The board of directors of Values Cultural Investment Limited announced that Ms. Wei Xian ("Ms. Wei") has tendered her resignation as the executive Director of the Company with effect from 17 June 2022 due to her other business arrangements. The Board announced that Ms. Cai Xiaoxin ("Ms. Cai") has been appointed as the executive Director of the Company with effect from 17 June 2022. Ms. Cai, aged 45, has over 20 years of experience in the legal and capital markets industry. Ms. Cai worked as a court clerk of the People 's Procuratorate of Shenzhen Municipality, Guangdong Province from 1999 to 2003. Ms. Cai continued to progress with her career in China Securities Regulatory Commission and was assigned to work in Shenzhen Supervision Bureau of China Securities Regulatory Commission as an application examiner from 2004 to 2008. Ms. Cai then worked in Essence Securities Co. Ltd. as the general manager of the compliance department, the general manager of the risk control department and the general manager of the human resources department from 2008 to 2013. Ms. Cai worked as the compliance director and the chief risk control officer of Founder Securities Financing Services Company Limited (formerly known as China Minzu Securities Co. Ltd. from 2013 to 2016. Since 2016, Ms. Cai has served as the vice president of Suiyong Holdings Company Limited ("Suiyong Holdings") and the chairman of Shenzhen Suiyong Huizhi Investment Management Co. Ltd. concurrently. Since August 2021, Ms. Cai has been the chief executive officer of the Company and the general manager of Haining Fanning Television Planning Company Limited ("Haining Fanning"), an indirectly wholly-owned subsidiary of the Company. Save as disclosed herein, Ms. Cai does not hold any positions with the
Company or its subsidiaries. Ms. Cai obtained a bachelor's degree in laws from the China University of Political Science and Law in 1999, and a master's degree in laws from Peking University in 2003. She also obtained an Executive Master of Business Administration (EMBA) degree from Cheung Kong Graduate School of Business in 2019. The Board considered and accepted the recommendation from the nomination committee of the Board to appoint Ms. Cai as an executive Director, after reviewing her academic qualification, working experience and contributions during her tenure as chief executive officer of the Company. As disclosed in this announcement, Ms. Cai currently works in Suiyong Holdings, in which Mr. Qu Guohui, the executive Director, serves as the chairman of the board and chief executive officer thereof, and Ms. Shen Yi, the non-executive Director, acts as an assistant to the chief executive officer and the general manager of the risk management department thereof.