The board of directors of Pa Shun International Holdings Limited announced that with effect from 28 March 2023, Professor Xiao Kai has ceased to be the chairman of the nomination committee of the Board; Mr. Khor Khie Liem Alex has been appointed as the chairman of the Nomination Committee; Mr. Cao Lei has ceased to be a member of the Nomination Committee; Mr. Chen Yunwei has been appointed as a member of the Nomination Committee; and Mr. Yuan Hongbing has been appointed as an executive Director. Mr. Yuan, aged 44, has over 20 years of work experience in investment industry. He is skilled in capital management, mergers and acquisitions as well as investment banking.

Mr. Yuan is the founder and the chairman of the board of directors of Yuanchuang Capital, which is principally engaged in venture investment, investment in mergers and acquisitions and reorganization, industrial investment and fund management. Mr. Yuan has been an executive director and the chief executive officer of Jintai Energy Holdings Limited, since 31 May 2019 and 27 September 2019 respectively. Mr. Yuan was an executive director of China Clean Energy Technology Group Limited, from 3 October 2022 to 17 March 2023.

Pursuant to the service contract made between Mr. Yuan and the Company, Mr. Yuan has been appointed as an executive Director for a term of three years with effect from 28 March 2023, unless terminated by no less than 3 months' notice in writing served by either party on the other. Mr. Yuan will be subject to retirement by rotation and re-election and other related provisions as stipulated in the articles of association of the Company and the Listing Rules.