The board of directors of Shenzhou International Group Holdings Limited announces that: Mr. Chen Xu ("Mr. Chen") and Mr. Qiu Weiguo ("Mr. Qiu") have tendered their resignations as independent non-executive Directors with effect from 1 March 2021. Upon their resignations as independent non-executive Directors, Mr. Chen will cease to be the chairman of the Remuneration Committee and a member of the Audit Committee, and Mr. Qiu shall cease to be a member of each of the Audit Committee and the Nomination Committee. Ms. Liu Chunhong ("Ms. Liu") has been appointed as an independent non-executive Director of the Company and a member of each of the Audit Committee and the Remuneration Committee with effect from 1 March 2021. Mr. Liu Xinggao ("Mr. Liu") has been appointed as an independent non-executive Director of the Company and a member of each of the Audit Committee and the Nomination Committee with effect from 1 March 2021. Mr. Zhang Bingsheng ("Mr. Zhang") has been appointed as the chairman of the Remuneration Committee with effect from 1 March 2021. Currently, Ms. Liu is the chief researcher of the Shanghai International College of and Innovation, Donghua University, as well as the chairwoman of the Shanghai Fashion Accessories Society, the vice-chairwoman of the Shanghai Association for Science & Technology of Changning District, and a director of Shanghai Anoky Group Co. Ltd. Mr. Chen has resigned as the chairman of the Remuneration Committee and a member of the Audit Committee; Mr. Qiu has resigned as a member of each of the Audit Committee and the Nomination Committee; Ms. Liu has been appointed as a member of each of the Remuneration Committee and the Audit Committee; Mr. Liu has been appointed as a member of each of the Audit Committee and the Nomination Committee; Mr. Zhang, an independent non-executive Director and a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee, has been appointed as the chairman of the Remuneration Committee.