The board of directors of Jingrui Holdings Limited announced the following changes to the Board, with effect from 30 March 2023: Resignation Of Co-Chairman And Re-Designation Of Director: The Company announces that Mr. Chen Xin Ge, the co-chairman and an executive director of the Company, has resigned as the co-chairman of the Company and has been re- designated as a non-executive director of the Company due to his onerous business commitments. The biographical details of Mr. Chen are set out below: Mr. Chen Xin Ge, aged 54, is one of the founders and the co-chairman of the Group. He was appointed as an executive director on 6 October 2013.

Mr. Chen is responsible for determining the overall strategic planning and business direction of the Group together with Mr. Yan Hao. Mr. Chen also serves as a member of the remuneration committee of the Company. Mr. Chen graduated from Capital University of Economics and Business in March 2001.

He also completed the EMBA Program at Cheung Kong Graduate School of Business in September 2007 and obtained a diploma of Executive Master of Business Administration. Mr. Chen has more than 30 years of experience in the PRC real estate industry. Mr. Chen co-founded Jingrui Properties (Group) Co.

Ltd. (formerly known as Shanghai Jingrui Property Development Company) in 1993 with Mr. Yan, and has since served as the general manager, building the Group's business to its current scale from 1993 to 1999 and the chairman of board of directors since 1999, being responsible, along with Mr. Yan, for the strategic directions and business growth of the Group. Re-Designation Of Co-Chairman As Chairman Of The Board: Mr. Yan Hao, the co-chairman, executive director and chief executive officer of the Company, has been re-designated from co-chairman of the Company to chairman of the Board. After the re- designation, Mr. Yan will serve as both the chairman of the Board and the chief executive officer.

The Board believes that Mr. Yan, as one of the founders of the Group, has played an important part in the growth and business expansion of the Group since 1999, and that Mr. Yan 's role as chairman and chief executive officer will facilitate the performance of the Group 's business strategies with maximum effectiveness. The Board also believes that the balance of power and authority between chairman and chief executive officer will not be impaired by the present arrangement and the significant weight of the non-executive directors (including the independent non-executive directors) will enable the Board as a whole to effectively exercise its non-bias judgement. Change In Composition Of Board Committees: (i) Following Mr. Yan's re-designation as chairman of the Board, Mr. Yan ceased to be the chairman of the nomination committee of the Company and was appointed as a member of the remuneration committee of the Company; (ii) Following Mr. Chen's resignation as the co-chairman of the Company and re-designation as a non-executive director of the Company, Mr. Chen ceased to be a member of the remuneration committee of the Company and was appointed as a member of the nomination committee of the Company; and (iii) Mr. Han Jiong, an independent non-executive director of the Company, has been re-designated from a member of the nomination committee of the Company to the chairman of the nomination committee of the Company.