China Electronics Optics Valley Union : CHANGE OF DIRECTOR

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China Electronics Optics Valley Union Holding Company Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 798)

CHANGE OF DIRECTOR

The Board hereby announces that with effect from 10 March 2020,

1. Ms. Zhang Shuqin has resigned as an independent non-executive Director; and
2. Mr. Qiu Hongsheng has been appointed as an independent non-executive Director.

CHANGE OF DIRECTOR

Resignation of Director

The board (the "Board") of directors (the "Director(s)") of China Electronics Optics Valley Union Holding Company Limited (the "Company") hereby announces that Ms. Zhang Shuqin ("Ms. Zhang") has tendered her resignation as an independent non-executive Director with effect from 10 March 2020 due to her age and health reasons. Upon her resignation, she ceases to be a member of the nomination committee of the Board (the "Nomination Committee") and the remuneration committee of the Board (the "Remuneration Committee").

Ms. Zhang has confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company (the "Shareholders").

The Company would like to express its sincere gratitude to Ms. Zhang for her contribution to the Company during her tenure of office.

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Appointment of Director

The Board is pleased to announce that, with effect from 10 March 2020, Mr. Qiu Hongsheng ("Mr. Qiu") has been appointed as an independent non-executive Director, and a member of the Nomination Committee and the audit committee of the Board.

The biographical details of Mr. Qiu are set out as follows:

Mr. Qiu Hongsheng (邱洪生) (former name: Qiu Hongbin (邱洪賓)), aged 55, graduated from the Harbin Institute of Technology with a bachelor's degree specializing automation control in July 1986 and further graduated from the School of Management of Harbin Institute of Technology with a master's degree in Systems Analysis in January 1989. Mr. Qiu is a Certified Public Valuer (註冊資產 評估師), a Certified Senior Enterprise Risk Manager, a Certified Dealmaker (併購交易師), a senior economist (高級經濟師) and a fund management intermediary (基金從業資格) in the People's Republic of China (the "PRC").

Mr. Qiu is an executive director and the general manager of China Consultants of Advisory and Finance Management Co., Ltd and a visiting professor of Tianjin University of Finance and Economics. Mr. Qiu worked in 710 Research Institute of the Ministry of Aerospace Industry of China as an economic analyst for a number of years. Mr. Qiu joined China Consultants of Advisory and Finance Management Co., Ltd, a company directly managed by the Ministry of Finance of the PRC, in 1994 and focuses on management consulting and corporation restructuring transactions. Mr. Qiu possesses a wealth of professional knowledge and practical experiences in corporate finance, mergers and acquisitions, strategic integration, meticulous management and etc.

Mr. Qiu has been an independent non-executive director of Chinese Electronics Huada Technology Company Limited (Stock Code: 85) since November 2012. Mr. Qiu is also an independent director of China National Software & Service Co., Ltd, AVIC Heavy Machinery Co., Ltd, GRINM Advanced Materials Co., Ltd (all being companies with their shares listing on the Shanghai Stock Exchange), and Henan Kedi Dairy Co., Ltd (a company with its shares listing on the Shenzhen Stock Exchange).

Mr. Qiu has entered into a letter of appointment with the Company for a term of three years commencing from 10 March 2020. Pursuant to the articles of association of the Company, Mr. Qiu will hold office until the forthcoming general meeting of the Company and shall be eligible for reelection at that general meeting. Mr. Qiu will receive a director's remuneration of RMB200,000 per annum, which has been recommended by the Remuneration Committee and determined by the Board with reference to the remuneration of other independent non-executive Directors.

Save as disclosed in this announcement, as at the date of this announcement, Mr. Qiu:-

1. does not hold any position with the Company or any of its subsidiaries;
2. has not held any other directorship in any listed public companies, whether in Hong Kong or overseas, in the last three years;

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1. does not have any other relationship with any director, senior management or substantial or controlling shareholder of the Company; and
2. does not hold any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed in this announcement, there are no other matters relating to the appointment of Mr. Qiu that need to be brought to the attention of the Shareholders, and there is no other information which is required to be disclosed pursuant to Rule 13.51(2)(h) to Rule 13.51(2)(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to welcome Mr. Qiu in joining the Board.

By Order of the Board

China Electronics Optics Valley Union Holding Company Limited

Huang Liping

Chairman

Wuhan, Hubei, the People's Republic of China

10 March 2020

As at the date of this announcement, the directors of the Company are Mr. Huang Liping and Mr. Hu Bin as executive Directors; Ms. Wang Qiuju, Mr. Xiang Qunxiong, Mr. Zhang Jie and Ms. Sun Ying as non-executive Directors; Mr. Qi Min, Mr. Leung Man Kit and Mr. Qiu Hongsheng as independent non-executive Directors.

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