The board of directors of First Shanghai Investments Limited and its subsidiaries announced that Ms. LAO Yuanyuan has been appointed as an executive director of the company with effect from 26 March 2021. Ms. LAO Yuanyuan, was an executive director of the China Assets (Holdings) Limited ("China Assets") from 2005 to 2015 and was re-designated as a non-executive director from 2016 to 2017. In accordance with the Company's Articles of Association, Ms. Lao will hold office as a director until the coming annual general meeting of the company to be held in May 2021 and will then be eligible for re-election. She is then subject to retirement by rotation and re-election at annual general meetings in accordance with the Articles of Association of the company.