Zhaobangji Lifestyle Holdings Limited announces that with effect from 4 June 2024, Mr. Xu Chusheng ceases to be the Chief Executive Officer of the Company due to his decision to devote more time to his other business commitments. Mr. Xu Chusheng will continue to be an executive Director of the Company. Mr. Xu Chusheng confirmed that he has no disagreement with the Board in relation to his resignation as Chief Executive Officer that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company.

Mr. Yin Ying Cai ("Mr. Yin") has been appointed as Chief Executive Officer of the Company. Mr. Yin, aged 41, graduated from the China University of Geosciences (Wuhan) with a bachelor degree in civil engineering in 2009. Between June 2009 to August 2011, he worked in the budgeting department of Beijing Tianqing Real Estate Development Company Limited.

Between August 2011 to April 2018, he worked was the procurement cost department manager and key project execution manager for China Resources Land. Between April 2018 to February 2020, he was the procurement general manager of Hainan area for Kaisa Group. Between February 2020 to March 2023, he was the cost and procurement general manager for Hazens Group.

From September 2023 to present, he was the rotating chief executive officer, cost and procurement general manager, assistant to chairman for Shenzhen Zhaobangji Group. Under the letter of appointment entered into between Mr. Yin and the Company, the appointment will take effect on 4 June 2024 for a term of one year. His directorship in the Company is subject to retirement and re-election at general meetings of the Company in accordance with the articles of association of the Company.