The board of directors of New Horizon Health Limited announced that, due to company's transition from clinical stage to commercial stage biotech with the successful launches and commercialization of both ColoClear and UU Tube, with effect from June 20, 2022: Dr. Yiyou CHEN ("Dr. Chen"), chairman of the Board (the "Chairman"), an executive Director and chairman of the nomination committee of the Company (the "Nomination Committee"), has ceased to be the Chairman and chairman of the Nomination Committee, has been appointed as a member of the remuneration committee of the Company (the "Remuneration Committee") and remains as an executive Director; and Mr. Yeqing ZHU ("Mr. Zhu"), an executive Director, a member of the Remuneration Committee and chief executive officer of the Company (the "Chief Executive Officer"), has been appointed as the Chairman and chairman of the Nomination Committee and has ceased to be a member of the Remuneration Committee. It is noted that pursuant to code provision C.2.1 of the Corporate Governance Code as contained in Appendix 14 of the Listing Rules (the "Corporate Governance Code"), the roles of Chairman and Chief Executive Officer should be separate and should not be performed by the same individual. Accordingly, the appointment of Mr. Zhu as the Chairman deviates from code provision C.2.1 of the Corporate Governance Code.

The Board however believes that in light of Company's recent successful transition from clinical stage to commercial stage, it is in the interests of the Group for Mr. Zhu to take up both roles as it helps to ensure operational focus within the Group and enables more effective and efficient overall strategic planning for the Group. Dr. Chen will remain as an executive Director as well as chief scientific officer of the Company to continue to drive Company's in-house and external R&D initiatives.