BabyTree Group announced that in order to further enhance the corporate governance of the company and comply with code provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules, and to better focus on the development strategy of the company, Mr. Wang has resigned from his role as the chief executive officer of the company with effect from January 20, 2021, but will continue to serve as the chairman of the Board, the chairman of the nomination committee of the company, the chairman of the strategic committee of the company and a member of the remuneration committee of the company. The Board announced that Mr. Pan Zhiyong has been appointed as chief executive officer of the company with effect from January 20, 2021. Mr. Pan is responsible for the implementation of the company's strategies to achieve the performance goals of the company. Mr. Pan, served as the president of the company from August 2020 to January 20, 2021. He has been appointed as an executive Director, the chief executive officer of the company and a member of the strategic committee of the company with effect from January 20, 2021.