The board of directors of Pan Asia Data Holdings Inc. announced that Dr. Wang Bangyi has been appointed as Chief Executive Officer of the Company with effect from 22 December 2022. The biographical details of Dr. Wang are set out as follows: Dr. Wang, aged 49, graduated with a doctorate degree in economics from the School of Economics and Management of Tsinghua University in July 2005, a master's degree in economics from Xiamen University in June 2000, and a bachelor's degree in engineering from China Three Gorges University in July 1995. Dr. Wang has nearly 20 years of related specialties and management experience.

From March 2017 to July 2022, he served as an executive director, the chief executive officer (CEO) and chairman of the investment decision committee at China Re Asset Management (Hong Kong) Company Limited. From November 2004 to September 2008 and from June 2011 to August 2019, he served as an investment manager, department general manager, chief strategy officer and assistant to the general manager at China Re Asset Management Co. Ltd. From September 2008 to June 2011, he also served as the executive general manager of Investment Department of China Galaxy Financial Holdings Company Limited and a senior commissioner of Investment Management Center of Happy Life Insurance Co.

Ltd. Dr. Wang was appointed as a non- executive director of Beijing Jingneng Clean Energy Co., Limited (a company whose shares are listed on The Stock Exchange of Hong Kong Limited from January 2019 to September 2022. Dr. Wang was also appointed as a non-executive director of Huadian Fuxin Energy Corporation Limited (a company whose shares are previously listed on the Stock Exchange with stock code: 816 and delisted in October 2020) from June 2019 to October 2020. Dr. Wang was also appointed as a non- executive director of China Development Bank Financial Leasing Co.

Ltd. (a company whose shares are listed on the Stock Exchange with stock code: 1606) from March 2020 to December 2021.