The board of directors of Yuzhou Group Holdings Company Limited received a resignation letter from Mr. Lam Lung On pursuant to which Mr. Lam resigned as the chief executive officer of the Company with immediate effect, due to the adjustment of his working arrangement. Mr. Lam has confirmed that he had no disagreement with the Board and there are no other matters relating to his resignation above that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. The Board would like to take this opportunity to express its sincere gratitude to Mr. Lam for his valuable contributions to the Company during his tenure of office.

Following the Resignation of Mr. Lam, Mr. Lam was re-designated from an executive Director to a non-executive Director and was appointed as a member of the Sustainability Committee with effect from 24 June 2022. Lam Lung On, aged 57, was appointed as the Chairman and an executive Director on 9 October 2009, and he was also a member of the Remuneration Committee and the Nomination Committee. Since he founded the Group in December 1994, Mr. Lam has held various positions including but not limited to chairman, deputy chairman, director and general manager in most of subsidiaries of the Group and is primarily responsible for overseeing the development planning and strategic layout of the Company as well as the major decisions on the investment and human resources of the Company.

He has over 28 years of experience in residential, commercial and hotel property development and investment. In 2006, Mr. Lam became an honorary citizen of Xiamen accredited by the mayor of Xiamen. Besides, he was appointed as a deputy of the Hong Kong Special Administrative Region of the People's Republic of China to the 13th National People's Congress and has served in various public service positions, including a member of the HKSAR Election Committee, Vice Chairman of the All-China General Chamber of Industry and Commerce a member of the Standing Committee of the All- China Federation of Returned Overseas Chinese, and a member of the Tianjin Committee of the Chinese People's Political Consultative Conference.

The Board is to announced the Resignation of Mr. Lam, Ms. Kwok Ying Lan was appointed as the Chairman, the Chief Executive Officer of the Company, the chairman of the Sustainability Committee, a member of the Remuneration Committee and a member of the Nomination Committee with immediate effect. Ms. Kwok is currently an executive Director. Following the Appointment of Ms. Kwok, Ms. Kwok will assume the dual roles of the Chairman of the Board and the Chief Executive Officer of the Company.

The Board believes that having the same individual in both roles as the Chairman of the Board and the Chief Executive Officer ensures that the Group has consistent leadership and could make and implement the overall strategy of the Group more effectively. The Board believes that this structure does not compromise the balance of power and authority. The Board will regularly review the effectiveness of this structure to ensure that it is appropriate to the Group's circumstances.

Kwok Ying Lan, aged 51, was appointed as an executive Director on 9 October 2009. Since joining the Group in April 1997, Ms. Kwok has held various positions including but not limited to chairman, director and general manager in most of the subsidiaries of the Group and is primarily responsible for the financial, capital and auditing work of the Company. Ms. Kwok has over 24 years of experience in property development and financial management.

Ms. Kwok was an executive director of the Xiamen Association of Enterprises with Foreign Investment. Ms. Kwok also serves as a member of the Standing Committee of the Xiamen Municipal Committee of the Chinese People's Political Consultative Conference, the director of Fujian Overseas Women's Friendship Association, the deputy chairman of the Hong-Kong Xiamen Friendship Union, and the honorary advisor of the Hong Kong Chinese Importers' & Exporters' Association. She is the spouse of Mr. Lam Lung On, a non-executive Director and a controlling shareholder of the Company, and the sister-in-law of Mr. Lin Conghui, an executive Director.

Before she joined the Company, Ms. Kwok worked for China Construction Bank Xiamen Branch, a state-owned bank.