Goodbaby International Holdings Limited announced that the Board and Mr. Martin Pos ("Mr. Pos") have mutually agreed for Mr. Pos to step down from his role as the Chief Executive Officer (the "CEO") of the Company and to assume the role as the executive chairman of CYBEX with effect from the date of this announcement. In his capacity as the executive chairman of CYBEX, Mr. Pos will continue to lead CYBEX's vision and team with the same authority and report to the Board directly. Mr. Pos will continue to serve as an Executive Director to provide his valuable insight and perspective to the Board.

For a number of consecutive years, CYBEX has been the fastest growing and commercially most successful brand of the Group. CYBEX has also proved its resilience and ability to continue its growth globally, especially during the period of COVID-19 pandemic and geopolitical uncertainties. As the founder of CYBEX, Mr. Pos has been playing a crucial role in CYBEX's success, and his continued involvement in CYBEX's growth and development is critical.

To take advantage of the positive post-pandemic momentum and to leverage the unique strength and growth potential of CYBEX, the Board and Mr. Pos are of the view that such change would enable Mr. Pos to fully focus his capacity to drive the evolution of CYBEX to its next phase of development. The Board and Mr. Pos believe that the above arrangement will further facilitate the development and growth of CYBEX and is advantageous to the Group as a whole. The step-down of Mr. Pos as the CEO of the Company has been mutually agreed between the Board and Mr. Pos.

There is no disagreement between the Board and Mr. Pos with regard to the step-down and there are no other matters in relation to the step-down that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company. Following the step-down of Mr. Pos as the CEO of the Company, the Board further announces that with effect from the date hereof, Mr. Liu Tongyou ("Mr. Liu"), currently an Executive Director and the Chief Financial Officer of the Group, has been appointed as the CEO of the Company, and such appointment is coterminous with the term of his appointment as an Executive Director. As Mr. Liu is entitled to receive Director's emoluments as an Executive Director, no additional emolument will be paid to Mr. Liu as a result of his appointment as the CEO of the Company.

Given Mr. Liu has been involved in the day-to-day management of various internal functions and actively participated in the strategic planning of the business development of the Group, the Board believes that with the substantial industry experience that Mr. Liu possesses and his in-depth understanding of the business operations and strategy of the Group, he has the right caliber to succeed Mr. Pos and to act as the CEO of the Company. Set out below are the biographic information of Mr. Liu. Mr. Liu, aged 55, was appointed as an Executive Director on 21 February 2017 and the Regional Chairman APAC on 15 July 2017 responsible for direct supervision and management of the Group's finance, internal audit, legal affairs and mergers and acquisitions.

Mr. Liu started to support the Group from 1994 and formally joined the Group in 1996. Since joining the Group, Mr. Liu has been responsible for the Group's finance, internal audit, legal affairs and investment and financing management. Mr. Liu also served as a director of certain group companies.

For further details on the biography of Mr. Liu, please refer to the Company's annual report for the year ended 31 December 2021 published on 20 April 2022.