Change - Announcement of Cessation::Resignation of Chief Executive Officer - Chen Hongbo

Issuer & Securities

Issuer/ Manager
NANYANG NEW DEVELOPMENT LIMITED
Securities
NANYANG NEW DEVELOPMENT LTD - SG1P13916389 - M15
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
21-Oct-2026 22:50:01
Status
New
Announcement Sub Title
Resignation of Chief Executive Officer - Chen Hongbo
Announcement Reference
SG261021OTHRP8H0
Submitted By (Co./ Ind. Name)
Dr Liu Shen
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Chen Hongbo as the Chief Executive Officer of the Company with effect from 20 October 2026.

This announcement has been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Goh Mei Xian, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

Additional Details

Name of person
Chen Hongbo
Age
63
Is effective date of cessation known?
Yes
If yes, please provide the date.
20/10/2026
Detailed reason(s) for cessation
Mr. Chen Hongbo ("Mr. Chen") has tendered his resignation as Chief Executive Officer of the Company, with effect from the date of the Board's approval, being 20 October 2026, for the following reasons:

(a) having attained the statutory retirement age, Mr. Chen intends to retire;
(b) in view of his health condition, Mr. Chen is no longer able to sustain the demands of the day-to-day management of the Company; and
(c) Mr. Chen wishes to devote more time to his family commitments.

Mr. Chen has confirmed that he has no disagreement with the Board or the management of the Company, and that there are no matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company.

In the interim, Mr. Chen's duties and responsibilities will be assumed by Mr. Gui XinDong (Chief Sales Director of the Company). The Company is in the process of identifying a suitable candidate for the position of Chief Executive Officer (or its equivalent) and will make the appropriate announcement(s) in due course.

After having interviewed Mr. Chen, and to the best of its knowledge, the Company's Sponsor is satisfied that, save as disclosed in this announcement, there are no other material reasons for the resignation of Mr. Chen as the Chief Executive Officer of the Company.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of appointment to current position
05/11/2025
Job title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Role and responsibilities
Mr. Chen was responsible for setting the overall strategy and vision, making high-level decisions, and leading the management team to achieve organizational goals, which included managing operations and resources, overseeing the budget, and ensuring the Company's performance is met.
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of independent directors currently resident in Singapore (taking into account this cessation)
2
Do independent directors make up at least one-third of the board (taking into account this cessation)?
Yes
Number of cessations of appointments specified in Mainboard Rule 704(7) or Catalist Rule 704(6) over the past 12 months
4
Shareholding interest in the listed issuer and its subsidiaries
No
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Other Directorships
Past (for the last 5 years)
Legal Representative of Shanghai Honghe Youying Enterprise Management Co., Ltd
Present
Nil