The board of directors of CWT International Limited announced that in order to devote more time on the executive position in, and the daily operations of CWT Pte. Limited, a subsidiary of the Company with main business operation, Mr. Wang Kan (?Mr. Wang?) has resigned as the chief executive officer of the Company with effect from 28 June 2024, but remains to be the chairman of the Board, an executive Director, the chairman of each of the executive committee and the nomination committee of the Board, and a member of the remuneration committee of the Board. The Board further announced that Mr. Shang Duoxu (?Mr. Shang?) has been appointed as the Chief Executive Officer, with effect from 28 June 2024.

Mr. Shang, aged 38, holds a bachelor's degree in economics from Chengdu University of Technology and a master's degree in finance from Tulane University. Mr. Shang is currently the supervisor of Hainan HNA No.2 Trust Management Service Co. Ltd. Mr. Shang joined Hainan HNA Property Holdings Co.

Ltd. in 2008 and has served several senior positions for certain companies under HNA Group. In the last three years, Mr. Shang was the chairman and an executive director of China Shun Ke Long Holdings Limited from February 2022 to May 2024. Mr. Shang was also the chairman of the board of directors of Northeast Electric Development Co.

Ltd., from August 2021 to December 2022. Mr. Shang was also the chairman of the board of directors of CCOOP Group Co. Ltd., from January 2022 to April 2024.

Mr. Shang has extensive management knowledge and working experience in the fields of finance management and corporate management.