CHYY Development Group Limited announced that Mr. Zhang Honghai ("Mr. Zhang") has been appointed as an independent non-executive Director, chairman of the audit committee, members of nomination committee, members of the remuneration committee and the Group Development Strategic Committee and Mr. Guan Cheng Hua, who is an independent non-executive Director, has been appointed as chairman of the nomination committee of the Company, both with effect from 10 November 2023. Mr. Zhang aged 70, graduated from Peking University in 1982 and subsequently completed a postgraduate programme at the International Business School of Hunan University and was awarded a master degree and the title of Senior Economist. Mr. Zhang also holds an EMBA degree from Guanghua School of Management, Peking University.

Mr. Zhang has extensive experience in corporate management, including accounting and financial management, having worked with state-owned, private, and listed companies. Prior to joining the Group, Mr. Zhang held several key positions, including director of the Foreign Affairs Office of the People's Government of Beijing Municipality and Hong Kong and Macao Affairs Office of the People's Government of Beijing Municipality. Additionally, he served as Vice President of the Beijing-Chinese Overseas Friendship Association.

From 1990 to 1998, Mr. Zhang worked as Deputy General Manager, then was promoted to Vice Chairman and General Manager of Beijing International Trust Investment Limited. In these roles, Mr. Zhang was primarily responsible for overseeing and managing the accounting and finance operations. Mr. Zhang has served as (i) an executive director and vice chairman of Beijing Enterprises Holdings Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (ii) an executive director and chairman of Beijing Enterprises Water Group Limited, a company listed on the Main Board of the Stock Exchange (iii) an executive director of Beijing Enterprises Environment Group Limited, a company listed on the Main Board of the Stock Exchange and (iv) an executive director and chairman of the board of BEP International Holdings Limited, a company listed on the Main Board of the Stock Exchange From September 2014 to January 2017, Mr. Zhang was the independent non-executive Director of the Company.

Mr. Zhang will enter into an appointment letter with the Company in respect of his appointment as an independent non-executive Director for a term of two years commencing from 10 November 2023 which can be terminated by either party by giving not less than three months' written notice to the other. Mr. Zhang will receive an annual director's fee of HKD 170,000, which is fixed with reference to the market conditions and his duties and responsibilities as well as the director's fee payable to the existing independent non-executive Director. Pursuant to the Company's Articles of Association, Mr. Zhang is subject to retirement by rotation and re-election at general meetings of the Company.