company.

After withdrawing from his day-to-day duties in the Company in December 2020, Mr. Wang continued to perform his executive Director's duties by devoting himself to the strategic planning, organisational growth and talent development of the Company. Mr. Wang has over 12 years of managerial and operational experience in the internet industry. Prior to co-founding the Company, he co-founded xiaonei.com, in December 2005 and worked there as co-founder from December 2005 to October 2006.

xiaonei.com was sold to China InterActive Corp. in October 2006 which was later renamed as Renren Inc. In January 2009, Mr. Wang co-founded taofang.com and worked there from June 2008 to October 2010. Mr. Wang has become an independent non-executive director of Kuaishou Technology since February 2021.

Mr. Wang received his bachelor's degree in electronic engineering from Tsinghua University in July 2001. In respect of the Re-designation, the Company will enter into a new letter of appointment with Mr. Wang, pursuant to which he will be appointed as a non-executive Director for an initial term of three years commencing from March 25, 2023, subject to retirement by rotation and re-election at general meetings. Mr. Wang will not receive director's remuneration from the Company during his term in his capacity as a non-executive Director.