Jolywood chairman resigns, citing age

Suzhou Jolywood Sunwatt Co., Ltd. (Jolywood) announced that Cao Lu has resigned from his roles as chairman and director of the Fifth Board of Directors, as well as the chairman (convener) of the Strategic Investment and Sustainable Development Committee of the Fifth Board, citing age-related reasons. His resignation became effective upon submission to the board. Following his resignation, Cao Lu will no longer hold any positions within the company.

Cao Lu's original term was set to expire on March 1, 2026. As of the announcement date, he does not hold any company shares and has no unfulfilled commitments. He will continue to comply with relevant regulations regarding shareholdings and changes for directors and senior management for six months post-term expiration.

Jolywood's board affirmed that Cao Lu’s departure will not affect the minimum number of directors required or the normal operation of the board. The company will proceed with the necessary procedures for director selection and chairman election in accordance with legal and regulatory requirements. The company expressed its sincere gratitude to Cao Lu for his diligent service and contributions to the company's development during his tenure.