Announcement • Mar 15
Lisi Group (Holdings) Limited Announces Board and Committee Changes, Effective March 12, 2026
Lisi Group (Holdings) Limited announces that, with effect from March 12, 2026: Mr. Li Lixin has resigned as an executive Director and the chairman of the Board; Mr. Cheng Jianhe has resigned as an executive Director and ceased to be the Authorised Representative; Ms. Jin Yaxue has resigned as an executive Director and ceased to be a member of each of the Remuneration Committee and the Nomination Committee; Mr. He Chengying has resigned as an independent non-executive Director and ceased to be the chairman of the Nomination Committee and a member of the Audit Committee; Mr. Kwong Kwan Tong has resigned as an independent non-executive Director and ceased to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee; Mr. Xu Jinbo has been appointed as an executive Director, the Authorised Representative and a member of each of the Remuneration Committee and the Nomination Committee; Mr. Wang Yong has been appointed as an executive Director; Ms. Ke Yue has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of the Audit Committee; Mr. Jiang Yuexiang has been appointed as an independent non-executive Director, the chairman of the Nomination Committee and a member of the Audit Committee; and Ms. Chen Wei, an independent non-executive Director, has been appointed as a member of the Nomination Committee. The biographical details of Mr. Xu are as follows: Mr. Xu, aged 52, has over 30 years of experience in the manufacturing, real estate and commercial properties industries; he has extensive experience in human resources, business operations, and sales and marketing. Mr. Xu has joined the Group since 2010 and is mainly responsible for the development and management of the manufacturing and trading of household product business of the Group; he is currently the supervisor of Ningbo Lisi Household Products Company Limited, an indirect wholly-owned subsidiary of the Company. Mr. Xu holds a Bachelor degree in Business Administration from the Beijing Institute of Technology; he completed the Advanced Program in Business Administration for Managers offered by Tsinghua University and the Executive Program in Real Estate Business Administration offered by Fudan University. The biographical details of Mr. Wang are as follows: Mr. Wang, aged 55, has over 22 years of experience in the heating, ventilation, and air conditioning industry; he also has extensive experience in sales and marketing, and business operations and management. Mr. Wang joined Ningbo New JoySun HVAC Equipment Limited, an indirect wholly-owned subsidiary of the Company, in 2001 and has been the general manager of Ningbo New JoySun HVAC since 2004; he is responsible for the daily management and direction of operations of Ningbo New Joysun HVAC. The biographical details of Ms. Ke are as follows: Ms. Ke, aged 33, has over 7 years of experience in the accounting and finance industry; she was the finance supervisor of a company principally engaged in the research and development of intelligent personal transportation vehicles from February 2021 to March 2024 and the tax and administrative supervisor of a company principally engaged in the provision of accounting and taxation services for Australia companies from March 2024 to July 2025. She is currently a project manager of a company principally engaged in wholesale and retail of household products; Ms. Ke holds a Bachelor degree in Finance from the University of Wollongong and a Master degree in Financial Analysis from the University of New South Wales. The biographical details of Mr. Jiang are as follow: Mr. Jiang, aged 61, has extensive experience in education, teaching and academic research in the fields of Econometrics and Financial Economics Theory and Application; he has been a professor and doctoral advisor in Econometrics and Financial Economics Theory and Application at Zhejiang University since 2005 and is currently the Director of the Securities and Futures Research Institute of Zhejiang University. Mr. Jiang holds a Bachelor degree in Mathematics, a Master degree in Management Information Systems and a PhD degree in Engineering Management from Zhejiang University; he also holds a PhD degree in Statistics and Actuarial Science from the University of Bern. Mr. Jiang is currently an independent non-executive director of Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co. Ltd., an independent non-executive director of Hengdian Entertainment Co., Ltd, and an independent non-executive director of Guangbo Group Stock Co. Ltd., and Innuovo Technology Co. Ltd.; he is currently the chairman of the board of supervisors of Zhejiang Industry-University-Research Institute Collaboration Association and the executive vice president of Hangzhou Learning Promotion Association. With effect from 12 March 2026, the composition of the Audit Committee, the Remuneration Committee and the Nomination Committee had been changed as follows: Audit Committee — each of Mr. He and Mr. Kwong ceased to be a member of the Audit Committee; and each of Ms. Ke and Mr. Jiang has been appointed as a member of the Audit Committee. Following the aforesaid changes, the Audit Committee comprises Ms. Chen Wei ("Ms. Chen"), an independent non-executive Director, as chairman and Ms. Ke and Mr. Jiang as members. Remuneration Committee — Mr. Kwong ceased to be the chairman of the Remuneration Committee; Ms. Jin ceased to be a member of the Remuneration Committee; Ms. Ke has been appointed as the chairman of the Remuneration Committee; and Mr. Xu has been appointed as a member of the Remuneration Committee. Following the aforesaid changes, the Remuneration Committee comprises Ms. Ke as chairman, and Ms. Chen and Mr. Xu as members. Nomination Committee — Mr. He ceased to be the chairman of the Nomination Committee; each of Ms. Jin and Mr. Kwong ceased to be a member of the Nomination Committee; Mr. Jiang has been appointed as the chairman of the Nomination Committee; and each of Ms. Chen and Mr. Xu has been appointed as a member of the Nomination Committee. Following the aforesaid changes, the Nomination Committee comprises Mr. Jiang as chairman, and Ms. Chen and Mr. Xu as members.
