Su Hua will continue as Chairman of the Board of Directors while Cheng Yixiao will serve as CEO

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HONG KONG, October 29, 2021 / PRNewswire / – Kuaishou Technology (HK: 1024) (the “Company” or “Kuaishou”) today announced that co-founder Mr. Su Hua has ceased to serve as the Chief Executive Officer (CEO) of the Company, and the co-founder, Mr. Cheng Yixiao, has been appointed CEO, as approved by the Board of Directors (the “Board” ) of the Company, with effect of October 29, 2021. Sir. Su Hua continues to serve as Chairman of the Board of Directors, Executive Director and member of the Compensation Committee, devoting more time to the development of the Company’s long-term strategy. As CEO, Mr. Cheng Yixiao will be responsible for the day-to-day operations and business development of the Company, and will report to Mr. Su Hua, the chairman of the board of directors. The weighted voting rights in the Company of Mr. Su Hua and Mr. Cheng Yixiao remain unchanged.

Mr. Cheng Yixiao launched the original “GIF Kuaishou” mobile application for users to create and share moving images in 2011. In 2013, Mr. Su Hua joined Kuaishou and served as the CEO of the company, while Mr. Cheng Yixiao served as the product manager. Sir. Su Hua then introduced the recommendation algorithm mechanism to the Company. Collectively, Mr. Su Hua and Mr. Cheng Yixiao started the business of short videos. During his tenure as Chairman of the Board and Chief Executive Officer, Mr. Su Hua was primarily responsible for developing the strategy and overall management of the Company, deciding the strategic direction of the Company, strategic investments and acquisitions, business management, etc. Mr. Cheng Yixiao has been responsible for all product-related matters, including the incubation of new businesses, such as e-commerce and online games, as well as the maintenance and development of the Kuaishou ecosystem. .

Under the direction of Mr. Su Hua and Mr. Cheng Yixiao, Kuaishou has achieved revolutionary developments over the past decade, continuously expanding the scope of business and evolving the organization. In order to better promote business development and further improve efficiency, the Company has continuously optimized its organizational structure. At September 28, 2021, Kuaishou announced the launch of a new round of organizational restructuring with the aim of moving from a structure based on functions to one based on business units. Another important step to optimize the organizational efficiency of Kuaishou, the adjustment of management roles between Mr. Su Hua and Mr. Cheng Yixiao would separate the roles of chairman of the board and CEO, aligning the requirements of the rules governing the listing of securities on the Hong Kong Stock Exchange Limited. Following this adjustment, Mr. Su Hua will focus on the overall strategic planning of the Company, development and exploration of new initiatives, while Mr. Cheng Yixiao will focus on the management of the overall business and operations of the Company. The adjustment is considered a significant step to further improve the organizational and management efficiency of the Company, in order to better develop the overall activity of the Company.

About Kuaishou

Kuaishou is a leading content community and social platform with a mission to be the most customer-obsessed company in the world. Kuaishou has relentlessly focused on serving its customers and creating value for them through continuous innovation and optimization of its products and services. At Kuaishou, any user can recount and share their life experiences through short videos and live broadcasts and showcase their talents. Working closely with content creators and businesses, Kuaishou provides product and service offerings that meet the diverse user needs that arise naturally, including entertainment, online marketing services, e-commerce, gaming. online, online knowledge sharing, etc.

Forward-looking statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “could”, “could”, “could”, “could”, “continue”, “estimate”, “expect”, “expect”. “,” intend “,” plan “,” search “or” schedule “. These forward-looking statements, which are subject to risks, uncertainties and assumptions, may include our business outlook, estimates of financial performance, forward-looking business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are presented here on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be inaccurate and may not materialize in the future. There are many risks and uncertainties underlying these forward-looking statements. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be construed as a statement by the board or the company that plans and objectives will be achieved, and investors should not rely on unduly to these statements. . Except as required by law, we are not obligated, and we assume no obligation, to publicly release any revision of these forward-looking statements that may reflect events or circumstances occurring after the date of this press release or those that could reflect the occurrence of unforeseen events.

For media inquiries, please contact

Kuaishou technology
Investor Relations
E-mail: [email protected]

The Piacente Group, Inc.
E-mail: [email protected]

SOURCE Kuaishou technology

Related links

https://ir.kuaishou.com

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