DDC Enterprise Ltd. Appoints George Lai to Board of Directors

Rhea-AI Summary

DDC Enterprise (NYSEAM: DDC) has appointed George Lai as an independent member of its Board of Directors, replacing Ms. Wei Qiao who resigned on November 30, 2024. Lai will serve on all Board Committees and chair the Audit Committee as the designated financial expert.

Lai brings significant financial expertise as the current CFO of The9 (NASDAQ: NCTY) since 2008 and board member since 2016, where he oversees Bitcoin mining operations and financial management. He also serves as an independent director at Qingdao Port International. His previous experience includes eight years at Deloitte Touche Tohmatsu, working in Hong Kong, New York, and Beijing offices, where he participated in numerous IPO projects and assisted public companies with accounting matters.

Positive

• Appointment of experienced financial expert with public company CFO background
• New director brings extensive IPO and public company accounting expertise
• Addition of qualified Audit Committee chair with cryptocurrency and international business experience

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- DDC Enterprise, Ltd. (NYSEAM: DDC), (“DayDayCook,” “DDC,” or the “Company”), a leading multi-brand Asian consumer food company, today announced that it has appointed George Lai as an independent member of the Board of Directors. George was also appointed to serve on each Committee of the Board of Directors, including the Audit Committee where he will serve as the designated financial expert and Chair. George replaces Ms. Wei Qiao who resigned from the Board on November 30, 2024.

“George brings a strong background in finance and accounting to our Board, with his CFO and Board experience with other public companies,” commented Norma Chu, CEO and Chair of the Board of Directors. “George’s insights and experience will be invaluable as we continue to execute on our business strategy and build a world-class multi-brand Asian consumer food company.”

Mr. Lai has been the Chief Financial Officer of The9 Limited (NASDAQ: NCTY) since July 2008 and a member of its board of directors since January 2016. The9 Limited is engaged in Bitcoin mining and online games operation businesses. He has been overseeing The9 Limited’s Bitcoin mining businesses and in charge of the Bitcoin financial management for The9 Limited. Currently, he also serves as an independent non-executive director and the chairman of the compensation committee of Qingdao Port International Co., Ltd. (SEHK: 06198). Prior to that, Mr. Lai worked for Deloitte Touche Tohmatsu since 2000. Mr. Lai worked in several different Deloitte offices, including Hong Kong, New York and Beijing. During his eight years at Deloitte, Mr. Lai played key roles in the audit function in a number of IPO projects in the United States and China. He also assisted public companies in the United States, Hong Kong and China with a wide range of accounting matters. Mr. Lai received his bachelor of business administration, with a focus in professional accountancy, from the Chinese University of Hong Kong. Mr. Lai holds various accounting professional qualifications, including from AICPA, FCCA and HKICPA.

ABOUT DAYDAYCOOK

DayDayCook is on a mission to share the joy of Asian cooking culture with the world, offering a suite of accessible and healthy ready-to-eat, ready-to-cook, and ready-to-heat products that cater to the global palate. DayDayCook has evolved from a culinary content authority to a multi-brand powerhouse, curating a broad range of products that champion authenticity, nutrition, and convenience. The company's growing portfolio includes DayDayCook, Nona Lim, Yai’s Thai, Omsom, MengWei, and Yujia Weng. Follow the Company on LinkedIn.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241204329057/en/

Investors:

Jeff Ervin

Co-Chief Financial Officer

jeffervin@daydaycook.com

Media:

Jaque Liu

jaque.liu@daydaycook.com

Source: DDC Enterprise, Ltd.

FAQ

Who is George Lai and what position did he take at DDC Enterprise?

George Lai was appointed as an independent member of DDC Enterprise's Board of Directors and will serve as Chair of the Audit Committee, replacing Ms. Wei Qiao who resigned on November 30, 2024.

What is George Lai's current role besides DDC Enterprise (DDC)?

George Lai serves as the Chief Financial Officer of The9 (NASDAQ: NCTY) since 2008 and as an independent director at Qingdao Port International Co.,

What experience does George Lai bring to DDC Enterprise's board?

George Lai brings extensive financial and accounting expertise, including CFO experience, Bitcoin financial management, eight years at Deloitte Touche Tohmatsu, and involvement in numerous IPO projects across the United States and China.