Fusen Pharmaceutical : APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

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Fusen Pharmaceutical Company Limited

福 森 藥 業 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1652)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the ''Board'' and each a ''Director'') of Fusen Pharmaceutical Company Limited (the ''Company'', together with its subsidiaries, the ''Group'') is pleased to announce that Dr. To Kit Wa (''Dr. To'') has been appointed as an independent non- executive Director and a member of each of the audit committee (the ''Audit Committee''), remuneration committee (the ''Remuneration Committee'') and nomination committee (the ''Nomination Committee'') of the Company with effect from 13 August 2020.

The biographical details of Dr. To are set out as follows:

Dr. To Kit Wa, aged 45, obtained a Bachelor of Science in General Biology in 1996, a Master of Philosophy in 2002 and a Doctor of Philosophy in Cancer Biology in 2007 from The University of Hong Kong. She also received the Certificate and the Diploma of Marketing from HKU School of Professional and Continuing Education in 2000 and 2001 respectively.

Dr. To served as an account executive at ACI Group (Hong Kong) Limited from 1996 to 1998. She was a marketing executive at Tak Hing Manufacturing Company Limited from 1999 to 2000 and rejoined as an executive secretary from 2003 to 2004. She then worked as a senior secretary in Belief Wealth Management Co. in 2009. Thereafter, Dr. To joined Winsor (Hong Kong) Limited as an assistant manager to supervise a group of research assistants for the daily operation of a laboratory from 2010 to 2013. Dr. To conducted research in the Laboratory of Biomedical Imaging and Signal Processing in the Department of Electrical and Electronic Engineering, The University of Hong Kong from 2015 to 15 June 2020.

The Company has entered into a service agreement with Dr. To for a term of three years commencing from 13 August 2020 subject to retirement from office and re-election at the first annual general meeting of the Company after her appointment and subsequently subject to retirement from office by rotation and re-election at the annual general meeting of the Company and vacation of office in accordance with the articles of association of the Company and the Rules Governing the Listing of Securities on the Stock Exchange (the ''Listing Rules'') or termination by either party to the service agreement by giving the other

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party three months' prior written notice. Pursuant to the service agreement, Dr. To is entitled to a director's remuneration of HK$180,000 per annum and other benefits for her appointment as an independent non-executive Director and the member of each of the Audit Committee, Remuneration Committee and Nomination Committee, which was determined by the Board after considering the range of factors including her experience, duties and responsibilities, the prevailing market conditions and the recommendation from the Remuneration Committee.

Save as disclosed above, as at the date of this announcement, Dr. To (i) does not hold any other position in the Company or its subsidiaries; (ii) does not hold any other directorships in the last three years in the public companies the securities of which are listed in Hong Kong or overseas; (iii) does not have or is not deemed to have any interests or short positions in any Shares, underlying Shares or debentures (as defined under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)) of the Company; (iv) does not have any relationship with the Directors, senior management or substantial or controlling shareholders of the Company; and (v) there is no other information in relation to Dr. To that is required to be disclosed pursuant to Rule 13.51(2) of the Listing Rules and there are no other matters in connection with the appointment of Dr. To as an independent non-executive Director that needs to be brought to the attention of the shareholders of the Company.

COMPLIANCE WITH RULES 3.10(1), 3.21 AND 3.25 OF THE LISTING RULES AND CODE PROVISION A.5.1 OF THE CORPORATE GOVERNANCE CODE CONTAINED IN APPENDIX 14 TO THE LISTING RULES

Reference is made to the announcement of the Company dated 10 July 2020, following the appointment of Dr. To, the Board will comprise five executive Directors and three independent non-executive Directors. In addition, Dr. To has also been appointed as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee. As a result, the Company shall, upon the appointment of Dr. To, be in compliance with Rules 3.10(1), 3.21 and 3.25 of the Listing Rules and code provision A.5.1 of the Corporate Governance Code contained in Appendix 14 to the Listing Rules.

The Board would like to express its welcome to Dr. To for joining the Board.

By order of the Board

Fusen Pharmaceutical Company Limited

Cao Changcheng

Chairman and Executive Director

Hong Kong, 13 August 2020

As at the date of this announcement, the Board of the Company comprises Mr. Cao Changcheng (Chairman), Mr. Hou Taisheng, Mr. Chi Yongsheng, Ms. Meng Qingfen and Mr. Cao Zhiming as executive Directors and Mr. Sze Wing Chun, Mr. Lee Kwok Tung Louis and Dr. To Kit Wa as independent non-executive Directors.

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