Sun Art Retail Group announces board and leadership changes

Sun Art Retail Group (HKEX:6808) is undergoing a series of board and leadership changes following the completion of its acquisition by Paragon Shine Limited. Julian Juul Wolhardt has been appointed Chairman, effective immediately after the posting of a composite document, succeeding Huang Ming-Tuan, who will remain a non-executive director temporarily. Guannan Wang has also been appointed as a non-executive director. Simultaneously, Ms. QIN Yuehong and Mr. HAN Liu have resigned as non-executive directors, effective from the SPA Completion Date. The changes also impact board committee compositions. These moves are aligned with the change in control after the SPA Completion and the departing directors’ wishes to pursue other interests. The new leadership structure signals a fresh strategic direction for Sun Art under its new ownership. The company is proceeding with mandatory unconditional cash offers as a result of the Share Purchase Agreement completion.