Youzan Technology Limited — Board/Management Information 2012

Jul 11, 2012

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.

China Innovationpay Group Limited 中國創新支付集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 8083)

APPOINTMENT OF EXECUTIVE DIRECTOR

AND CHANGE OF CHIEF EXECUTIVE OFFICER

The board of directors (the “Board”) of China Innovationpay Group Limited (the “Company”) hereby announces that Mr. Cao Chunmeng has been appointed as executive director and chief executive officer of the Company on 11 July 2012. The Board further announces that Mr. Guan Guisen has resigned as chief executive officer of the Company with effect from 11 July 2012.

Mr. Cao Chunmeng (“Mr. Cao”), aged 40, joined the Company in March 2011 and acted as Vice President of the Company. He held a bachelor’s degree in Computer Science from Shandong University in 1994. And he obtained a master’s degree in business administration from Peking University in 2006. Mr. Cao had worked for Shandong Branch of Industrial and Commercial Bank of China Limited, 濟南先得科技有限公司 (Jinan Xiande Technology Limited), 豐元信（中國）科技有限公司 (Fengyuanxin (China) Technology Limited), 縱 橫天地（北京）信息技術有限公司 (Zongheng Tiandi (Beijing) Information Technology Limited) and 北控易碼通（北京）科技有限公司 (Beikong Easycode (Beijing) Technology Ltd). And from September of 2010, he acted as General Manager of Kanghui Financial (Beijing) E-Commerce Co., Ltd, an associate of the Company.

Mr. Cao entered into a director’s service agreement with the Company for an initial term of three years commencing from 11 July 2012 and will be subjected to retirement by rotation and re-election at the annual general meetings of the Company in accordance with the bye-laws of the Company. Mr. Cao is entitled to a fixed annual remuneration of HK$1,200,000. His director’s fee will be reviewed and determined by the Board annually with the authorization granted by the shareholders at the annual general meetings of the Company with reference to his duties and responsibilities with the Company, the Company’s performance and the prevailing market conditions. Mr. Cao holds 19,800,000 share options under New Share Option Scheme, representing approximately 0.44% of the existing issued share capital of the Company. Mr. Cao is also deemed to be interested in those 19,800,000 share options under Part XV of the SFO.

Save as disclosed above, Mr. Cao (i) has not previously held any positions with the Company or its subsidiaries; (ii) does not have any relationship with any Director, senior management, substantial shareholders or controlling shareholders (within the meanings of the GEM Listing Rules) of the Company; (iii) has no interests in the Shares within the meaning of Part XV of the SFO as at the date of this announcement; (iv) has not held any directorships in any listed companies in the three years immediately preceding the date of this announcement; and (v) there are no other information in relation to the appointment of Mr. Cao which are required to be disclosed pursuant to paragraphs (h) to (v) under Rule 17.50(2) of the GEM Listing Rules and no other matters that need to be brought to the attention of the shareholders.

The Board further announces that Mr. Guan Guisen (“Mr. Guan”) has resigned as chief executive officer of the Company with effect from 11 July 2012. Mr. Guan will focus on the overall development of the Company, formulating and implementing the direction and strategy of the Company. Mr. Guan served as chief executive officer on 29 July 2011. With Mr. Cao has been appointed as chief executive director on 11 July 2012, the Company is in compliance with Code Provision A.2.1 set out in the Code on Corporate Governance Practices contained in Appendix 15 of the GEM Listing Rules, the roles of chairman and chief executive officer should be separated.

The Board of the Company would like to take this opportunity to express its gratitude to Mr. Guan for his contribution to the Company during his service term of chief executive officer. The Board would also like to express its warm welcome to Mr. Cao on his appointments.

By Order of the Board China Innovationpay Group Limited Guan Guisen Chairman

Hong Kong, 11 July 2012

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Guan Guisen, Dr. Lei Chunxiong and Mr. Cao Chunmeng; and three independent non-executive Directors, namely Dr. Fong Chi Wah, Mr. Wang Zhongmin and Mr. Gu Jiawang.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the “Latest Company Announcements” page of the GEM website for at least 7 days from the date of its posting and on the Company’s website at www.innovationpay.com.hk.