The board (the “Board”) of directors (the “Directors”) of Silver Base Group Holdings Limited announced that, due to his decision to devote more time to his personal endeavours, Mr. Yan Jun (“Mr. Yan”) has resigned as an executive director and the chief executive officer of the Company with effect from 1 January 2020. Mr. Yan has confirmed that he has no disagreement with the Board and there is no other information in relation to his resignation that needs to be brought to the attention of the shareholders of the Company and/or The Stock Exchange of Hong Kong Limited. Meanwhile, the Board also announced that, Mr. Liang Guoxing (“Mr. Liang”), an executive Director and the chairman of the Company, has been appointed as the chief executive officer of the Company with effect from 1 January 2020.

Mr. Liang Guoxing was appointed as an executive Director on 12 September 2007. He is the founder and chairman of the Group. Mr. Liang is also a member of the remuneration committee and the nomination committee of the Company.

He is a director of a number of subsidiaries of the Company. Mr. Liang is primarily responsible for the overall corporate strategies, planning and business development of the Group. Mr. Liang has 22 years of experience in the sales and distribution of Chinese liquor and cigarettes.

Mr. Liang is a standing committee member of the 11th Session of the Chinese People's Political Consultative Conference, Zhanjiang and a member of the 10th Session of the Chinese People's Political Consultative Conference, Guangdong Province. He is also a fellow member of the Hong Kong Institute of Directors.