The board of directors of Xiabuxiabu Catering Management (China) Holdings Co., Ltd. announced the following changes in directorship and composition of the board committee with effect from 25 November 2022: Mr. Zhang Chi has resigned from the Board due to personal reasons with effect from 25 November 2022. He has confirmed that he has no disagreement with the Board and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company. With effect from 25 November 2022, Ms. Li Jie has been re-designated as a non-executive director of the Company.

Ms. Li Jie, aged 42, was appointed as an alternate director to Mr. Zhang with effect from 30 June 2018. She is currently an Operating Principal at General Atlantic as part of the firm's Resources Group and focuses on providing financial and analytical expertise to the portfolio companies in China. She currently serves as a board member of Inc. and Little Golden Star Education Group Holdings Limited.

She previously served as a non-executive director of Tenfu (Cayman) Holdings Company Limited (stock code: 6868) from August 2018 to March 2020. Prior to joining General Atlantic in 2018, Ms. Li was the Chief Financial Officer at Global Logistic Properties (GLP) in the Financial Services segment. Prior to that, she was the Chief Financial Officer of Yunmanman (YMM), a logistic platform start-up company.

Ms. Li also has over 10 years financial due diligence experience with PricewaterhouseCoopers Transaction Services in China and Australia merger and acquisition markets. Ms. Li earned her bachelor degree in international journalism from the Shanghai International Studies University as well as a second degree in law from Fudan University in July 2002. The Board considered and accepted the recommendation from the Nomination Committee to re-designate Ms. Li as a non-executive director, after reviewing her academic qualification, working experience and contributions to the Board during her tenure as an alternate director of the Company.

The Board further announces that after the abovementioned resignation of Mr. Zhang as a member of the Audit Committee, Ms. Li is re-designated as a member of the Audit Committee. Accordingly, the Audit Committee shall comprise two independent non-executive directors, namely Mr. Hon Ping Cho Terence and Mr. Kot Man Tat and a non-executive director, Ms. Li, with effect from 25 November 2022. Mr. Hon Ping Cho Terence is the chairman of the Audit Committee.