The board of directors of Shanghai La Chapelle Fashion Co., Ltd. announced that: Mr. Xing Jiaxing has tendered his resignation as the president of the Company with effect from 20 April 2020, due to his commitment in his own business which requires more of his time and dedication. Following Mr. Xing Jiaxing's resignation as the president of the Company, the Board adjusted the Company's senior management structure in accordance with the current operational circumstances, Mr. Yin Xinzai ("Mr. Yin"), ceased to be the senior vice president of the Company with effect from 20 April 2020, and appointed as the president of the Company, responsible for managing the day-to-day operations of the Company. Mr. Yin will also be the acting secretary of the Board.

Mr. Yin has more than 20 years of experience in the apparel industry, has extensive market and management experience, and is very familiar with the Company's marketing and business model. Mr. Yin's appointment as president of the Company is in line with the Company's actual circumstances during its current stage of transformation and adjustment.