The board of directors of Greatime International Holdings Limited announced the following: Ms. Tian Ying has decided to retire as an executive Director with effect from 1 August 2023. Following her retirement, Ms. Tian will cease to be a member of the remuneration committee of the Company and the authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Ms. Tian has confirmed that she has no claim against the Company in respect of her retirement and has no disagreement with the Board.

Ms. Tian further confirmed that there are no matters in respect of her retirement that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") and the Stock Exchange. Mr. Hu Quansen ("Mr. Hu") has tendered his resignation as an independent non-executive Director with effect from 1 August 2023 due to his own business commitments which require more of his dedication. Accordingly, Mr. Hu has ceased to be the chairman of the audit committee of the Company (the "Audit Committee"), a member of each of the Remuneration Committee and the nomination committee of the Company (the "Nomination Committee") on the same date.

Mr. Hu has confirmed that he has no claim against the Company in respect of his retirement and has no disagreement with the Board. Mr. Hu further confirmed that there are no matters in respect of his retirement that needs to be brought to the attention of the Shareholders and the Stock Exchange. Mr. Du Shuwei has been re-designated from the chief executive officer of the Company (the "CEO") to the vice Chairman of the Board with effect from 1 August 2023.

For the avoidance of doubt, Mr. Du will continue to act as an executive Director. Mr. Du, aged 55, graduated from Zhongnan University of Economics in 1990 with a bachelor's degree in economics and graduated from Zhongnan University of Economics and Law with a master's degree in business administration in 2000. He graduated from Huazhong University of Science and Technology with a doctorate degree in management in 2009 and graduated from Université Grenoble Alpes of France with a master's degree in executive business administration in 2012.

Mr. Du served in Tongji Hospital of Tongji Medical University from July 1990 to September 2001. He worked as an accountant of the finance office from July 1990 to January 1996, a deputy director of the economic management office from January 1996 to January 1997, a director of the economic management office from January 1997 to March 1998 and a director of the finance office from March 1998 to September 2001. Mr. Du served as a chief accountant of Tongji Hospital of Huazhong University of Science and Technology from September 2001 to September 2008 and served as the vice president from September 2008 to January 2018.

Since March 2018, Mr. Du has served as the vice president of Wintime Group Co. Ltd. Mr. Shu Dakun has been appointed as an executive Director, the Authorised Representative and a member of the Remuneration Committee with effect from 1 August 2023. Mr. Shu Dakun, aged 57, graduated from Southwestern University of Finance and Economics, the PRC with a master's degree in business management in June 2005.

He obtained fund practitioner qualification from the Securities Association of China in March 2018. He was employed by the Bank of Communications from May 1994 to May 2014, with his position last held as the president of the Heilongjiang branch. From June 2014 to June 2017, he was the chairman of the board of Glory Industrial Investment Fund Management Co.

Ltd. He was the vice president of Sichuan Financial Holding Group Co. Ltd. from July 2017 to August 2021. He has been the chairman of the board of Huasheng Asset Management Co.

Ltd. since September 2021, an executive director of Hainan Guangxun International Investment Co. Ltd. since August 2022 and the chairman of the board of Youying Intelligent Technology (Shenzhen) Co. Ltd. since May 2023.

Mr. Zheng Bing has been appointed as an independent non-executive Director, the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee with effect from 1 August 2023. Mr. Zheng Bing, aged 56, graduated from Sichuan Business Administration College, the PRC, with a master's degree in business administration in July 2002. He is a Certified Public Valuer and Certified Public Accountant practicing in the PRC.

He was employed by the Ministry of Finance of Panzhihua City, Sichuan Province, the PRC from July 1987 to December 1999 with his position last held as director. He was the business director of the southwest office of China United Assets Appraisal Company from January 2000 to September 2006, and has been the chairman and a director of the southwest branch company of China United Assets Appraisal Company since October 2006.