Midea Real Estate Holding Limited (Stock Code: 3990) announced that, effective 27 October 2025, current Executive Director and President, Mr. Wang Dazai, has been re-designated to serve as Co-Chairman, Executive Director, and President. He now shares the board’s leadership responsibilities with existing Co-Chairman, Mr. Hao Hengle.

Following this re-designation, Mr. Wang has also replaced Mr. Hao as the Company’s Authorised Representative, Chairman of the Nomination Committee, and a member of the Remuneration Committee. Mr. Hao has ceased to hold these roles with effect from 27 October 2025.

Mr. Wang, 48, joined Midea Real Estate in April 2018 and has taken on multiple directorships within the Company’s subsidiaries. He holds a Bachelor’s degree in Economics and an Executive Master of Business Administration from Sun Yat-sen University in the PRC. Mr. Wang is expected to receive approximately RMB1,800,000 in emoluments for 2025 under his service contract.

This leadership structure results in a deviation from the Corporate Governance Code, which advises separating the roles of chairman and chief executive. The Board believes Mr. Wang’s background enables him to effectively oversee strategic development while also handling daily operations. The Board includes nine directors, three of whom are independent non-executive directors, and it will continue to monitor the effectiveness of its governance arrangements.