Youzan Technology Limited — Board/Management Information 2021

Feb 22, 2021

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.

==> picture [69 x 68] intentionally omitted <==

China Youzan Limited 中國有贊有限公司

(incorporated in Bermuda with limited liability)

(Stock Code: 8083)

SUPPLEMENTAL ANNOUNCEMENT APPOINTMENT OF CHAIRMAN OF THE BOARD OF DIRECTORS AND COMPLIANCE OFFICER

Reference is made to the announcement of the Company dated 19 February 2021 (the “ Announcement ”). Capitalized terms used herein shall have the same meanings as those capitalized terms used in the Announcement unless the context requires otherwise. The Board wishes to provide the shareholders and potential investors of the Company with additional information in relation to Mr. Zhu and Mr. Yu:

Mr. Zhu Ning (朱寧), aged 38, has been an executive director and the chief executive officer of the Company since May 2018, and was appointed as the chairman of the Board on 19 February 2021. He is responsible for the formulation of overall development plans, business strategies, business innovation as well as general management. Prior to joining the Group, he served as an interaction designer of Baidu from 2006 to 2007, and a product experience planner of Alipay from 2008 to 2011. Mr. Zhu graduated from Henan Radio & Television University (河南廣播電視大學) with a diploma in art in 2002.

Mr. Yu Tao (俞韜), aged 33, has been an executive director and the chief financial officer of the Company since May 2018, and was appointed as the compliance officer of the Company for the purposes of Rule 5.19 of the GEM Listing Rules on 19 February 2021. He is responsible for financial planning and management, legal, risk control, investment, merger and acquisition and financing planning. Prior to joining the Group, Mr. Yu worked in Ernst & Young from 2009 to 2011, and worked as the financial director of Shantui Equipment Southern Africa (Pty) Ltd and a financial expert of Alipay from 2011 to 2014. Mr. Yu graduated from Nankai University (南開大學) with a bachelor’s degree in accounting, and became a member of each of Chartered Professional Accountants of Canada and Certified General Accountants Association of Canada in 2015.

– 1 –

DEVIATION FROM THE CORPORATE GOVERNANCE CODE

Our Directors recognise the importance of good corporate governance in management and internal procedures so as to achieve effective accountability. Mr. Zhu currently serves as the chairman of the Board, executive Director and the chief executive officer of our Company. Such practice deviates from the code provision A.2.1 of the Corporate Governance Code as set forth in Appendix 15 to the GEM Listing Rules.

Mr. Zhu has been the key leadership figure since joining our Group who has primarily participated in formulation of business plans, strategies and major decisions of our Group, and has been responsible for the overall management of our Group. Taking into account the continuation of the implementation of our business plans, our Directors consider Mr. Zhu the best candidate for both positions and this arrangement is beneficial and in the interests of our Company and the shareholders of the Company as a whole. Therefore, the Board considers that the deviation from the code provision A.2.1 of the Corporate Governance Code is appropriate in such circumstances.

By Order of the Board China Youzan Limited Zhu Ning Chairman

Hong Kong, 22 February 2021

As at the date of this announcement, the Board comprises six executive Directors, Mr. Cao Chunmeng, Mr. Yan Xiaotian, Mr. Zhu Ning, Mr. Cui Yusong, Mr. Yu Tao and Ms. Ying Hangyan; and four independent non-executive Directors, Dr. Fong Chi Wah, Mr. Gu Jiawang, Mr. Xu Yanqing and Mr. Deng Tao.

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.chinayouzan.com.

– 2 –