The board of directors of Yoho Group Holdings Limited announced that with effect from 31 July 2023, Mr. Chan Shun ("Mr. Chan") has resigned as an independent non-executive Director, a member of the audit committee of the Company (the "Audit Committee"), a member of the nomination committee of the Company (the "Nomination Committee") and the chairman of the remuneration committee of the Company (the "Remuneration Committee"). Mr. Chan resigned from his position of the Group in order to rearrange his time schedule to devote more time to his other commitments and engagements. Mr. Chan has confirmed that he has no disagreement with the Board, nor was there any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.

Following Mr. Chan's resignation, Dr. Leung Shek Ling Olivia ("Dr. Leung") has been appointed as an independent non-executive Director with effect from 31 July 2023. Leung Shek Ling Olivia (formerly known as Leung Wai Fong Olivia, aged 51, is a Canadian Chartered Accountant, PhD and associate professor of teaching in Accounting. Dr. Leung has been the principle lecturer of the Faculty of Business and Economics of The University of Hong Kong since July 2011 and the associate dean of the Faculty of Business and Economics of The University of Hong Kong since January 2020.

Her primary working experience includes: assistant professor and principle lecturer of accounting at The City University of Hong Kong from August 2004 to June 2011, director of the International Business and Global Management Program of The University of Hong Kong from June 2016 to October 2018 and assistant dean of the Faculty of Business and Economics of The University of Hong Kong from June 2016 to December 2019. Dr. Leung obtained a bachelor's degree from The University of British Columbia in Canada and a doctorate degree from The Chinese University of Hong Kong in June 1994 and June 2004, respectively. Since June 2020, Dr. Leung has been an independent non-executive director of GF Securities Co.

Ltd. a company listed on the Main Board of the Stock Exchange and the Shenzhen Stock Exchange. Dr. Leung's appointment was recommended by the Nomination Committee after taking into account her previous work experience. Taking into consideration of the diversity perspectives (including but not limited to gender, age, cultural and educational background, professional experience, length of service, skills and knowledge), the Board is satisfied that Dr. Leung is of such character, integrity and experience commensurating with the office of an independent non-executive Director.

The Board also believes that Dr. Leung has sufficient experience in the corporate governance matters which will better support the Board and the Company to maintain the level of good corporate governance. Dr. Leung brings a wealth of expertise and experience in both the academic and professional realms, making her a valuable addition to board. With a Ph.D. in Accounting from The Chinese University of Hong Kong and a Bachelor of Commerce (Hons.) in Accounting from The University of British Columbia, Canada, Dr. Leung possesses a strong academic background that underpins her deep understanding of the subject matter.

Furthermore, Dr. Leung is a qualified Chartered Accountant of the Institute of Chartered Accountants of British Columbia (ICABA) in Canada. Her professional CPA designation adds a layer of credibility and expertise to her role as an independent non-executive Director, particularly in matters relating to financial reporting and auditing. In addition to her academic and professional qualifications, Dr. Leung has a keen interest in corporate governance.

Her research and expertise in this area make her well-equipped to contribute valuable insights and guidance to Board's discussions and decision- making processes. The Board announced that, with effect from 31 July 2023, the composition of the Board committees has been changed as follows: Audit Committee: Upon Mr. Chan's resignation as an independent non-executive Director, he ceased to act as a member of the Audit Committee. Dr. Leung has been appointed as a member of the Audit Committee.

Nomination Committee: Upon Mr. Chan's resignation as an independent non-executive Director, he ceased to act as a member of the Nomination Committee. Dr. Leung has been appointed as a member of the Nomination Committee. Remuneration Committee: Upon Mr. Chan's resignation as an independent non-executive Director, he ceased to act as the chairman of the Remuneration Committee.

Dr. Leung has been appointed as the chairwoman of the Remuneration Committee. The Board announced that Mr. Lam Wai Chiu ("Mr. Lam") has tendered his letter of resignation and will resign as the company secretary and an authorised representative of the Company under Rule 3.05 of the Listing Rules with effect from 31 July 2023. Mr. Lam resigned from his position of the Group in order to devote more time to focus on his other personal commitments.

Mr. Lam has confirmed that he has no disagreement with the Board, nor was there any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and the Stock Exchange. Following Mr. Lam's resignation, Ms. Chan Sau Ling ("Ms. Chan") has been appointed as the company secretary and an authorised representative of the Company under Rule 3.05 of the Listing Rules with effect from 31 July 2023. Ms. Chan Sau Ling is currently a Director of Corporate Services of Tricor Services Limited, Asia's leading Business Expansion Specialist.

Ms. Chan has been providing corporate secretarial and compliance services to Hong Kong listed companies as well as multinational, private and offshore companies. Ms. Chan has over 25 years of experience in the corporate secretarial and compliance service field. Ms. Chan is currently acting as the company secretary or joint company secretary of a few listed companies on the Stock Exchange.

Ms. Chan is a Chartered Secretary, a Chartered Governance Professional and a Fellow of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom.