Chinney Alliance : PASSING AWAY OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF CHAIRMAN OF AUDIT COMMITTEE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Bermuda with limited liability)

(Stock Code: 385)

PASSING AWAY OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGE OF CHAIRMAN OF AUDIT COMMITTEE

PASSING AWAY OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the "Board") of Chinney Alliance Group Limited (the "Company") announces with deep regret that Mr. Yuen-Tin Ng ("Mr. Ng"), an independent non-executive director, the chairman of Audit Committee and a member of Remuneration Committee of the Company, passed away on 25 February 2021.

Mr. Ng had been an independent non-executive director of the Company since 2011. The Board would like to express its sincere appreciation to Mr. Ng for his invaluable contributions to the Company during his tenure of office. The Board would also like to express its deepest sorrow for the departure of Mr. Ng and convey its deepest condolences to his family.

Following the passing away of Mr. Ng, the Company has two independent non-executive directors and does not meet the requirements under Rules 3.10(1), 3.10A, 3.21 and 3.25 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'').

The Company is endeavoring to identify a suitable candidate to fill the vacancy as soon as practicable and in any event within three months from the date of passing away of Mr. Ng pursuant to Rules 3.11 and 3.23 of the Listing Rules. The Company will make further announcement(s) as and when appropriate.

CHANGE OF CHAIRMAN OF AUDIT COMMITTEE

Following the departure of Mr. Ng, the Board would like to announce that Mr. Chi-Chiu Wu, ("Mr. Wu"), an independent non-executive director, the chairman of Remuneration Committee, and a member of Audit Committee of the Company, has been appointed as the chairman of Audit Committee with effect from 9 March 2021.

The Board would like to take this opportunity to welcome Mr. Wu for taking up his new position.

By Order of the Board

Yun-Sang Lo Company Secretary

Hong Kong, 9 March 2021

At the date of this announcement, the Board comprises of seven directors, of which four are executive directors, namely Dr. James Sai-Wing Wong, Mr. Yuen-Keung Chan, Mr. James Sing-Wai Wong and Mr. Philip Bing-Lun Lam; and one is non-executive director, namely Ms. Wendy Kim-See Gan; and two are independent non-executive directors, namely Mr. Chi-Chiu Wu and Mr. Ronald James Blake.

* For identification purpose only