China Beidahuang Industry Group Holdings Limited announced that with effect from 28 January 2022: Mr. Li Jiehong ("Mr. Li") has resigned as an executive Director and ceased to be the Chairman of the Board, the chairman of the Nomination Committee and a member of the Remuneration Committee; Mr. Zeng Jixiang ("Mr. Zeng") has resigned as an executive Director; and Mr. Yu Zicong ("Mr. Yu") has resigned as an executive Director. The Board also announced that with effect from 28 January 2022: Mr. Jiang Jianjun has been appointed as an executive Director, the Chairman of the Board, the chairman of the Nomination Committee and a member of the Remuneration Committee; Mr. Zhao Wanjiang has been appointed as a non-executive Director and the Vice-chairman of the Board; and Mr. Li Dawei has been appointed as a non-executive Director. Mr. Jiang, aged 52.

He is a director of certain subsidiaries of the Company and a consultant of the Group. Mr. Jiang was the executive Director for the period from March 2013 to August 2019, the Chairman of the Board for the period from May 2013 to December 2018 and the managing director of the Company for the period from May 2013 to March 2014. He has been engaged in property investment and management since 1995.

He also has experience in distribution of wine and liquor. Mr. Zhao, aged 44. He is currently the department head of Human Resources of Beidahuang Trading Group Co., Limited and a director of Beidahuang Business Group (HK) International Trade Co., Limited ("Beidahuang HK").

Mr. Zhao is nominated to the Board by Beidahuang HK. As at the date of this announcement, Beidahuang HK, a substantial shareholder of the Company, holds 660,000,000 shares representing approximately 10.60% of the issued shares of the Company. Mr. Li, aged 51.

He graduated from Mineral Processing and Utilization Engineering Department of Coal Chemical Technology, Heilongjiang Mining Institute Mr. Li is a senior accountant. He is currently the general manager of Tianjin Dahuang Electronic Commerce Co., Limited and a senior management of the member companies of Beidahuang HK. Mr. Li is nominated to the Board by Beidahuang HK.