Mayer : APPOINTMENT OF CHAIRMAN AND RESIGNATION OF CHIEF EXECUTIVE OFFICER

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.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1116)

APPOINTMENT OF CHAIRMAN

AND

RESIGNATION OF CHIEF EXECUTIVE OFFICER

The board (the "Board") of directors (the "Directors") of Mayer Holdings Limited (the "Company") hereby announces that with effect from 12 March 2021, Mr. Xu Lidi ("Mr. Xu"), the Chief Executive Officer and an executive Director of the Company, has been appointed as the Chairman of the Board. Mr. Xu then ceased as the Chief Executive Officer of the Company.

Mr. Xu, aged 55, was nominated and appointed as an executive Director by the Shareholders at the second extraordinary general meeting in 2014. He is currently the chairman of nomination committee of the Board and is also a director in several subsidiaries of the Group.

Mr. Xu obtained a doctoral degree in business administration from Beijing Normal University of the PRC and a Doctor of Philosophy Degree in Economics from Nueva Ecija University of Science and Technology of the Philippines. Mr. Xu has been a visiting-professor of the Economic and Business and Administration at Beijing Normal University. Prior to that, Mr.

Xu worked at China Construction Bank and Bank of China for many years. He also was senior management of China Rural Development Trust & Investment Corporation*（中國農村發展 信託投資公司）, and other financial and business corporations in the PRC. Mr. Xu has more than 20 years of experience in industry and commerce sector and financial sector. Mr. Xu was a non-executive director of Pacific Dairy Limited (ASX stock code: PDF) (formerly known as Australian Natural Proteins Limited (ASX stock code: AYB)), the shares of which was listed on the Australian Stock Exchange Limited.

As at the date of this announcement, save as disclosed above, Mr. Xu does not (i) hold any other position with the Company or its subsidiaries or other major appointments and professional qualifications; (ii) hold any other directorships in any other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) have any relationship with any other Directors, senior management or substantial or controlling shareholders of the Company (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules")); and (iv) have any interests in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Pursuant to the service agreement between Mr. Xu and the Company in relation to his appointment as an executive Director, Mr. Xu is entitled to a salary of HK$50,000 per month.

There are no changes in the terms of appointment of Mr. Xu upon his change in position.

Save as disclosed above, there are no other matters relating to the appointment of Chairman of Mr. Xu that need to be brought to the attention of the shareholders of the Company and there is no other information that should be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules.

The Board would like to take this opportunity to express its warm welcome to Mr. Xu for his new position.

By order of the Board Mayer Holdings Limited

Xu Lidi

Chairman and Executive Director

Hong Kong, 12 March 2021

As at the date hereof, the Board comprises four executive Directors, namely, Mr. Xu Lidi, Mr. Lee Kwok Leung, Mr. Zhou Shi Hao and Mr. Chen Zhirui; one non-executive Director, namely, Mr. Wang Dongqi; and three independent non-executive Directors, namely, Mr. Lau Kwok Hung, Mr. Cheung, Eddie Ho Kuen and Dr. Li Yutong.

* For identification purpose only