The Board of China Shenghai Food Holdings Company Limited announced that Mr. Li Dongfan was appointed as non-executive director of the Company (the "Non-Executive Director") and joint-chairman of the Board (the "Joint-Chairman") with effect from 14 January 2020. From April 2018 to August 2018, Mr. Li served as the executive director and chairman of Moody Technology Holdings Limited. The Board announced that upon the appointment of Mr. Li as Non-Executive Director of the Company and Joint-Chairman of the Board, Mr. Liu was re-designated as Joint-Chairman of the Board with effect from 14 January 2020 while remained as executive director of the company (the "Executive Director") and chief executive officer of the Company (the "Chief Executive Officer").

The Board announced that Mr. Liu Junting was appointed as independent non-executive director of the Company (the "Independent Non-Executive Director"), and a member of each of the Audit Committee (the "Audit Committee"), the Remuneration Committee (the "Remuneration Committee") and the Nomination Committee (the "Nomination Committee") with effect from 14 January 2020. Mr. Liu Junting ("Mr. Liu Junting"), aged 29, graduated from Beijing Institute of Technology in July 2013. Mr. Liu Junting is currently the assistant manager of Zhuhai Lvzhou Industrial Limited.

Since October 2019, Mr. Liu Junting was appointed as an independent non-executive director of Moody Technology Holdings Limited. The Board announced that Mr. Chen Sze Hung ("Mr. Chen") has resigned as the Independent Non-Executive Director and member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee with effect from 14 January 2020 as he would like to devote more time to develop his personal endeavors. The Board announced that Mr. Wong Wai Lun ("Mr. Wong") has resigned as the chief financial officer of the Company (the "Chief Financial Officer") with effect from 14 January 2020 as he would like to devote more time to develop his personal endeavors.

Mr. Wong will continue to serve as the company secretary of the Company as an independent service provider.