Huazhang Technology : CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND COMPOSITION OF BOARD COMMITTEES

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Huazhang Technology Holding Limited

華章科技控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1673)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND

COMPOSITION OF BOARD COMMITTEES

1. RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR
   The board of directors (the "Board") of Huazhang Technology Holding Limited (the "Company") announces that Mr. Dai Tian Zhu ("Mr. Dai") has resigned as an independent non-executive director, the chairman of the nomination committee (the "Nomination Committee"), a member of the audit committee (the "Audit Committee") and a member of the remuneration committee (the "Remuneration Committee") of the Company with effect from 31 March 2021 due to his other work commitments which require more of his dedication and time.
   Mr. Dai confirmed that he has no disagreement with the Board and there is no other matter which needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited in relation to his resignation.
   The Board would like to take this opportunity to express its sincere gratitude to Mr. Dai for his valuable contributions to the Company during his tenure of service.
2. APPOINTMENT OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR
   The Board is pleased to announce that with effect from 31 March 2021, Mr. Yao Yang Yang ("Mr. Yao") has been appointed as an independent non-executive director of the Company, the chairman of the Nomination Committee, a member of the Audit Committee and a member of the Remuneration Committee.
   The biographical details of Mr. Yao are as follows:
   Mr. Yao Yang Yang (aged 32) obtained a Master of Urban Planning and Design degree from Huazhong University of Science and Technology in 2014. From March 2014 to December 2020, Mr. Yao worked at Poly Developments and Holdings Group Co. Ltd (保利發展控股集團股份有限公司), and served as a designer of design division of Poly Jiangsu Property Development Limited* (保利江蘇房地產發展有限公司) and the vice general manager and the manager of design division of Poly Yancheng Property Development Limited* (保利鹽城房地產發展有限公司), and his last position was the senior manager of investment division of Poly Jiangsu Property Development Limited* (保利江蘇房地產發展有限公司). Since December 2020, Mr. Yao has been serving as vice president of Tianjin Yikai Tomorrow Asset Management Co., Ltd. * (天津易凱明天資產管理有限公 司). He has over 6 years of experience in the fields of business development and investment in China.
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Mr. Yao has entered into a letter of appointment with the Company pursuant to which Mr. Yao has been appointed as an independent non-executive director of the Company for a term of three years commencing from 31 March 2021, terminable by the Company giving not less than three months' prior notice in writing without payment of compensation and subject to retirement by rotation and reelection at the general meeting of the Company in accordance with the articles of association of the Company. Mr. Yao is entitled to a total remuneration of HK$120,000 per annum for his appointment as an independent non-executive director of the Company. In addition, performance-based bonus(es) (in addition to any discretionary bonus) may be payable to Mr. Yao from time to time to be determined by the Board in recognition of his contribution to the Company. The remuneration was determined by the Board based on the recommendation of the Remuneration Committee with reference to Mr. Yao's experience, duties, responsibilities and the prevailing market conditions as well as the remuneration package offered to the other independent non-executive directors of the Company.

As at the date of this announcement, Mr. Yao has not previously held and is not holding any position with the Company and/or its subsidiaries and does not have any relationship with any director, senior management, substantial shareholder or controlling shareholder of the Company nor does he have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Mr. Yao does not hold, and has not held in the last three years, any directorships in other public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there is no other matter relating to the appointment of Mr. Yao that needs to be brought to the attention of the shareholders of the Company and there is no other information which is required to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to welcome Yao for joining the Board.

On behalf of the Board

Huazhang Technology Holding Limited

Zhu Gen Rong

Chairman

Hong Kong, 31 March 2021

As at the date of this announcement, the executive Directors are Mr. Zhu Gen Rong, Mr. Wang Ai Yan, Mr. Liu Chuan Jiang and Mr. Jin Hao, and the independent non-executive Directors are Mr. Kong Chi Mo, Mr Heng, Keith Kai Neng and Mr. Yao Yang Yang.

* For identification purpose only

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