The board of directors of YuanShengTai Dairy Farm Limited announced that Mr. Fu Wenguo (?Mr. Fu?) has tendered his resignation as chief executive officer of the Company with effect from 23 February 2024 due to his other business commitments. Mr. Fu has confirmed that he has no claim against the Company in respect of his resignation and has no disagreement with the Board. Mr. Fu further confirmed that there are no matters in respect of his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.

Mr. Zhang Yongjiu (?Mr. Zhang?) has been appointed as CEO with effect from 23 February 2024. Mr. Zhang, aged 50, was the vice president of Heilongjiang Feihe Dairy Products Co. Ltd., prior to his appointment as an executive Director and the CEO.

Mr. Zhang joined the group of China Feihe in February 2006 and managed various departments, including production division, production division in Canada, construction and engineering, research and development, supply chain centre, quality centre and legal departments. Mr. Zhang graduated from the Heilongjiang College of Commerce with a bachelor's degree in freezing and refrigerating engineering in July 1996. He is a qualified engineer in diary process awarded by the Personnel Department of Heilongjiang Province in September 2001.

Mr. Zhang obtained the Certificate of Advanced Management Professionalism in February 2006 from the Research Center for Professional Managers of China National Center for Human Resources.