The Board of CA Cultural Technology Group Limited announced that with effect from 3 November 2022: Mr. Tsang Wah Kwong has resigned as an independent non-executive Director, the chairman of the Audit Committee, a member of the Remuneration Committee, and a member of the Investment Committee of the Company; and Mr. Wang Guozhen has been appointed as an independent non-executive Director of the Company, the chairman of the Remuneration Committee, a member of the Audit Committee, and a member of the Investment Committee of the Company. Mr. Wang is responsible for providing independent judgement and advising on the issue of strategy, performance, resources and standard of conduct of the Group. Mr. Wang, aged 63, holds an executive master's degree in business administration with Cheung Kong Graduate School of Business.

He joined the Ministry of Finance of the People's Republic of China in 1982 and has served as heads of various departments. He was also officer of General Office and Bureaucratic Service Center of National Council for Social Security Fund, the standing member of council of Beijing Charity Association and the member of 11th and 12th Beijing Municipal Committee of the Chinese People's Political Consultative Conference. Mr. Wang acted as the executive director and vice chairman of Hsin Chong Group Holdings Limited from September 2018 to November 2019.

Hsin Chong is a company incorporated in Bermuda with limited liability and the securities of which were listed on the Main Board of The Stock Exchange until 31 December 2019. Hsin Chong was principally engaged in engineering and property businesses. HsinChong was wound up by an order of the Supreme Court of Bermuda dated 20 January 2020, following a winding-up petition being filed by a creditor and shareholder of Hsin Chong in January 2019.

Mr. Wang confirmed that (i) the winding up had not resulted in any liability or obligation imposed against him; (ii) there was no wrongful act on his part leading to the winding up process of Hsin Chong; and (iii) he was not aware of any actual or potential claim that had been or would be made against him as a result of the winding up. Mr. Wang also acted as an independent non-executive director of Link-Asia International MedTech Group Limited ("Link-Asia") from November 2019 to April 2020 and has been acting as an executive director and the vice president of Link-Asia since April 2020. Following the resignation of Mr. Tsang as an independent non-executive Director Mr. Tsang has ceased to act as the chairman of the audit committee of the Company, a member of the Remuneration Committee and a member of the investment committee of the Company.

Mr. Wang has been appointed as the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Investment Committee with effect from 3 November 2022. Mr. Hung Muk Ming, an existing independent non-executive Director, has ceased to be the chairman of but remained as a member of the Remuneration Committee, and has been appointed as the chairman of the Audit Committee with effect from 3 November 2022. The compositions of the Audit Committee, the Remuneration Committee and the Investment Committee have been changed as follows: Audit Committee: Mr. Hung Muk Ming, (chairman), Mr. Ni Zhenliang, Mr. Wang Guozhen.

Remuneration Committee: Mr. Wang Guozhen (chairman), Mr. Ni Zhenliang, Mr. Hung Muk Ming. Investment Committee: Mr. Chong Heung Chung, Jason (chairman), Ms. Liu Moxiang, Mr. Ni Zhenliang, Mr. Wang Guozhen, and Mr. Hung Muk Ming.