The board of directors of Shoucheng Holdings Limited announced that Mr. LIANG Hengyi (Mr. LIANG) will step down from the Managing Director of the Company with effect from 1 January 2021 due to organizational restructuring of the Company but will remain on the Board as an Executive Director and a member of each of the Executive Committee and Nomination Committee of the Company. Mr. LIANG has confirmed that he has no disagreement with the Board and there is nothing relating to his stepping down as the Managing Director of the Company that needs to be brought to the attention of the shareholders of the Company.