The board of directors of Diwang Industrial Holdings Limited announced the resignation of Ms. Liu Jing (Ms. Liu) as an executive director, the chairman of the board (the chairman) and the chairman of the nomination committee of the company (the nomination committee) with effect from 25 May 2022, and the appointment of each of Mr. Lam Kam Kong Nathaniel (Mr. Lam), Mr. Tse Chun Chung (Mr. Tse) and Mr. Sun Jingang (Mr. Sun) as an executive Director with effect from 25 May 2022. On 24 May 2022, Ms. Liu tendered her resignation as an executive Director, the Chairman and the chairman of the Nomination Committee with effect from 25 May 2022, as she would like to devote more time to her other commitments. The board announced that each of Mr. Lam, Mr. Tse and Mr. Sun will be appointed as an executive director with effect from 25 May 2022.

Mr. Lam, aged 29, received his degree of Bachelor of Commerce (Finance and Marketing) from University of Auckland in 2020. He has over 6 years of experience in securities. Mr. Lam is currently an officer of OnePlatform Asset Management Limited since February 2022, which is a corporation licensed by the Securities and Futures Commission (the "SFC") to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").

From November 2020 to January 2022, Mr. Lam was an officer of OnePlatform Securities Limited, which is a licensed corporation by SFC to carry out Type 1 regulated activity under SFO. Mr. Lam was also a licensed person for type 1 regulated activity under the SFO during May 2021 to January 2022. From August 2016 to November 2020, Mr. Lam was an associate and a licensed person for type 1 regulated activity under the SFO of Hooray Securities Limited, which is a corporation licensed by the SFC to carry out Type 1 (dealing in securities) regulated activity under the SFO.

Mr. Tse, aged 42, obtained a bachelor's degree in economics from the University of California, Irvine in 2004 and has over 16 years of experience in retail banking. From July 2014 to February 2016, Mr. Tse was a senior relationship manager at China Construction Bank. Mr. Tse was also the relationship manager of Dah Sing Bank and Nanyang Commercial Bank from February 2016 to April 2018 and from August 2019 to March 2021, respectively.

Mr. Sun, aged 55, has over 10 years in company promotion and company brand planning. From January 2010 to December 2018, Mr. Sun was the general manager of Weishan Qiandao Lake Wetland Scenic Spot and was mainly responsible for the development of the scenic spot. Mr. Sun is currently the general manager of Jiangsu Huazhikang Health Technology Group Co.

Ltd. and Jiangsu Hengyangkang Health Technology Co. Ltd. since November 2019 and since February 2021 respectively. From April 2021 to 23 May 2022, Mr. Sun was the director of Xuzhou Yuandao Health Technology Co.

Ltd. Immediately after the resignation of Ms. Liu, the Board announced that Mr. Gu Jianguo, an executive Director, will be appointed as the chairman of the Nomination Committee with effect from 25 May 2022.