InnoCare Pharma : ANNOUNCEMENT - CHANGE OF NON-EXECUTIVE DIRECTORS

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InnoCare Pharma Limited

諾誠健華醫藥有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 9969)

ANNOUNCEMENT

CHANGE OF NON-EXECUTIVE DIRECTORS

RESIGNATION OF NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of InnoCare Pharma Limited (the "Company") announces that Mr. Lijun Lin ("Mr. Lin"), a partner of Loyal Valley Capital, has resigned as a non-executive Director with effect from March 31, 2021 due to his other personal commitments which require more of his dedication and time commitment. Mr. Lin has confirmed that he has no disagreement with the Board and there are no matters in respect of his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to express its sincere gratitude to Mr. Lin for his valuable contributions as a non-executive Director to the Company during his tenure of office.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board further announces that Mr. Ronggang Xie ("Mr. Xie"), who currently serves as a partner in Loyal Valley Capital, has been appointed as a non-executive Director with effect from March 31, 2021.

The biographical details of Mr. Xie are set out below:

Mr. Xie, aged 36, has around 10 years of investment experience. He obtained a bachelor's degree and a master's degree in biomedical engineering from Southeast University, the People's Republic of China in 2008 and 2011, respectively. Mr. Xie worked at Oriza Cowin from January 2011 to July 2015. He served as a senior investment manager at Loyal Valley Capital from 2015 and was promoted to managing director and partner in 2018 and 2020, respectively. Mr. Xie has been serving as a director of Shanghai Allist Pharmaceutical Technology Co., Ltd. (a company whose shares are listed on the Shanghai Stock Exchange, stock code: 688578) since November 28, 2019. He also has been serving as a non-executive director of Akeso, Inc (a company whose shares are listed on the Stock Exchange, stock code: 09926) since August 19, 2020.

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Pursuant to the appointment letter entered into between Mr. Xie and the Company, Mr. Xie is appointed as a non-executive Director with effect from March 31, 2021, for a term of three years. His appointment shall be subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company. Mr. Xie will not receive any remuneration from the Company in relation to his appointment as a non-executive Director.

Save as disclosed above, Mr. Xie does not hold any other position with the Company or its subsidiaries, has not held any directorships in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the past three years prior to the date of his appointment and does not have other major appointments and professional qualifications.

Save as disclosed above, to the best knowledge of the Company, Mr. Xie does not have any relationship with any other director, senior management, substantial shareholder or controlling shareholder of the Company, and does not have any interests in the shares in the Company within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) as at the date of this announcement.

Save as disclosed above, there is no other information required to be disclosed pursuant to the requirements of Rule 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities on the Stock Exchange, nor are there any other matters, relating to the appointment of Mr. Xie that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to welcome Mr. Xie in joining the Company.

By order of the Board

InnoCare Pharma Limited

Dr. Jisong Cui

Chairperson and executive Director

Hong Kong, 31 March 2021

As at the date of this announcement, the Board of Directors of the Company comprises Dr. Jisong Cui as Chairperson and executive Director, Dr. Renbin Zhao as executive Director, Dr. Yigong Shi, Mr. Quanhong Yuan, Mr. Shan Fu and Mr. Ronggang Xie as non-executive Directors, and Dr. Zemin Zhang, Ms. Lan Hu and Dr. Kaixian Chen as independent non-executive Directors.

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