The board of directors of New World Department Store China Limited (the Company) announced that Mr. Ho Kwok Leung, Ivan ("Mr. Ho") has been appointed as the chief executive officer of the Company and a member of the executive committee and the remuneration committee of the Board with effect from 1 January 2019. Mr. Ho has over 20 years of experience in business administration and management. From 1995 to 2008, Mr. Ho worked in Walmart China, during which he had held various management positions, including the regional operations director of Central China.

From 2008 to 2017, Mr. Ho worked in A. S. Watson Group, during which he had also held several management positions, including the managing director ­ South & Central China of Watsons China and later on became the managing director of PARKnSHOP China, responsible for the overall development. Mr. Ho is currently a director of Yifeng Pharmacy Chain Co. Ltd.