The board of directors of Yadea Group Holdings Ltd. announced that, in accordance with the articles of association of the Company, Mr. Li Zongwei and Mr. Yao Naisheng, the independent non-executive Directors since 18 January 2015 and 28 August 2015 respectively, will retire by rotation at the annual general meeting to be convened on 16 June 2023. Due to their personal pursuits, they have decided not to offer themselves for re-election at the AGM. Accordingly, Mr. Li and Mr. Yao will cease to act as the independent non-executive Directors with effect from the conclusion of the AGM.

Upon the retirements, Mr. Li will also cease to act as the chairman of the audit committee of the Company and a member of the nomination committee of the Company, and Mr. Yao will also cease to act as a member of the Audit Committee, a member of the remuneration committee of the Company and a member of the Nomination Committee. In accordance with the Articles, Mr. Wu Biguang, an independent non-executive Director since 10 December 2014, will retire by rotation at the AGM. As he will have served the Board for more than 9 years, he has decided not to offer himself for re-election at the AGM by complying with the best corporate governance standard.

Accordingly, Mr. Wu will cease to act as an independent non-executive Director with effect from the conclusion of the AGM. Upon the retirement, Mr. Wu will also cease to act as a member of the Audit Committee, the chairman of the Remuneration Committee and a member of the Nomination Committee.