Meitu, Inc. at its annual general meeting held on June 1, 2023, approved that Mr. HONG Yupeng was elected as a Director with effect from the conclusion of the AGM, and was subsequently designated as a non-executive Director by the Board. Mr. Hong, aged 46, is the chief executive officer and partner of Longling Investment Co. Ltd. from July 2015, and the executive director and general manager of Xiamen Longling Asset Management Co.

Ltd. from August 2022, each of which principally engages in venture capital investments primarily in technology related start-up companies with the attitude of embracing change and the future. Between March 2014 and July 2015, Mr. Hong served as the vice president of the company's indirect wholly- owned subsidiary, Xiamen Home Meitu Technology Co. Ltd. From August 2011 to February 2014, he was the deputy general manager and board secretary of 4399 Net Limited.

Between March 2007 and August 2011, he was a practising lawyer at Beijing Shanggong Law Firm and from September 2003 to March 2007, he was a practising lawyer at Fujian Shili Lawyer Office. Mr. Hong graduated from Fuzhou University with a bachelor's degree in Industrial Management Engineering in July 1997 and also a Juris Master from Xiamen University in July 2003. Mr. Hong served as an independent non-executive director of FinTech Chain Limited since January 18, 2021.

Save as disclosed in this announcement, Mr. Hong has not held any directorship in the last three years in any public company in the securities of which are listed on any securities market in Hong Kong or overseas, and does not have any other relationships with any Directors, senior management, or substantial or controlling Shareholders and does not hold any position with the Company or other members of the Group. Mr. Hong has entered into an appointment letter with the Company on June 1, 2023 without a specific term, but subject to retirement by rotation and re-election at general meetings of the Company at least once every three years in accordance with the Articles of Association, unless terminated by not less than 1 month's prior notice in writing served by either party to the other. The Board also announced that after the conclusion of the AGM, Mr. CAI Wensheng has tendered his resignation as an executive Director, the chairman of the Company and the Nomination Committee and an authorised representative under Rule 3.05 of the Listing Rules, with effect from the conclusion of the AGM, in order to devote more time to focus on his other business commitments.

Mr. Cai has confirmed that he has no disagreement with the Board and there are no matters with respect to his resignations that need to be brought to the attention of the Shareholders or the Stock Exchange. The Board further announces that with effect from the conclusion of the AGM: Mr. WU Zeyuan, the current executive Director and chief executive officer of the Company, was appointed as an Authorised Representative, the chairman of the Company and the chairman of the Nomination Committee, to fill the vacancies arising from Mr. Cai's resignation; and Dr. GUO Yihong, a current non-executive Director, ceased to be a member of the Audit Committee, and Mr. Hong was appointed as a member of the Audit Committee to fill such vacancy. The Board is of the view that Mr. Wu has, as the founding executive Director and CEO of the Company, demonstrated outstanding management and leadership capabilities.

Based on Mr. Wu's work experience, all-rounded leadership skills and outstanding performance, the Board considers Mr. Wu as the best candidate for the position of Chairman and believes that as Chairman, Mr. Wu will be able to further drive the progress of the Group.