Renco Holdings Group Limited announces that due to reallocation of duties and responsibilities amongst the Group's management, Mr. Li Yongjun ("Mr. Li") has been redesignated from a non-executive Director to an executive Director (the "Redesignation") with effect from 17 February 2023. Mr. Li will remain as the chairman of the Board. The biographical details of Mr. Li are set out below: Mr. Li, aged 54, was appointed as a non-executive Director of the Board with effect from 30 August 2019 and was appointed as the chairman of the Board with effect from 6 April 2020. Mr. Li has over 20 years' of working experience in enterprise strategic decision making and corporate management. He is currently the president of Yongxinhua Holding Group Co. Ltd. (together with its subsidiaries, the "Yongxinhua Holding"). Mr. Li founded the Yongxinhua Holding in 2003, which is an integrated and multipurpose corporation and a co-partner of United Nations Educational, Scientific and Cultural Organisation (UNESCO) in the world intangible cultural heritage industry. Its principal activities include equity investment in financial institutions, cultural industry integration and innovation development, development and construction of cultural industry park and protection of intangible cultural heritage. From May 2018 to October 2022, Mr. Li has served as an executive director and vice chairman of the board of directors of Crown International Corporation Limited, a company whose shares are listed on the Main Board of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") (HKSE Stock
Code: 727). Mr. Li was the chief executive officer of Crown International Corporation Limited from July 2018 to March 2019. Mr. Li is also the Asia chairman of the Global Hope Coalition, the vice chairman of the "Belt and Road"
Silk Road Planning Researching Center, the vice chairman of the China Industry University Research Collaboration Association and the vice chairman of the China Intangible Cultural Heritage Protection Association. Mr. Li obtained a degree of Executive Master of Business Administration from Cheung Kong Graduate School of Business in the PRC in September 2008. He obtained a qualification certificate as a senior engineer in the PRC in July 2001.