Qinqin Foodstuffs Cayman : APPOINTMENT OF CHIEF EXECUTIVE OFFICER

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Qinqin Foodstuffs Group (Cayman) Company Limited

親親食品集團（開曼）股份有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1583)

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The board (the "Board") of directors (the "Directors") of Qinqin Foodstuffs Group (Cayman) Company Limited (the "Company", together with its subsidiaries (the "Group")) is pleased to announce that Mr. Wu Wenxu, an executive director of the Company ("Mr. Wu") has been appointed as the chief executive officer of the Company with effect from 6 May 2021.

The Board considers that Mr. Wu, with his extensive experience in production and management, will facilitate the development and execution of the Group's business strategies and create value for the shareholders of the Company. The biographical details of Mr. Wu are as follows:

Mr. Wu Wenxu, aged 49, is an executive director of the Company and is the vice president of the Group responsible for managing and overseeing overall production activities and the management of the Group's supply chain, production facilities and equipment. He joined the Group in June 1993 and has rich experience in production and manufacturing, technological innovation and quality control.

Mr. Wu has entered into a service contract with the Company for a term of three years commencing on 8 December 2020, which may be terminated by not less than one month's notice in writing served by either party. His directorship is subject to retirement by rotation and reelection in accordance with the articles of association of the Company. He is entitled to a director's fee of HK$60,000 per annum, plus discretionary bonus, pursuant to his service contract. He is also entitled to a fixed annual salary of RMB382,200 plus an year-end discretionary bonus. When reviewing and determining the specific remuneration packages for the directors, the Company has taken into consideration factors such as their individual performance, qualification, experience and seniority, salaries paid by comparable companies, time commitment and responsibilities of each persons, employment elsewhere in the Group and desirability of performance-based remuneration.

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Mr. Wu will not enter into a separate service contract with the Company for his role as the chief executive officer of the Company and will not be entitled to any remuneration from the Company in his capacity as the chief executive officer of the Company.

As at the date of this announcement, Mr. Wu is interested in 220,000 share options of the Company.

Save as disclosed herein, as at the date of this announcement, Mr. Wu confirms that (a) he did not hold any directorships in any other listed public companies in the past three years; (b) he does not have any relationship with any other directors, senior management or substantial or controlling shareholders of the Company; (c) he does not have any interests in shares, underlying shares and debentures of the Company and/or its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong); (d) there is no other information which is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; and (e) there are no other matters that need to be brought to the attention of the shareholders of the Company in relation to his appointment as the chief executive officer of the Company.

Reference is made to the announcement of the Company dated 26 August 2019 regarding the resignation of the previous chief executive officer. Upon the appointment of Mr. Wu as the chief executive officer of the Company, Mr. Hui Ching Lau will no longer oversee the responsibilities of the chief executive officer of the Company with the support of the senior management team of the Group and will remain as Chairman and an executive director of the Company.

By Order of the Board

Qinqin Foodstuffs Group (Cayman) Company Limited

Hui Ching Lau

Chairman and Executive Director

Hong Kong, 6 May 2021

As of the date of this announcement, the Board comprises 12 Directors, of which three are executive Directors, namely Mr. Hui Ching Lau (Chairman), Mr. Wong Wai Leung (Chief Financial Officer and Company Secretary) and Mr. Wu Wenxu (Chief Executive Officer); five are non-executive Directors, namely Mr. Hui Lin Chit, Mr. Sze Man Bok, Mr. Wu Huolu, Mr. Wu Sichuan and Mr. Wu Yinhang; and four are independent non-executive Directors, namely Mr. Cai Meng, Mr. Chan Yiu Fai Youdey, Mr. Ng Swee Leng and Mr. Paul Marin Theil.

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