Shoucheng Holdings Limited announced that at the AGM held on May 25, 2023 Mr. Peng Jihai has been appointed as a Non-executive Director and a member of the Remuneration Committee. Mr. Peng, aged 53, obtained a Bachelor degree in Agricultural Finance and Credit Specialization from Central Institute of Finance and Banking (now known as Central University of Finance and Economics) in 1993 and obtained a postgraduate diploma in Monetary Banking from Graduate School of Chinese Academy of Social Sciences and an EMBA from Tsinghua University in 1998 and 2017 respectively. Mr. Peng is a CPA of The Chinese Institute of Certified Public Accountants.

Mr. Peng is an executive director, co-chief executive officer and deputy general manager, chief financial officer, head of investment and chief investment officer of Sunshine Insurance Group Company Limited, a company listed on the Stock Exchange. He also serves as the chairman of Sunshine Surety Insurance Company Limited the general and manager of Sunshine Asset Management Corporation Limited. The Board announced that Mr. Li Wei and Ms. Zhang Meng have retired as Executive Directors and Mr. Li has also ceased to be the President of the Company with effect from the conclusion of the 2023 AGM.

In order to maintain a reasonable number of Board members to ensure efficient decision-making and Board diversity and maintain the overall decision- making quality of the Company, considering that Mr. Li and Ms. Zhang have been playing important roles in the management decision-making body of the Company, and that the roles of the Board and the management decision-making body should be clearly delineated and separated from the perspective of corporate governance, Mr. Li and Ms. Zhang have not offered themselves for re- election at the 2023 AGM. The Board further announced that, following the abovementioned appointment and retirements of directors, Mr. Peng has been appointed as a member of the Remuneration Committee and Mr. Li has ceased to be a member of the Nomination Committee with effect from the conclusion of the 2023 AGM. After the abovementioned change of directors took effect, the composition of each of the Remuneration Committee and the Nomination Committee is as follows: Remuneration Committee: Zhang Quanling (Chairlady); Peng Jihai; Wang Xin and Choi Fan Keung Vic.

Nomination Committee: Zhao Tianyang (Chairman); Wang Xin; Deng Yougao and Zhang Quanling.