RLX Technology Announces Changes to Board Committee Composition

Rhea-AI Summary

RLX Technology Inc. (NYSE: RLX) announced the resignation of Ms. Ying (Kate) Wang from the Compensation Committee and the Nominating Committee to ensure compliance with the New York Stock Exchange's independence requirements. The committees will now exclusively consist of independent directors, with Mr. Youmin Xi appointed as chairperson of both committees. This restructuring aims to improve corporate governance within the company, which is a leader in China's e-vapor market, leveraging its technology and market insights to develop innovative products.

Positive

• Restructuring of board committees enhances compliance with NYSE independence requirements.
• Committees now consist entirely of independent directors, potentially improving corporate governance.

Negative

• None.

BEIJING, April 9, 2022 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading branded e-vapor company in China, today announced that Ms. Ying (Kate) Wang has resigned as a member and the chairperson of the compensation committee (the "Compensation Committee") and the nominating and corporate governance committee (the "Nominating Committee ") of the Company's board of directors to help the Company comply with the relevant New York Stock Exchange's listing requirements on board committees' independence. Going forward, the Compensation Committee and Nominating Committee will be composed entirely of independent directors, namely Ms. Zhenjing Zhu and Mr. Youmin Xi. Concurrent with Ms. Ying (Kate) Wang's resignation from the Compensation Committee and the Nominating Committee, Mr. Youmin Xi was appointed as the chairperson of the Nominating Committee and the chairperson of the Compensation Committee.

About RLX Technology Inc.

RLX Technology Inc. (NYSE: RLX) is a leading branded e-vapor company in China. The Company leverages its strong in-house technology and product development capabilities and in-depth insights into adult smokers' needs to develop superior e-vapor products. RLX Technology Inc. sells its products through an integrated offline distribution and "branded store plus" retail model tailored to China's e-vapor market.

For more information, please visit: http://ir.relxtech.com. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and similar statements. Among other things, business outlook contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in China's e-vapor market; changes in its revenues and certain cost or expense items; PRC governmental policies, laws and regulations relating to the Company's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

RLX Technology Inc.
Head of Investor Relations
Sam Tsang
Email: ir@relxtech.com 

The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com 

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com

View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-changes-to-board-committee-composition-301520868.html

SOURCE RLX Technology Inc.

FAQ

What recent changes were announced by RLX Technology on April 9, 2022?

On April 9, 2022, RLX Technology announced the resignation of Ms. Ying (Kate) Wang from the Compensation Committee and the Nominating Committee, leading to a restructuring that now includes only independent directors.

Who is the new chairperson of the Nominating Committee at RLX?

Mr. Youmin Xi has been appointed as the chairperson of both the Nominating Committee and the Compensation Committee.

How does the committee restructuring affect RLX Technology's governance?

The restructuring is aimed at ensuring compliance with NYSE listing requirements for board committees' independence, potentially enhancing corporate governance.

What is the primary business focus of RLX Technology?

RLX Technology is focused on developing and selling branded e-vapor products in China, leveraging its technology and insights into consumer needs.