The board of directors of HG Semiconductor Limited announced that Dr. Xu Zhihong (Dr. Xu) has been appointed as an executive Director and vice chairman of the Company with effect from 6 February 2023. Dr. Xu, aged 59, graduated from Anhui Finance and Trade Vocational College with a Bachelor of Economics degree, and then obtained a Master of Business Administration degree from Oklahoma City University and a Doctorate degree in Economics from Renmin University of China. Dr. Xu was the managing director of CMB Wing Lung Bank Limited (formerly known as Wing Lung Bank Limited) and general manager of the Financial Markets Department of Industrial and Commercial Bank of China, and has extensive experience in corporate financial planning.

From 2 December 2019 to 3 June 2020, Dr. Xu was a director and deputy general manager of China Dive Company Limited, a company listed on the Shenzhen Stock Exchange. From 1 September 2020 to 31 August 2021, Dr. Xu was an executive director and a chief executive officer of DTXS Silk Road Investment Holdings Company Limited (DTXS Silk Road), a company listed on the Main Board of the Stock Exchange; and from 1 April 2022 to 31 January 2023, Dr. Xu was an executive director, an executive vice-chairman and the chairman of the investment committee of DTXS Silk Road. Dr. Xu has received the honour of Special Government Allowances of the State Council as a National Expert (), and he has also served as a committee member of the Financial Products Committee of the People's Bank of China and a council member of the China Urban Financial Society.

The Board announced that Dr. Cao Yu (Dr. Cao) has been appointed as an executive Director of the Company with effect from 6 February 2023. Dr. Cao, aged 43, joined the Group in 2021 and is a core expert in the compound semiconductor business and the Vice President of Engineering of Xuzhou GSR Semiconductor Co. Ltd. (Xuzhou GSR) and FastPower Inc. (FastPower).

In 2002, he graduated from the Nanjing University, Jiangsu, China, with a Bachelor's degree in Physics and obtained a Master's degree in Advanced Materials for Micro and Nano-Systems from Singapore-MIT Alliance in 2003. After working in the Institute of Materials Research and Engineering (Singapore) as a research fellow for two years, he joined the University of Notre Dame and received M.S. degree in Electrical Engineering in 2008, and Ph.D. degree in electrical engineering and M.S. degree in applied mathematics in 2010. The Board announced that Dr. Chen Zhen (Dr. Chen) has been appointed as an executive Director with effect from 6 February 2023.

Dr. Chen, aged 50, joined the Group in 2021 and is a core expert in the GaN semiconductor business and the general manager of Xuzhou GSR. Dr. Chen is also a director of FastPower. He graduated from the Sichuan University, Sichuan, China, with a Bachelor's Degree in Semiconductor Physics and Devices and a Master's Degree in Condensed State Physics. Thereafter, he received his Ph.D. Degree from the Institute of Semiconductor, Chinese Academy of Sciences, Beijing, China, in 2002.

Dr. Chen has over 20 years of experience in research, development, production and management in the field of GaN-based optoelectronic devices. He has mastered the core technologies of GaN electronic devices and fullband solid-state light-emitting devices as well as the proprietary technology of 8-inch silicon-based GaN epitaxial growth. He had been a Research Fellow with Singapore-MIT Alliance, a Postdoctoral Fellow with the University of South Carolina, and an Associate Project Scientist with University of California at Santa Barbara, where he had also worked with Nobel Prize winner Professor Shuji Nakamura and Professor Umesh Mishra, a member of the American Academy of Engineering, in relation to the performance of GaN high electron mobility transistor developed by the University of California, and researched GaN-based ultraviolet to visible LED design, growth and characterisation, applications in high-power, high frequency electronics.

The Board hereby announces that Ms. Liu Yang (Ms. Liu) has resigned as an executive Director, senior consultant and from all other office with the Group with effect from 6 February 2023 in order to devote more time to her personal commitments. At the same time, Mr. Wang Jie Chuan (Mr. Wang) has resigned as a non-executive Director with effect from 6 February 2023 in order to devote more time to his personal commitments.