China Tianbao Group Development Company Limited announced that Ms. Lin Sio Ngo has tendered her resignation as the joint company secretary of the Company, an authorized representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; and the authorized representative of the Company for the acceptance of service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance; and Mr. Du Hang has tendered his resignation as the Joint Company Secretary. Both resignations of Ms. Lin and Mr. Du will take effect from October 21, 2022. Each of Ms. Lin and Mr. Du has confirmed that she/he has no disagreement with the Board and there is no matter relating to her/his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company .

The Board is pleased to further announce that Mr. Liu Tsz Kit has been appointed as the company secretary of the Company, Authorized Representative and Process Agent with effect from October 21, 2022. Mr. Lawrence Liu joined the Company in February 2020 as the chief investment officer. He is a fellow member of the Association of Chartered Certified Accountants since 2010 and a member of the Hong Kong Institute of Certified Public Accountants since 2006.

Before joining the Company, he worked in an international audit firm for eight years and worked in Prosperity International Holdings Limited for ten years, where his last position was financial controller. He has over 20 years' working experience in finance management in Hong Kong and China. Mr. Lawrence Liu holds a bachelor's degree with honours in Accounting from the Hong Kong Polytechnic University.

The Board would like to take this opportunity to express its gratitude to Mr. Du and Ms. Lin for their valuable efforts and contributions to the Company during their respective tenure of service, and to welcome Mr. Lawrence Liu on his new appointment. The Board has also received the written resignation tendered by Mr. Liu Kaixiang as an independent non-executive Director and a member of each of the audit committee, the remuneration committee, the nomination committee and the investment decision committee of the Board due to other personal pursuits and business development with effect from October 21, 2022. Mr. Liu has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that needs to be brought to the attention of the Stock Exchange or the Shareholders.

The Board would like to express its gratitude to Mr. Liu for his valuable efforts and contributions to the Company during his tenure of office. The Board announced that Mr. Hou Liang has been appointed as the independent non-executive Director with effect from October 21, 2022. Mr. Hou Liang, aged 65, was appointed as an independent non-executive Director on October 21, 2022.

Mr. Hou has approximately 35 years of management experience in government departments. Mr. Hou's primary work experience includes: serving as the secretary of the Committee of Youth League of Daoyindi Town of Kangbao County since July 1982; the deputy director of Zhangjiakou Coal Bureau since October 1993; the deputy mayor and a member of the Party group of Zhangjiakou Municipal Government since June 2001; the deputy secretary of Zhangjiakou Municipal Committee, the dean of Zhangjiakou Municipal School of Administration and a member of Council of Party School of Zhangjiakou Municipal Committee since October 2010; the deputy secretary of Zhangjiakou Municipal Committee, the mayor and the secretary of the Party group of Zhangjiakou Municipal Government since February 2012; and the secretary of Zhangjiakou Municipal Committee since August 2015. Mr. Hou did not hold any position in the Party and government after his retirement from the secretary of Zhangjiakou Municipal Committee since February 2017.

Mr. Hou graduated from on-the-job postgraduate class of Economics and Management in the Party School of Hebei Provincial Committee, with a postgraduate degree and a master's degree in law. Mr. Hou has entered into a letter of appointment with the Company as an independent non-executive Director for an initial term of three years commencing from October 21, 2022. Mr. Hou will hold office until the first general meeting of the Company after his appointment and will thereafter be subject to retirement by rotation and re-election in accordance with the provisions of the articles of association of the Company and the Listing Rules.

Pursuant to the Letter of Appointment, Mr. Hou is entitled to receive a director's fee of US$20,000 per annum. Such fee was determined by the Board with reference to his qualifications, experience, duties and responsibilities with the Company, and the prevailing market conditions. the Board also announces that Mr. Hou has been appointed as a member of each of the Audit Committee, the Remuneration Committee, the Nomination Committee, the Investment Decision Committee and the strategic planning committee of the Board with effect from October 21, 2022.