Grown Up Investment : (I) CHANGE OF DIRECTOR AND (II) CHANGE IN COMPOSITION OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

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Grown Up Group Investment Holdings Limited

植華集團投資控股有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock code: 1842)

1. 1. CHANGE OF DIRECTOR AND
2. CHANGE IN COMPOSITION OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

The Board announces the following changes with effect from 29 July 2020:

1. Mr. Jiang Yuan Kun has been appointed as an independent non-executive Director and a member of each of the Audit Committee, Nomination Committee and Remuneration Committee; and
2. Ms. Zhou Jing has tendered her resignation as an independent non-executive Director and also ceased to be a member of each of the Audit Committee, Nomination Committee and Remuneration Committee.

RESIGNATION OF DIRECTOR

The board (the "Board") of directors (the "Director(s)") of Grown Up Group Investment Holdings Limited (the "Company", together with its subsidiaries, the "Group") announces that Ms. Zhou Jing ("Ms. Zhou") has tendered her resignation as an independent non- executive Director with effect from 29 July 2020 due to her other career development (the "Resignation").

Following the Resignation, Ms. Zhou ceased to be a member of each of the audit committee of the Company (the "Audit Committee"), nomination committee of the Company (the "Nomination Committee") and remuneration committee of the Company (the "Remuneration Committee") with effect from 29 July 2020. Ms. Zhou ceased to hold any position within the Group following the Resignation.

Ms. Zhou confirms that (i) she has no disagreement with the Board; and (ii) there is no other matter relating to the Resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its sincere gratitude to Ms. Zhou for her valuable contributions to the Company throughout her term of office as an independent non-executive Director.

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APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Following the Resignation, the Board also announces that, with effect from 29 July 2020, Mr. Jiang Yuan Kun ("Mr. Jiang") has been appointed as (i) an independent non-executive Director, and (ii) a member of each of the Audit Committee, Nomination Committee and Remuneration Committee. The biographical details of Mr. Jiang are set out below:

Biography of Mr. Jiang

Mr. Jiang, aged 35, was graduated from Chongqing Technology and Business University (重 慶工商大學) with a bachelor's degree in law in 2007. Mr. Jiang has extensive experience in the areas of e-commerce and real property. Prior to joining the Group, Mr. Jiang was a deputy general manager of Chongqing Lao Tian Weng E-commerce Company Limited* (重慶老田 翁電子商務有限公司), being a company principally engaged in managing online stores for clients for the sale of food and beverages on e-commerce platforms, from February 2011 to January 2019, where he was primarily responsible for overall business management, strategic planning and daily operation. From January 2008 to November 2010, Mr. Jiang was a deputy general manager of Chongqing Zhongchi Property Company Limited (重慶中馳置業有限公 司), being a company principally engaged in property development, where he was primarily responsible for the administrative and risk management.

Save as disclosed above, Mr. Jiang did not (i) hold any directorship in any other listed public companies and other major appointments and qualifications during the last three years preceding the date of this announcement nor has any relationship with any directors, senior management and substantial shareholders or controlling shareholders of the Company; (ii) hold any other position with the Company or any of its subsidiaries; (iii) have any interest in any shares, underlying shares or debentures of the Company or any of its associated corporations (as defined under Part XV of the SFO).

Pursuant to the letter of appointment entered into between the Company and Mr. Jiang, Mr. Jiang is entitled to an annual remuneration of HK$120,000, which is determined by the Board based on the recommendation from the Remuneration Committee with reference to prevailing market conditions. Mr. Jiang has been appointed for a term of two years which will continue thereafter until being terminated by either party giving not less than seven days' written notice. The appointment of Mr. Jiang is subject to the provisions of retirement and rotation of Directors under the memorandum and articles of associations of the Company.

Save as disclosed above, there are no other matters concerning the appointment of Mr. Jiang that need to be brought to the attention of the shareholders of the Company and there is no other information relating to the appointment of Mr. Jiang that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules.

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The Board believes that Mr. Jiang's experience and expertise in the e-commerce industry will assist the Company in its e-commerce business development in the future. The Board would like to take this opportunity to welcome Mr. Jiang for joining the Board.

By order of the Board

Grown Up Group Investment Holdings Limited

Thomas Berg

Chairman and executive Director

Hong Kong, 29 July 2020

• For identification purpose only

As at the date of this announcement, the executive Directors of the Company are Mr. Thomas Berg, Mr. Morten Rosholm Henriksen, Mr. Cheng Wai Man, Mr. Brian Worm and Mr. Yuan Ye; the non-executive Director of the Company is Mr. Fung Bing Ngon Johnny; and the independent non-executive Directors of the Company are Mr. Tang Tin Lok Stephen, Mr. Lau Ning Wa Ricky and Mr. Jiang Yuan Kun.

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