XIABUXIABU (00520.HK): He Guangqi steps down as CEO and re-designated as non-executive director; Feng Huihuang appointed new CEO
NewTimeSpace News: On 27 August 2026, Xiabuxiabu Catering Management (China) Holdings Co., Ltd. (stock code: 00520) announced that, with effect from 28 August 2026, Mr. He Guangqi, the Chairman of the Board, will step down as Chief Executive Officer of the Group after five years in the role, and will be re-designated from an executive director to a non-executive director of the Company. Mr. He will continue to serve as Chairman, Chairman of the Nomination Committee and a member of the Remuneration Committee.
According to the announcement, Mr. He, aged 62, was appointed Chairman and executive director on 14 May 2008 and Chief Executive Officer on 20 May 2021, with over 20 years of experience in the catering industry; following his departure as CEO, his executive remuneration will cease with effect from 28 August 2026, and he will receive an annual director's fee of HKD 1,220,000 under his non-executive director letter of appointment with an initial term of three years. Under Part XV of the Securities and Futures Ordinance, Mr. He holds interests in 429,052,360 shares of the Company, representing approximately 39.50% of the total issued share capital.
Mr. Feng Huihuang, aged 61, who has served as an executive director since 15 April 2025 and currently as Deputy Vice President of Finance of the Group (since 22 November 2021), will succeed Mr. He as the new Chief Executive Officer with effect from 28 August 2026. His service agreement as CEO has no fixed term, with remuneration of RMB 984,000 per annum, pro-rated if his tenure is less than one year. Mr. Feng will temporarily continue to serve as Deputy Vice President of Finance until a suitable candidate is identified.
The announcement noted that, following the change, the roles of Chairman and Chief Executive Officer will be performed by Mr. He and Mr. Feng respectively, and the Company will fully comply with Code Provision C.2.1 of the Corporate Governance Code from 28 August 2026. Mr. He confirmed that he has no disagreement with the Board.
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