The Board of Directors of China Aoyuan Group Limited announced that Mr. Cheng Siu Fai ("Mr. Cheng") has been appointed as an executive Director with effect from 27 May 2024. Immediately upon Mr. Cheng's appointment taking effect, Mr. Cheng will also be appointed as a director of certain subsidiaries of the Company. Mr. Cheng, aged 50, holds a bachelor degree in accounting and economics from Curtin University in Australia.

Mr. Cheng is mainly responsible for the management of post-offshore restructuring and offshore projects, listing compliance and corporate governance. Mr. Cheng possesses extensive experience in several aspects, such as financial management, corporate finance, capital market and investor relations. From November 2021 to May 2024, Mr. Cheng served as an executive director of Starjoy Wellness and Travel Company Limited (formerly known as Aoyuan Healthy Life Group Company Limited) ("Starjoy", together with its subsidiaries, the "Starjoy Group"), the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (stock code: 3662) and the authorised representative of Starjoy from February 2023 to May 2024.

From April 2020 to November 2020, he served as the vice president and the chief financial officer of Starjoy Group and was in charge of the relevant sectors of Starjoy Group, such as financial, capital management, corporate finance, capital market operations and investor relations. From August 2021 to November 2021, Mr. Cheng served as the vice president of international investment group of the Company. He also successively served as the finance manager, general finance manager, financial controller and vice president of international investment group of the Company from July 2007 to April 2020.