Shirble Department Store China : Change of Independent non-executive directors and change of board committees composition

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Shirble Department Store Holdings (China) Limited ๋ᘒϵ஬છٰ€ʕ਷Ϟࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 00312)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTORS AND

CHANGE OF BOARD COMMITTEES COMPOSITION

Change of Independent Non-Executive Directors

The board (the "Board") of directors (the "Directors") of Shirble Department Store Holdings (China) Limited (the "Company", together with its subsidiaries as the "Group") announces that Mr. FOK Hei Yu ("Mr. FOK"), has tendered his resignation as an independent non-executive Director, the chairperson of the audit committee of the Company, a member of the nomination committee of the Company and a member of the remuneration committee of the Company with effect from 30 March 2021 in order to devote more time to his other business engagements.

Mr. FOK has confirmed that he has no disagreement with the Board and that there is no other matter in connection with his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board also pleased to announce that Mr. TSANG Wah Kwong ("Mr. TSANG") has been appointed as an independent non-executive Director, the chairperson of the audit committee of the Company, a member of the nomination committee of the Company and a member of the remuneration committee of the Company with effect from 30 March 2021.

Mr. TSANG Wah Kwong, aged 68, is a former partner of PricewaterhouseCoopers in Hong Kong and China and has over 30 years of experience in auditing and providing support for initial public offerings and acquisition transactions. Mr. TSANG received a bachelor degree in business administration from Chinese University of Hong Kong. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, a member of the Chinese Institute of Certified Public Accountants and a fellow member of the Chartered Association of Certified Accountants.

Currently, Mr. TSANG is an independent non-executive director of the following companies listed on the Main Board of the Stock Exchange: China Merchants China Direct Investments Limited (stock code: 00133), CA Cultural Technology Group Limited (stock code: 01566), Sihuan Pharmaceutical Holdings Group Limited (stock code: 00460) and TK Group (Holdings) Limited (stock code: 02283). Mr. TSANG is an independent director of HUYA Inc (listed on the New York Stock Exchange, stock code: HUYA).

Mr. TSANG was an independent director of Agria Corporation (formerly listed on the New York Stock Exchange and delisted in January 2017) from August 2011 to October 2017, a director of PGG Wrightson Limited (a company listed on the New Zealand Stock Exchange; stock code: PGW) from November 2014 to October 2017, an independent non-executive director of Ping An Securities Group (Holdings) Limited (stock code: 00231) from February 2016 to March 2020, a company listed on the Main Board of the Stock Exchange and an independent non-executive director of PanAsialum Holdings Company Limited (stock code: 2078.HK) from January 2013 to January 2016.

Mr. TSANG has entered into a letter of appointment with the Company for a term of three years commenced from 30 March 2021. The Company and Mr. TSANG are entitled to terminate the appointment at any time by giving the other party three months' notice in writing. Mr. TSANG is entitled to an annual salary of HK$300,000 which are determined by the remuneration committee of the Board. Mr. TSANG's remuneration is subject to review by the remuneration committee of the Board from time to time.

As of the date of this announcement, save as disclosed above,

• (1) Mr. TSANG does not hold any position with the Company or other members of the Group;

• (2) Mr. TSANG does not have any other relationship with any Director, senior management or substantial or controlling shareholder (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) of the Company;

• (3) Mr. TSANG does not have, and is not deemed to have, any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations which is required to be disclosed under Part XV of the Securities and Futures Ordinance;

• (4) Mr. TSANG does not hold any directorship in other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the past three years or other major appointments and professional qualifications; and

• (5) there is no other information relating to the appointment of Mr. TSANG that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules or need to be brought to the attention of the shareholders of the Company and the Stock Exchange.

The Board would like to express its warmest welcome to Mr. TSANG and thank for Mr. FOK for his valuable contribution towards the Company during his tenure of service.

By Order of the Board

Shirble Department Store Holdings (China) Limited

YANG Ti Wei

Co-Chairman, Chief Executive Officer and

Executive Director

Hong Kong, 30 March 2021

As of the date of this announcement, the Board is comprised of six directors, namely Mr. YANG Ti Wei (Co-Chairman and Chief Executive Officer) and Mr. HAO Jian Min (Co-Chairman) as the executive Directors; Ms. HUANG Xue Rong as the non-executive Director; and Mr. CHEN Fengliang, Mr. JIANG Hongkai and Mr. TSANG Wah Kwong as the independent non-executive Directors.