China Tourism Group Duty Free Corporation Limited announced the board recently received a written resignation letter from Mr. CHEN Guoqiang, the general manager of the company. Mr. CHEN Guoqiang tendered his resignation as the general manager of the Company to the Board due to work arrangements. In accordance with the company Law of the People's Republic of China and other relevant laws and regulations and the Articles of Association, the resignation of Mr. CHEN Guoqiang shall take effect from the date on which his resignation letter was delivered to the board.

The board further announced that, in accordance with the company Law of the People's Republic of China and other relevant laws and regulations and the Articles of Association, the Board agreed to appoint Mr. WANG Xuan as the general manager of the company for a term of office commencing from the date of approval by the Board until the expiry of the term of the fourth session of the Board. Biographical details of Mr. WANG Xuan are set out as follows: Mr. WANG Xuan (former name: WANG Dayong), aged 54, is currently an executive Director and a general manager of the Company. Mr. WANG Xuan has been serving as deputy general manager of the Company since August 2019, standing deputy general manager since April 2021, executive Director since May 2021, and general manager since January 2023.

At China Duty Free Group Co. Ltd., Mr. WANG Xuan served as director of the investment management department from March 2005 to July 2009, assistant to the general manager from June 2008 to May 2009 and deputy general manager from May 2009 to June 2017. Prior to joining the Company, Mr. WANG Xuan served as deputy general manager of the enterprise management department of China Yuanwang Group General Company from December 1996 to September 1999.

Mr. WANG Xuan obtained a bachelor degree in engineering and economics from the Beijing University of Technology in China in July 1992 and an MBA degree from the University of Science and Technology Beijing in June 2002. Mr. WANG Xuan obtained senior economist qualification from the Beijing Senior Professional Technical Qualifications Evaluation Committee in December 2003.