The Board of Cinda International Holdings Limited announces the following changes in the Board all with effect from 1 December 2022: (1) Mr. Chow has resigned as a non-executive Director and a member of the Remuneration Committee; (2) Mr. Hung has resigned as an independent non-executive Director, the chairman of the Audit Committee and a member of the Remuneration Committee; (3) Mr. Zheng has been appointed as an independent non-executive Director, a member of the Audit Committee and the Remuneration Committee; (4) Mr. Xia has been re-designated as the chairman of the Audit Committee; and (5) Mr. Liu has been appointed as a member of the Remuneration Committee. Mr. Chow and Mr. Hung were appointed as a non-executive Director and an independent non-executive Director respectively since December 2008. During their tenure of office, Mr. Chow and Mr. Hung provided many invaluable advice to the Board based on their rich experience in capital market and their professional perspectives, both of them made substantial contribution to the steady development of the Group.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Chow and Mr. Hung for their valuable contribution to the Company during their tenure of office. Mr. Zheng Minggao, aged 50, has been appointed as an independent non-executive Director, a member of the Audit Committee and Remuneration Committee on 1 December 2022. He has over 20 years of experience in corporate finance and management.

Mr. Zheng had worked as operation manager, head of audit and assistant chief executive officer, etc., in LG Electronics (China) Co. Ltd., Sinochem Group Co. Ltd. and Peking University Founder Group Co.

Ltd. respectively. Mr. Zheng was appointed as the chairman of the board of Beijing Qichen Holdings Group Limited since 24 June 2022. He successively served as the chief financial officer, a director and the chief executive officer of China Hi-tech Group Co.

Ltd. ("China Hi-tech"), the shares of which are listed on the Shanghai Stock Exchange (stock code: 600730), from 2012 to 2016. Mr. Zheng obtained a doctoral degree in Industrial Economics granted by Beijing Jiaotong University in 2010 and a post-doctoral certificate in Applied Economics granted by Renmin University of China in 2012. He is a Certified Internal Auditor, and possesses senior management qualification certificate in securities industry and insurance industry.