Jiumaojiu International Holdings Limited announced that in order to comply with code provision C.2.1of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual, Mr. He Chengxiao (Mr. He), an executive Director, has been appointed as the new chief executive officer of the company (chief executive officer) with effect from March 1, 2024. Mr. Guan Yihong (Mr. Guan) will remain as the chairman of the Board, an executive Director and the chairman of the nomination committee of the Company (the Nomination Committee) and will continue to lead the Board and formulate overall development strategies and business plans of the Company and oversee the management and strategic development of the company. Mr. He, aged 46, was appointed as an executive Director on July 2, 2020.

He joined the Group in 2013 and has served as the general manager of Guangzhou Tai Er Catering Chain Co. Ltd. since November 2017. He is responsible for coordinating the brand management and operational business of various brands of the Group.

He has also been appointed as the vice president of the Group with effect from May 1, 2020 and as a director of Jiumaojiu (Guangzhou) Holdings Limited, with effect from July 2, 2020. Mr. He served as the operation director of Guangzhou Jiumaojiu Catering Chain Co. Ltd., from November 2013 to October 2017.

Mr. He has extensive experience in both brand and operation management. Before joining the Group, he worked at Guangdong San Yuan McDonald Food Co. Ltd. (San Yuan McDonald's) from July 1999 to November 2013, and served as an operations manager before leaving San Yuan McDonald's. Mr. He graduated from the Guangdong University of Foreign Studies in 1999, specializing in international finance.