On 17 November 2025, LI Peng submitted his resignation to the Board of Legend Holdings, stepping down from his roles as an executive director and chief executive officer (CEO) of the Company. The Board concurrently resolved to appoint YU Hao as the new CEO of the Company.
The Board stated that Mr. LI Peng had tendered his resignation due to personal career choices, and the Board fully respects his personal decision. Mr. LI Peng has served as the CEO of Legend Holdings since 2020. Under the leadership of the Board, he steadily guided the Company's strategic and operational development during his tenure. He increased investment in technological innovation, effectively enhanced post-investment management of investee companies, tackled challenges, continuously improved business quality, significantly adjusted the business layout, and strengthened the building of talent team. These efforts made significant contributions to the Company's business transformation and long-term healthy development. The Company and the Board express their sincere gratitude to Mr. LI Peng!
LI Peng stated, "Legend Holdings is an exceptional company. My 23 years of experience and achievements at Legend Holdings represent invaluable assets in my professional journey. I extend my gratitude to the Board and the Chairman NING Min for their enduring trust and support, as well as for their understanding and respect of my personal career planning. I also deeply cherish the time spent working alongside every colleague at Legend Holdings and sincerely thank everyone for their dedicated efforts. I wish Legend Holdings continued prosperity!"
YU Hao, Legend Holdings' newly appointed CEO, previously served as vice president of Legend Holdings and director of Legend Holdings Research. The Board of Legend Holdings stated that Dr. YU Hao is not only a technical expert with substantial achievements in scientific research but also a corporate executive possessing industrial operational experience. Dr. YU Hao will continue to concurrently serve as director of Legend Holdings Research, contributing his professional expertise to further focus the Company's strategic direction on technological innovation and achieve high-quality development.
YU Hao remarked, "I am deeply honoured by the trust placed in me by the Company and the Board, and I recognize the weight of responsibility this entails. Under the leadership of the Board and Chairman NING Min, I will work diligently and pragmatically, joining hands with my colleagues at Legend Holdings to advance the Company's innovative development, and striving to live up to everyone's expectations."
NING Min, Chairman of Legend Holdings, remarked that Mr. LI Peng possesses a strong sense of mission, courage in taking responsibility, and outstanding strategic capabilities, leadership skills, and international experience. During his tenure as CEO, he played a pivotal leadership role in achieving the Company's long-term healthy development amidst a complex environment. We extend our gratitude to Mr. LI Peng for his dedicated efforts and contributions to the Company over the years, and wish him every success as he embarks on a new chapter from this fresh starting point.
NING Min further noted that Dr. YU Hao possesses extensive expertise in technological R&D and corporate innovation, aligning perfectly with Legend Holdings' philosophy of "strategically focusing on technological innovation while treating innovation as the core driving force of the company". I have confidence that Dr. YU Hao will deliver greater value in his new role, injecting fresh momentum into the Company's development. We shall continue to work in concert with all colleagues, advancing with unwavering conviction and an even more innovative spirit towards our corporate vision of "serving the country through industry".