Red Star Macalline announces new credit facility and management changes

Red Star Macalline Group Corp. announced resolutions from its 47th extraordinary meeting of the fifth board of directors, held on October 13, 2025. The board approved an application for a comprehensive credit facility from China Everbright Bank Shanghai Branch for 500 million yuan, with a term of one year. This facility, secured by properties in Wuhu and Changsha, will be used to replace existing working capital loans and support general operations for the company and its subsidiaries.

Additionally, the board approved management changes. Mr. Che Jianxing will transition from an executive director to a non-executive director, effective October 13, 2025, while retaining his roles on the nominations and strategy & investment committees, without receiving remuneration for his directorial role.

The board also approved the appointment of Mr. Zhu Jiagui as the company's deputy general manager, with his term effective from the date of board approval until the expiration of the fifth board of directors' term. Mr. Zhu Jiagui, born in September 1978, has an extensive background in retail management, having previously served in various leadership positions at Suning Appliance Group Co., Ltd. and Red Star Macalline Group Corp. since joining in April 2013.