On 29 May 2026, Kwung’s Aroma Holdings Limited announced that Independent Non-Executive Director (INED) Zhou Kai resigned from the Board, effective the same day, citing personal commitments. His departure also ends his roles as Chairman of the Remuneration Committee and member of the Audit Committee.

Concurrently, the Board appointed Xu Mingdong as an INED, Chairman of the Remuneration Committee and member of the Audit Committee, also effective 29 May 2026. Xu, aged 45, brings more than 17 years of academic and industry experience. He has served as Vice Dean of the Institute of Finance at Fudan University since December 2015 and was a visiting scholar at Columbia Business School during 2013-2014. Beyond academia, he supervises Yinfu Technology (Ningbo) Co., Ltd. and holds an INED position at Shanghai Senyu Cultural Media Co., Ltd.

Xu earned bachelor’s, master’s and doctoral degrees in economics from Fudan University. His three-year appointment includes annual remuneration of RMB80,000 and is automatically renewable for successive one-year terms, subject to three months’ notice by either party. The company confirms that Xu meets the independence requirements under HKEX Listing Rule 3.13 and holds no share interests in Kwung’s Aroma.

The Board expressed gratitude to Zhou Kai for his service and formally welcomed Xu Mingdong to the Board.