The board of directors of Shanshan Brand Management Co., Ltd. announces that with effect from 26 June 2020: Mr. Zhuang Wei ("Mr. Zhuang") resigned as a non-executive Director (the "NED") due to change of working arrangement of the Company's controlling shareholder, Ningbo Shanshan Co., Ltd. and accordingly, ceased to act as the chairman of the Board (the "Chairman") and a member and the chairman of the nomination committee of the Board (the "Nomination Committee"); Mr. Yang Feng ("Mr. Yang") resigned as a NED due to change of working arrangement of Shanshan; and Ms. Hui Ying ("Ms. Hui") resigned as a NED due to change of working arrangement of Shanshan. The Board also announces that subsequent to Mr. Zhuang's resignation, Mr. Luo Yefei ("Mr. Luo"), an executive Director, has been appointed as the Chairman and a member and the chairman of the Nomination Committee with effect from 26 June 2020. Mr. Luo Yefei, aged 45, was appointed as an executive Director on 18 May 2016.