The Board of Directors of CWT International Limited (the ‘Company’) announced that in order to devote more time to family commitments, Mr. Wu Hao has resigned as an executive Director and the co-chairman of the Board with effect from 31 May 2021, and he ceased to act as the chairman of the investment committee of the Board and a member of the executive committee of the Board. The Board hereby further announced that in order to devote more time to other business commitments, Mr. Li Neng has resigned as an Executive Director, the Co-Chairman and the chief executive officer of the Company with effect from 31 May 2021, and he ceased to act as the chairman of each of the nomination committee of the Board and the Executive Committee, a member of the Investment Committee and an authorised representative of the Company for the purpose of Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board hereby further announces that Mr. Zhang Can currently an Executive Director, has been appointed as the chairman of the Board, the Chief Executive Officer, an Authorised Representative, as well as the chairman of the Nomination Committee, and has been redesignated as the chairman of each of the Executive Committee and the Investment Committee, all with effect from 31 May 2021. Zhang is currently the deputy finance director and the general manager of finance department of HNA Group. Mr. Zhang acted as a non-executive director of CWT Pte. Limited. The Board hereby further announced that Mr. Peng Biao has been appointed as an Executive Director, as well as a member of each of the Executive Committee and the Investment Committee, all with effect from 31 May 2021. Mr. Peng will hold office until the next following annual general meeting of the Company, at which time he will be eligible for re-election. Thereafter, Mr. Peng will be subject to rotation requirements as contained in the Articles and shall retire from office by rotation at least once every three years. An engagement letter was entered into between Mr. Peng and the Company for a term commencing from 31 May 2021 to 31 December 2022. The Board hereby further announced that Mr. Wu Jinfeng has been appointed as an Executive Director, as well as a member of each of the Executive Committee and the Investment Committee, all with effect from 31 May 2021.