InnoCare Pharma : CHANGE OF THE CHIEF MEDICAL OFFICER

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InnoCare Pharma Limited ፕ༐਄ശᔼᖹϞࠢʮ̡

(A company incorporated in the Cayman Islands with limited liability)

(Stock Code: 09969)

CHANGE OF THE CHIEF MEDICAL OFFICER

The board (the "Board") of directors (the "Directors") of InnoCare Pharma Limited (the "Company", together with its subsidiaries, the "Group") announces that Dr. Rick Xu ("Dr. Xu"), the current Chief Medical Officer of the Company plans to retire from his position following a transition period and the appointment of a new chief medical officer, which is effective from March 1, 2021. Dr. Xu has confirmed that he has no disagreement with the Board and the Company confirms that there are no other material matters with respect to the departure of Dr. Xu that needs 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 confirms that the medical operation related matters of the Group are all in an orderly manner and the departure of Dr. Xu will not have any adverse effect on the operations of the Group.

The Board announces that Dr. Xiang-Yang Zhang ("Dr. Zhang") has been appointed as the new Chief Medical Officer of the Company effective on March 1, 2021. The biographical details of Dr. Zhang are as follows:

Dr. Zhang has more than 30 years working experience in clinical practice, academic research, and pharmaceutical drug discovery and development, including over 20 years' pharmaceutical R&D experience, spanning from drug discovery, early and late drug development through life cycle management in both large pharma and biotech companies with increasing leadership responsibilities.

Dr. Zhang began his career at Merck & Co., where he served as research scientist in Department of Immunology and Allergy from 1999 to 2004, and then he served in a number of positions in several multinational companies and institution, including as clinical pharmacology fellow and principal investigator in National Institute of Health, clinical leader and medical monitor of Translational Medicine and Early Clinical Development in Johnson and Johnson, medical director of Early Clinical Development in Bristol-Myers Squibb, senior medical director of Translational Medicine and Clinical Development in GlaxoSmithKline from 2004 to 2017. He served as the chief medical officer and on the board of directors in Hengrui Therapeutics Inc. (HTI) Princeton from May 2017 to February 2018, and then promoted to chief executive officer in March 2018.

Dr. Zhang received his Medical Degree from the Third Military Medical University, Chongqing, China in 1984. He completed his post-doctoral training at UCLA School of Medicine in 1993 and Michigan State University in 1998. After passing the United States Medical License Examination (USMLE), Dr. Zhang completed his medical fellowship training at Clinical Center, National Institute of Health, Bethesda, MD. USA in 2006. He was elected as a Fellow of the American College of Clinical Pharmacology (FCP) in 2012.

The Board would like to express sincere gratitude to Dr. Xu for his tremendous contribution to the Company during his tenure of office and express its warmest welcome to Dr. Zhang on his new position.

By order of the Board

InnoCare Pharma Limited

Dr. Jisong Cui

Chairperson and executive Director

Hong Kong, 1 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. Lijun Lin as non-executive Directors, and Dr. Zemin Zhang, Ms. Lan Hu and Dr. Kaixian Chen as independent non-executive Directors.