The board (the "Board") of directors ("Directors") of Joy City Property Limited (the "Company") announces the following changes with effect from 28 June 2024: Mr. CHEN Lang ("Mr. CHEN") has resigned as the chairman of the Board (the "Chairman"), and also ceased to be the chairman of the nomination committee of the Company (the "Nomination
Committee") and an authorised representative of the Company ("Authorised Representative") as required under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), due to adjustments of work within COFCO Corporation (the ultimate controlling shareholder of the Company) and its subsidiaries ("COFCO Group"). Mr. CHEN would maintain his role as a non-executive Director ("Change in Positions"). Mr. YAO Changlin ("Mr. YAO"), the executive Director and the general manager of the Company (the "General Manager"), and a member of each of remuneration committee of the Company (the "Remuneration Committee") and the executive committee of the Company (the "Executive Committee"), has assumed the additional roles as the Chairman, the chairman of the Nomination Committee and an Authorised Representative. Mr. LIU Yun ("Mr. LIU") and Mr. ZHU Laibin ("Mr. ZHU") have resigned as non-executive Directors, due to adjustments of work within COFCO Group. Mr. ZHANG Hongfei, Mr. ZHANG Mingrui and Mr. WU Lipeng ("Mr. WU") have been appointed as non-executive Directors. Mr. WU would continue to be the chief financial officer of the Company. Mr. YAO, aged 56, has been the Executive Director, the General Manager, and a member of each of Remuneration Committee and the Executive Committee since December 2023. Mr. YAO was a deputy
general manager of the Company from December 2013 to December 2023. He is also a director of several subsidiaries of the Company. Mr. YAO joined COFCO Group in March 1993 and has since assumed various positions within the COFCO Group. He has been the chairman of the board and the general manager of Grandjoy Holdings Group Co. Ltd. He became a director in August 2021 and subsequently took on the roles of the general legal counsel and chief compliance officer in August 2023 of Grandjoy Holdings Group. From April 2019 to December 2023, Mr. YAO served as a deputy general manager of Grandjoy Holdings Group. Prior to assuming these roles, Mr. YAO held diverse positions in China Feed Group Company, China Grain Trading Company, Zhonggu Group, Zhonggu Sanya Trading Company, COFCO (Hainan) Investment Development, Sanya Yalong Bay Investment Co. Ltd. and the hotel business department of COFCO Corporation. Mr. YAO has been with the COFCO Group for over 30 years and has extensive experience in property investment, business management, accounting, legal and compliance matters. Mr. YAO holds a Bachelor degree in Economics from Anhui University of Finance and Economics in the PRC and an Executive Master of Business Administration degree from Cheung Kong Graduate School of Business in the PRC. Mr. ZHANG, aged 49, joined COFCO Group in February 2009 and is currently the director of the legal compliance department of COFCO Corporation. He has been a director of Grandjoy Holdings Group Co. Ltd. with effect from June 2024. He is currently a director of COFCO Biotechnology Co. Ltd. and was the chairman of the board between January 2024 and April 2024. Mr. ZHANG was the general counsel and the secretary to the board of Chinatex Corporation Limited the deputy general manager, a member of the party committee, a director, the general manager, the deputy secretary of the party committee and the general counsel of COFCO Trading Company Limited and a supervisor of China Enterprise United Grain Reserve Company Ltd. Mr. ZHANG holds a Bachelor degree in International Economic Law from China University of Political Science and Law, a Master degree in Law and a Master degree in Business Administration from Tsinghua University. Mr. ZHANG, aged 42, joined COFCO Group in 2010 and successively served as an assistant to the general manager of the training centre of the general office of COFCO Corporation, an assistant to the
general manager and the deputy general manager of the talent development department (later renamed as the cadre management department) of the human resources department, the deputy general manager of the training department (in charge of work), and the general manager of the employee relations department of COFCO Corporation, the general manager of the human resources department of COFCO Coca-Cola Beverages Limited, an assistant to the director (assistant minister) of the human resources
department (organization department of the party group) and the general manager of the cadre management department of COFCO Corporation, and the deputy director (deputy minister) of the human resources department (organization department of the party group) of COFCO Corporation. Mr. ZHANG has been a director of Grandjoy Holdings Group Co. Ltd. Mr. ZHANG holds a Doctor's degree in Management majoring in Human Resources Management from Renmin University of China. Mr. WU, aged 45, has been the chief financial officer of the Company since July 2021. He is also a director of several subsidiaries of the Company. Mr. WU joined COFCO Group in 2002 and has since assumed various positions within the COFCO Group. Mr. WU has been a director of Grandjoy Holdings Group Co. Ltd. In addition, Mr. WU has been a director of COFCO Finance Company Limited since December 2017. Prior to his current roles, Mr. WU had been the assistant to general manager of finance department of COFCO (Hong Kong) Limited, the general manager assistant and the deputy general manager of finance department (accounting management), the general manager of finance department (taxation and assets management) of COFCO Corporation, and the deputy director of finance department and the general manager of capital management department of COFCO Corporation. Mr. WU holds a Bachelor degree in Management majoring in Accounting from Central University of Finance and Economics, a Master degree in Business Administration from University of South Australia. He is a senior accountant in the PRC, a certified tax accountant and certified management accountant (CMA) in the United States.