Qingdao Holdings International Limited announced executive changes with effect from January 6, 2023. The company announced that Mr. Gao Yuzhen has resigned as an executive Director, the Chairman of the Board and the Chairman of the nomination committee of the Company; Mr. Yuan Zhi has resigned as an executive Director, the Deputy Chairman of the Board, an authorized representative of the Company under Rule 3.05 of the Listing Rules, and an authorized representative to accept on the Company's behalf service of process and notices required to be served on the Company in Hong Kong as required under Rule 19.05(2) of the Listing Rules and Part XVI of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (an "Agent for Service of Process"); and Mr. Li Shaoran has resigned as a non-executive Director. The company announced that Mr. Cui Mingshou has been appointed as an executive Director, the Chairman of the Board and the Chairman of Nomination Committee; and Mr. Wang Yimei has been appointed as an executive Director, the Deputy Chairman of the Board, the Chief Executive Officer, an Authorized Representative and an Agent for Service of Process.

Mr. Cui, aged 55, is currently the chairman of Qingdao City Investment International Development Group Co. Ltd., a wholly-owned subsidiary of Qingdao City Construction Investment (Group) Limited which is the ultimate controlling shareholder of the Company. Mr. Cui has over 30 years of experience in financial investment, capital operation, bulk commodities trading business and corporate management.

Mr. Cui was the deputy general manager of China Qingdao Development Limited, the chairman of Qingdao Urban and Rural Community Construction Investment Group Co. Ltd. and the chairman of Qingdao (Chengyang) Urban and Rural Community Construction Investment Group Co. Ltd., respectively.

Mr. Cui obtained bachelor's degree in National Economic Management from Shandong Academy of Governance and a master's degree in Business Administration from Xi'an Jiaotong University. Mr. Cui has entered into a service agreement with the Company for a term of three years commencing from 6 January 2023 and is subject to retirement by rotation and re-election in accordance with the Company's bye-laws, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and any applicable laws. Mr. Cui will not receive any remuneration from the Company.

Mr. Wang, aged 43, is currently a deputy general manager of QCIIDG and the chairman of China Qingdao Development (Holdings) Group Company Limited, the intermediate holding company of the Company. He is also a director of China Qingdao International (Holdings) Company Limited. CQIH, the Company's controlling shareholder, is a wholly-owned subsidiary of CQDHG and CQDHG is wholly owned by QCCIG.

Mr. Wang has been working in the fields of corporate management, securities and investment and has accumulated substantial practical experience. Mr. Wang was an executive Director from 26 November 2015 to 27 March 2020. Mr. Wang obtained a master's degree in business administration from the Ocean University of China.

Mr. Wang has entered into a service agreement with the Company for a term of three years commencing from 6 January 2023 and is subject to retirement by rotation and re-election in accordance with the Company's bye-laws, the Listing Rules and any applicable laws. Mr. Wang will not receive any remuneration from the Company. As at the date of this announcement, each of Mr. Cui and Mr. Wang does not have, and is not deemed to have, any interests and short positions in the shares or underlying shares or debentures of the Company and its associated corporations.

The emoluments payable to Directors are determined by the Board under the recommendation of the Remuneration Committee with reference to the Directors' duties and responsibilities with the Company, the prevailing market conditions, the benchmark of the industry and the performance of the Group. Save as disclosed above, as at the date of this announcement, each of Mr. Cui and Mr. Wang has confirmed that (i) he does not hold any other position with the Company or any of its subsidiaries; (ii) he does not have any other relationships with any Directors, senior management, substantial or controlling shareholders of the Company; (iii) he has not held any directorships in any public companies the securities of which are listed on any securities markets in Hong Kong or overseas during the last three years; and (iv) there is no other information required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(w) of the Listing Rules and there is no other matter in relation to his appointment that needs to be brought to the attention of the Shareholders.