Haier Electronics : APPOINTMENTS OF DIRECTORS AND CHANGE OF CHIEF EXECUTIVE OFFICER AND RETIREMENTS OF DIRECTORS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HAIER ELECTRONICS GROUP CO., LTD.

海 爾 電 器 集 團 有 限 公 司 *

(incorporated in the Bermuda with limited liability)

(Stock Code: 1169)

APPOINTMENTS OF DIRECTORS AND

CHANGE OF CHIEF EXECUTIVE OFFICER AND

RETIREMENTS OF DIRECTORS

The Board announces that with effect from 27 March 2019 :

1.Mr. Li Hua Gang has relinquished his role as the CEO, and he has been appointed as an executive Director of the Company;

2.Mr. Xie Ju Zhi has succeeded as the CEO, and he has also been appointed as an executive Director of the Company;

3.Ms. Tan Li Xia has retired as a non-executive Director and a member of the audit committee of the Company, and Mr. Sun Jing Yan has retired as an executive Director of the Company;

4.Mr. Gong Shao Lin has been appointed as a member of the audit committee of the Company.

This announcement is made by Haier Electronics Group Co., Ltd. (the ''Company'', together with its subsidiaries, the ''Group'') pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'').

The corporate governance for the Company has been well developed in respect of the separating the roles of Chairman and CEO, diversification of background and skills, and continuous annual evaluation and optimization. The Chairman is responsible for leading the Board whose members are deeply engaged in the board affairs. An open, debating and forward-looking mindset as well as a decision-making mechanism are established

*For identification purposes only

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which includes evaluating, mentoring and developing the management team of the Group, devising a longer-termperformance-based incentive plan, and guiding and driving the management to unleash its full power to actively define strategic options and explore innovative business models.

The nomination committee and the Chairman of the Company review the composition of the Board from time to time. They consider that the experience and skills of the members of the Board should be in line with the Company's strategy, and that the composition should be refreshed when necessary to enable the Board to be more forward-looking and effective in respect of shaping strategy, adapting to changes and focusing on long-term talent development throughout the Company.

Under the volatile trade and economic environment, the Company needs to focus on long-term value to resist cyclical fluctuations. The culture and mission of the Company are the key to the sustainable success of the Company. The Board believes that executive directors and CEO, need to possess the skills and experience that are in line with the Company's strategy, and also serve as a model for practising the Company's culture.

The composition of the Board is one of the Company's most critical strategic assets. In order to establish a high-functioning Board, the Board has unanimously adopted the following adjustments.

RETIREMENT OF CEO AND APPOINTMENT OF EXECUTIVE DIRECTOR - MR. LI

The board of directors (the ''Director(s)'') the Company (the ''Board'') announces that Mr. Li Hua Gang (''Mr. Li'') has relinquished his role as the chief executive officer of the Company (the ''CEO'') with effect from 27 March 2019. The Board further announces that Mr. Li has been appointed as an executive Director of the Company with effect from 27 March 2019.

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The biographical details of Mr. Li are set out as follows:

Mr. LI Hua Gang, aged 49, was appointed as the CEO of the Company with effect from 25 August 2017. Mr. Li graduated from the Huazhong University of Science and Technology, the People's Republic of China (the ''PRC'') in 1991 with a bachelor's degree in Economics, and graduated from China Europe International Business School in 2014 with an executive master of business administration. Mr. Li currently serves as the vice president of Haier Group Corporation* (海爾集團公司) and its subsidiaries (''Haier Group''). He joined Haier Group in 1991 and has since then held a number of senior positions in the sales and marketing functions of Haier Group with his expertise in sales management of the PRC market. Mr. Li served as the chief operating officer of the Company from 2009 to 2014 and has been re-designated as the China chief marketing officer of Haier Group after that. Serving as the China chief marketing officer of Haier Group, Mr. Li actively promoted brand upgrade and channel optimization strategy, leading to the growths of revenue for online business and offline domestic business of Haier Group. Since 2015, in the transformation process of ''Individual Benefit-Company Goal Integration'', Mr. Li demonstrated strong hand-on leadership in the frontline market, significantly enhanced the brand image of Haier product and built seamless and well-functioningomni-channels.

The Board expressed its gratitude to Mr. Li for his contribution and leadership during his tenure, in particular, the contribution he brought to the Group on network expansion for the channel business and the application of mobile technology in enhancing operational efficiency.

Mr. Li will remain as the head of channel services business of the Group. In line with the trend of user customization in the era of Internet of Things (IoT), Mr. Li will devote his efforts to promote the integration between marketing & channel department and various product departments of Haier Group, guide the strategic upgrade on Haier products towards mass customization, and play a leading role in IoT product innovation and user customization upgrade for Haier Group's China business in next few years.

The role of an executive Director will enable Mr. Li to offer more forward-looking and abundant insights into the Group's strategic development.

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Mr. Li is also a director of the following subsidiaries of the Group: Chongqing New Goodaymart Electronics Sales Co., Ltd., Fujian Goodaymart Electric Appliance Co., Ltd., Goodaymart (Shanghai) Investment Co., Ltd., Haier Electronics Sales (Hefei) Co., Ltd., Haier Electronics Sales (HK) Co., Ltd., Yantai Goodaymart Electric Appliance Co., Ltd., Hefei Goodaymart Electric Appliance Co., Ltd., Jiangsu Subei Goodaymart Electric Appliance Co., Ltd., Wuhan Goodaymart Electric Appliance Co., Ltd., Shanxi Goodaymart Electric Appliance Co., Ltd., Qingdao Haier Electronics Sales Service Co., Ltd., Haier Washing Machines Holdings (BVI) Limited, 365 Goodaymart (CM) Limited, Haier Group E-commerce Co., Ltd., Qingdao Gooday Information Technology Co., Ltd., Guanmei (Shanghai) Enterprise Management Co., Ltd., and Ningzhen (Shanghai) Enterprise Management Co., Ltd..

Mr. Li did not enter into any service agreement with the Company with regard to his position of an executive Director, but he entered into an appointment letter with the Company pursuant to the latest Listing Rules. The term of the appointment letter shall continue until its termination by either party by serving to the other party a notice of not less than three months, but the term shall be subject to the provisions of retirement by rotation and re-election under the Bye-laws(''Bye-laws'') of the Company and the Listing Rules. Mr. Li is entitled to receive annual remuneration of approximately RMB1,426,000, subject to adjustment by the Board and approval by the shareholders of the Company. He is also eligible to awards under the share incentive scheme of the Company. The emoluments of Mr. Li was determined with reference to the prevailing market conditions and his duties and responsibilities with the Company. As at the date of this announcement, Mr. Li is a holder of 230,000 shares of the Company (the ''Share(s)'') and 108,000 outstanding share options to subscribe for 108,000 Shares at the subscription price of HK$12.84 per share. He is also the grantee of 44,000 and 372,100 outstanding restricted shares of the Company at the subscription price of HK$6.42 and HK$0 per restricted share respectively, in accordance with the Company's restricted share award scheme. He is also a holder of 482,214 shares of Qingdao Haier Co., Ltd. (600690.SH), the controlling shareholder of the Company. Save as disclosed above, Mr. Li has not had any interests in any Shares or underlying shares of the Company within the meaning of Part XV of the Securities & Futures Ordinance nor have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company. Mr. Li was the alternate Director to Mr. Liang Hai Shan from 7 June 2014 to 24 August 2017. Save as disclosed above, Mr. Li has not held any other directorships in the past three years in listed public companies in Hong Kong or overseas, nor did he have any other major appointment and professional qualifications.

Save as disclosed above, there is no other matters in respect of Mr. Li's retirement as the CEO and the appointment of Mr. Li as an executive Director that would need to be brought to the attention of the Stock Exchange and the shareholders of the Company, and there is no other information relating to the appointment of Mr. Li that would need to be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules. Mr. Li also confirms that he had no disagreement with the Board.

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APPOINTMENT OF EXECUTIVE DIRECTOR AND CEO - MR. XIE

The Board announces that Mr. Xie Ju Zhi (''Mr. Xie'') has succeeded as the CEO, and has also been appointed as an executive Director of the Company with effect from 27 March 2019.

The biographical details of Mr. Xie are set out as follows:

Mr. Xie Ju Zhi, aged 53, graduated from Shandong University of Finance and Economics in July 1989 with a bachelor's degree, and joined Haier Group in the same year. He has experience in whole-process product management, product-wide services and product- wide marketing. Below is a summary of his experiences:

Period	Position	Responsibilities
January 1994 to December	Deputy Director of	Assisting in developing the
1997	Marketing Center	marketing strategy and
	of Haier Group	management of Haier Group's
		products/brands
January 1998 to January	Head of	Responsible for the planning,
2000	Electrothermal	research and development and
	Division of Haier	supply chain management of
	Group	electrothermal products
February 2000 to July 2002	East China	Responsible for the sales
	Marketing Director	network management of all
	of Haier Group	Haier Group's products in East
		China
August 2002 to June 2012	Corporate General	Building Haier's global service
	Manager of	system, establishing an
	Customer Services	industry-leading service
	of Haier Group	provider network and call
		center information closed-loop
		system; while also undertaking
		Haier Group's establishment
		of community store network in
		first and second-tier cities in
		2010
July 2012 to November 2015	Vice President of	Undertaking Haier Group's
	Haier Group	integration of community sales
		services of first and second-tier
		cities, and developing the
		online and offline sales of new
		household products

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