The board of directors of Kuaishou Technology announced that, with effect from October 29, 2023, Mr. Su Hua ("Mr. Su") will cease to be the chairman
of the Board (the "Chairman") and an authorized representative of the Company (the "Authorized Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (the "Listing Rules"), due to his other business
commitments. Mr. Su will continue to serve as an executive Director and a member of the remuneration committee of the Board. As Mr. Su remains as an executive Director, there will be no change to his weighted voting rights in the Company. Mr. Su expressed that he is very proud to have served the Company as the Chairman and is confident that the succession process, which comes at around the second anniversary of his resignation as the chief
executive officer of the Company, will be smooth and orderly. Mr. Su also expressed that he will continue to be committed to contributing long-term value to the Group, and he believes that the Group has a solid foundation to achieve its strategic goals. The Board announced that Mr. Cheng Yixiao ("Mr. Cheng"), a co-founder, an executive Director and the chief executive officer of the Company (the "Chief Executive Officer"), will be appointed as the Chairman and an Authorized Representative with effect from October 29, 2023. Save for his new roles, there will be no change to Mr. Cheng's other positions as well as his weighted voting rights in the Company. Mr. Cheng has entered into a service contract with the Company, pursuant to which he was appointed as an executive Director for a term of three years commencing from January 1, 2023, subject to retirement by rotation and re-election at general meetings. Under the terms of the service contract, he will not receive any annual director's fee from the Company.