Xiabuxiabu (00520) has announced a significant leadership change, with He Guangqi transitioning from his current roles to a non-executive position.

Mr. He, who currently serves as Chairman, Chief Executive Officer, and Executive Director, has expressed his desire to step down from the CEO role he has held for five years, effective August 28, 2026, in line with the company's succession plan.

Following his departure as CEO, Mr. He will be re-designated from Executive Director to Non-executive Director starting August 28, 2026. He will continue to hold his positions as Chairman, Chairman of the Board Nomination Committee, and a member of the Remuneration Committee.

Feng Huihuang, currently an Executive Director and Vice President of the Group's Finance Department, will succeed Mr. He and has been appointed as the new Chief Executive Officer, effective from the same date.