China Art Financial : APPOINTMENT OF EXECUTIVE DIRECTOR AND NON-EXECUTIVE DIRECTORS

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CHINA ART FINANCIAL HOLDINGS LIMITED

中 國 藝 術 金 融 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1572)

APPOINTMENT OF EXECUTIVE DIRECTOR

AND NON-EXECUTIVE DIRECTORS

The Board wishes to announce that with effect from 23 April 2021:

1. Ms. Lam Siu Mui has been appointed as an executive Director of the Company; and
2. Each of Mr. Wang Shoulei and Mr. Chen Yunwei has been appointed as a non-executive Director of the Company.

APPOINTMENT OF EXECUTIVE DIRECTOR

The board of directors (the "Director(s)") of China Art Financial Holdings Limited (the "Company") (the "Board") is pleased to announce that Ms. Lam Siu Mui ("Ms. Lam") has been appointed as an executive Director of the Company with effect from 23 April 2021.

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The biographical details of Ms. Lam are set out below:

Ms. Lam Siu Mui (林小梅)

Ms. Lam, aged 46, was the founder of the family business in the late 1990s, which was mainly engaged in ginseng and seafood in North Point, Hong Kong. In 2009, she founded Chi Kee Supermarket in Hong Kong, successfully transforming the family business into a modern supermarket in a few years. Ms. Lam has a unique investment vision. She invested in Yunchangtai Group in Mainland China in 2013. The group acts as an agent for many international famous motorcycle brands, such as Vespa, Harley Davidson, etc. Yunchangtai Group also includes a number of auto sales and service stores, which are well-knownhigh-end vehicle 4S stores in Xiamen, Fujian Province. At present, she is the honorary chairman of GBA Dongguan - Hong Kong Elite Association and the executive vice chairman of the Federation of Chinese Leaders and Presidents.

Pursuant to the director's service agreement with the Company, Ms. Lam's appointment is for a term of three years commencing on 23 April 2021, subject to retirement by rotation and re-election in accordance with the articles of association of the Company. Ms. Lam is entitled to receive a director's fee of HK$144,000 per annum for being the executive Director which is determined by the Board and the remuneration committee with reference to the prevailing market conditions, qualification, duties and responsibilities of Ms. Lam.

Save as disclosed above, as at the date of this announcement, Ms. Lam does not (i) hold any other position with the Company or its subsidiaries; (ii) hold any other directorships in any other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) have any other major appointments and qualifications; and (iv) have any relationship with any other directors, senior management or substantial or controlling Shareholders (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")).

As at the date of this announcement, Ms. Lam does not have any interest in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Future Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information relating to the appointment of Ms. Lam which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules and there are no other matters relating to the appointment of Ms. Lam that need to be brought to the attention of the Shareholders.

The Board would like to welcome Ms. Lam for joining as a member of the Board.

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APPOINTMENT OF NON-EXECUTIVE DIRECTORS

The Board is pleased to announce that each of Mr. Wang Shoulei ("Mr. Wang") and Mr. Chen Yunwei ("Mr Chen") has been appointed as a non-executive Director of the Company with effect from 23 April 2021.

The biographical details of Mr. Wang and Mr. Chen are set out below:

Mr. Wang Shoulei (王守磊)

Mr. Wang, aged 38, graduated with a master's degree in Economics from Shanghai International Studies University. From December 2012 to June 2014, Mr. Wang was the Eastern China regional general manager and an executive director of the investment banking division of Zhongtai Financial International Limited (" Zhongtai International"). He was mainly responsible for investment banking operations in overseas markets and has comprehensive experience in initial public offerings, public bond issue, mergers and acquisitions, structured financing and acting as independent financial advisor. He was the managing director of the global capital markets department of Zhongtai International from December 2014 to November 2017. Since November 2017, he has been the managing director and head of debt capital market, managing director and head of structured finance of Zhongtai International. Mr. Wang has been a non-executive director of Jintai Energy Holdings Limited (formerly known as Yuhua Energy Holdings Limited), whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange")(stock code: 2728), since April 2017, and he was also a non-executive director of Starlight Culture Entertainment Group Limited, whose shares are listed on the Main Board of the Stock Exchange (stock code: 1159), from August 2017 to February 2020.

Mr. Chen Yunwei (陳運偉)

Mr. Chen, aged 34, graduated with a master's degree in Economics from Shandong University. Mr. Chen was the co-head of structured finance of Zhongtai International. Mr. Chen has over 10 years' experience in investment banking and has comprehensive experience in public bond issue, structured financing, cross border financing and acting as independent financial advisor.

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Each of Mr. Wang and Mr. Chen has entered into an appointment letter with the Company for an initial term of three years commencing from 23 April 2021 until terminated by not less than one month's notice in writing served by either party on the other, subject to retirement by rotation and re-election in accordance with the articles of association of the Company. Each of Mr. Wang and Mr. Chen is entitled to receive a director's fee of HK$72,000 per annum which is determined by the Board and the remuneration committee with reference to the prevailing market conditions, qualification, duties and responsibilities of Mr. Wang and Mr. Chen respectively.

Save as disclosed above, as at the date of this announcement, each of Mr. Wang and Mr. Chen does not (i) hold any other position with the Company or its subsidiaries; (ii) hold any other directorships in any other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) have any other major appointments and qualifications; and (iv) have any relationship with any other directors, senior management or substantial or controlling Shareholders (as defined the Listing Rules).

As at the date of this announcement, each of Mr. Wang and Mr. Chen do not have any interest in any shares or underlying shares of the Company pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information relating to the appointments of Mr. Wang and Mr. Chen which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, and there are no other matters relating to the appointment of Mr. Wang and Mr. Chen that need to be brought to the attention of the shareholders of the Company.

The Board would like to welcome Mr. Wang and Mr. Chen for joining as members of the Board.

By order of the Board

China Art Financial Holdings Limited

Fan Zhijun

Chairman

Hong Kong, 23 April 2021

As at the date of this announcement, the Board comprises (1) Mr. Fan Zhijun, Mr. Li Cheng and Ms. Lam Siu Mui as the executive Directors; (2) Mr. Wang Shoulei and Mr. Chen Yunwei as the non-executive Directors and (3) Mr. Leung Shu Sun, Sunny, Mr. Liu Jian and Ms. Yin Xu Hong as the independent non-executive Directors.

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