The board of directors of Shoucheng Holdings Limited announced that in order to further strengthen the operation and management of the Company and to promote the implementation of strategic tactics, Mr. LI Wei ("Mr. LI"), an Executive Director and a member of each of the Executive Committee and Nomination Committee of the Company, was appointed as the President of the Company with effect from 9 July 2020. Mr. LI will continue to serve as the Executive Director and a member of each of the Executive Committee and Nomination Committee of the Company.