The Board of directors of Applied Development Holdings Limited announced that, with effect from 3 May 2022, Mr. Yao Wei Rong has resigned as a non-executive Director as he desires to devote more time to his personal affairs and other business commitments. The company also announced that, with effect from 3 May 2022, Mr. Wu Tao has been re-designated from a non-executive Director to an executive Director. The current service contract for Mr. Wu Tao as a non-executive Director has been terminated upon his Re-designation.

Mr. Wu Tao has entered into a new service contract with the Company for a term from 3 May 2022 to 20 August 2022. The company also announced that Mr. Zhu Xinhui has been appointed as an independent non-executive Director with effect from 3 May 2022. The company further announces that with effect from 3 May 2022, Mr. Wu Tao ceased to be the member of the audit committee of the Company and Mr. Zhu has been appointed as a member of the Audit Committee.