Sun Art Retail Group Limited announced that Mr. LIN Xiaohai ("Mr. Lin") has tendered his resignation as an executive Director and the chief executive officer of the Company with effect from 26 March 2024 due to the redesignation of his position to other business of Alibaba Group Holding Limited (a company incorporated in the Cayman Islands with its American depositary shares, each representing eight ordinary shares and listed on the New York Stock
Exchange under the stock code BABA, and its ordinary shares listed on the Main Board of the Stock Exchange under the stock code 9988). Mr. Lin has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation as an executive Director and the chief executive officer that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") or the Stock Exchange. The Board hereby announces that Mr. SHEN Hui ("Mr. Shen") has been appointed as an executive Director and the chief executive officer of the Company with effect from 27 March 2024. Biographical details of Mr. Shen are as follows: Mr. SHEN Hui, aged 49, has over 20 years of extensive management experience in China's retail industry. Since 2019, he has started his own business and acted as an independent consultant, offering coaching services to large corporations. From 2017 to 2018, he was the vice president of Fosun Tourism Group (a company listed on the Stock Exchange under the stock code 1992) and the managing director of its subsidiary, Meituo. Mr. Shen served as the general manager of hypermarkets operating under the Auchan banner of the Group from February 2016 to May 2017, responsible for the strategic direction and overall performance of the hypermarkets under the Auchan banner. Joining the Group as a section manager in 1999, Mr. Shen was involved in the initial stages of establishment of the Auchan banner in China and worked as a store manager and human resource director of Auchan China successively. He also had three years of working experience in Auchan France as a store manager from 2010 to 2013. Mr. Shen received a bachelor's degree in Management from the Harbin University of Science and Technology in 1996. The Board announces that following the resignation of Mr. Lin, Mr. Lin ceased to be an authorized representative of the Company with effect from 26 March 2024 and Mr. Shen has been appointed as an authorized representative of the Company with effect from 27 March 2024.