The board of directors of LVGEM (China) Real Estate Investment Company Limited announced that Mr. TANG Shouchun ("Mr. Tang") has notified the Board of his plan of retirement and will retire as chief executive officer of the Company with effect from 31 March 2024. Ms. HUANG Jingshu, has been appointed as the CEO and a Listing Rules Authorised Representative with effect from 31 March 2024 to fill the vacancy following Mr. Tang's cessation to act in the same capacity as mentioned above. As Ms. HUANG Jingshu serves as both the Chairman and the CEO, such practice deviates from code provision C.2.1 of the Corporate Governance Code as set forth in Appendix C1 of the Listing Rules (the "CG Code"), which requires that the roles of chairman and the chief executive officer should be separate and should not be performed by the same individual.

However, the Board considers that this structure will not impair the balance of power and authority between the Board and the management of the Company.