China United Venture Investment Limited announced that the term of appointment of Mr. Ni Xian ("Mr. Ni") as a non-executive Director will expire on 30 May 2024. The Board noted that Mr. Ni intended to step down from his directorship in the second half of 2023 before it subsequently resolved with Mr. Ni to re-designate him from the position of executive Director to non-executive Director, with effect from 22 November 2023. This decision was made to enable Mr. Ni to assist the Company in addressing its audit issues and fulfill the resumption guidance provided by The Stock Exchange of Hong Kong Limited, allowing the trading in its shares (the "Shares") on GEM of the Stock Exchange to resume.

Given that the Company's audit issues have been addressed and it has fulfilled the resumption guidance provided by the Stock Exchange in principle, Mr. Ni has confirmed his decision not to seek renewal of his appointment following the conclusion of his current term in order to devote more time to his other work commitments and will cease to act as a non-executive Director with effect from 30 May 2024. The Board announced that Mr. Wang Li Feng ("Mr. Wang"), the chairman of the Board, will be re-designated from an executive Director to a non-executive Director with effect from 30 May 2024. Mr. Wang will continue to lead the Group as the chairman of the Board and the strategy and development committee of the Company (the "Strategy and Development Committee").

Mr. Wang will not enter into any service agreement with the Company. No agreement has been entered into between the Company (or its subsidiaries) and Mr. Wang regarding the proposed duration of his appointment as a non-executive Director, or the required notice period given by either party for termination of such appointment. Mr. Wang will be subject to retirement by rotation at least once every three years in accordance with the bye-laws of the Company.

His remuneration will be determined by the Board from time to time with reference to recommendation(s) provided by the remuneration committee of the Company (the "Remuneration Committee"), which takes into account Mr. Wang's qualification, experience, responsibilities as well as the prevailing market rate of remuneration for a comparable position. Mr. Wang is beneficially interested in 408,215,000 Shares, representing approximately 57.99% of the entire issued share capital of the Company. With effect from 30 May 2024, Mr. Wang has ceased to act as the chairman of each of the nomination committee (the " Nomination Committee ") and the executive committee (the " Executive Committee ") of the Company, and will be re-designated as the member of the Executive Committee.

In place of Mr. Wang, Dr. Yan Ka Shing ("Dr. Yan") has been appointed as the chairman of the Nomination Committee, and Mr. Fan Xiaoling ("Mr. Fan"), an executive Director, has been appointed as the chairman of the Executive Committee. Mr. Fan has also been appointed as a member of the Strategy and Development Committee. Dr. Yan, an independent non-executive Director, has been appointed as the lead independent Director (the "Lead Independent Director") for an initial term of one year commencing from 30 May 2024.

The Lead Independent Director is not an executive position in the Company and does not have any management role in the Company or any of its subsidiaries. Subsequent to this appointment, Dr. Yan will continue to serve as an independent non-executive director, the chairman of each of the audit committee of the Company (the "Audit Committee") and the Remuneration Committee as well as the member of each of the Executive Committee and the Strategy and Development Committee, and take up the new role as the chairman of the Nomination Committee as mentioned above. Dr. Yan, aged 38, has extensive experience in the medical industry and has served in various hospitals managed by the Hospital Authority (the "HA") in Hong Kong.

He is a registered doctor and a Specialist in Endocrinology, Diabetes & Metabolism in Hong Kong, and currently holds a position of Associate Consultant in the HA. Dr. Yan obtained his Bachelor of Medicine and Bachelor of Surgery (MBBS) degree from the University of Hong Kong in November 2011, the Membership of the Royal Colleges of Physicians of the United Kingdom (MRCP (UK)), a postgraduate medical diploma in the United Kingdom, in March 2016, and the Postgraduate Diploma in Infectious Diseases from the University of Hong Kong (PDipID (HK)) in October 2019.