Deyun Holding Ltd. announced the resignation of Mr. Lin Chaowei, Mr. Lin Chaowen, Mr. Lin Bingzhong, Mr. Wei Cunzhuo, Ms. Lin Lili, Mr. Sheng Zijiu, Mr. Yip Koon Shing and Mr. Wong Chun Sek Edmund (collectively, the "Resigning Directors") was due to change in control of the Company after Completion and the close of the Offer. Mr. Tsoi, being the sole beneficial owner and director of the Offeror, has been appointed as an executive Director, the Chairman of the Board, the chairman of the Nomination Committee and appointed as authorised representative of the Company under Rule 3.05 of the Listing Rules; Mr. Larry Stuart Torchin ("Mr. Torchin") has been appointed as an executive Director; Ms. Jian Xuegen ("Ms. Jian") has been appointed as an executive Director; Dr. Chiu Kwok Hung, Justin ("Dr. Chiu") has been appointed as an independent non-executive Director, and a member of the Audit Committee, the Remuneration Committee and Nomination Committee; and Mr. Chan Hoi Shan ("Mr. Chan") has been appointed as the independent non-executive Director, the chairman of the Remuneration Committee, and a member of the Audit Committee and Nomination Committee. Mr. Tsoi, aged 60, is the director of Calson Investment Limited, a footwear distribution enterprise supplying leather, PVC, textile shoes, sandals, etc.

to customers worldwide and a director of Calson Industrial International Company Limited, a company engaged in property development business. Mr. Tsoi is also the executive director of Changzhou Qifa Shoes Co. Ltd., a company engaged in manufacturing and distribution of shoes and Changzhou Qichen Investment Co.

Ltd., a company engaged in real estate sales and property management, and a supervisor of Putian Qiming Shoes Co. Ltd., a company engaged in manufacturing and distribution of shoes. Mr. Torchin, aged 71, has over 50 years of experience in the footwear and apparel industry.

He entered the industry in 1970 working in a footwear chain store in Philadelphia and have since held various positions in several companies across Europe, Asia and South America. In 1979, Mr. Torchin built his first shoe company, an Italian-manufacturing footwear company, Eclisse Footwear Company, which was thereafter sold to G.H. Bass & Company. Ms. Jian, aged 37, has over 13 years of experience in accounting, finance and the corporate secretary field.

Ms. Jian joined Ernst & Young Hua Ming LLP Guangzhou Branch in November 2008 and left with her last position as manager in the assurance department in December 2016. From December 2016 to June 2021 and from January 2020 to June 2021, she worked as financial controller and company secretary, respectively, in the group of Hong Kong Aerospace Technology Group Limited (formerly known as Eternity Technology Holdings Limited), a company listed on the Stock Exchange (stock code: 1725). Since February 2019, Ms. Jian has joined Wisdom Professional Limited, a professional services provider specialising in corporate and investor services, with her position as a consultant and is responsible for providing professional corporate secretarial services to companies listed on the Stock Exchange.

Since February 2019, she has been the company secretary of Confidence Intelligence Holdings Limited, a company listed on the Stock Exchange. Dr. Chiu, aged 72, has more than 40 years of international experience in real estate in Hong Kong and overseas. Dr. Chiu joined the CK Group in 1997 and has been an executive director since February 2015 and an executive committee member since June 2015 of CK Asset Holdings Limited, a company listed on the Stock Exchange, heading the real estate sales, marketing and property management teams. Dr. Chiu is a director of certain companies controlled by certain substantial shareholders of CK Asset Holdings Limited within the meaning of Part XV of the SFO.

Dr. Chiu is also the chairman of ARA Asset Management (Prosperity) Limited as the manager of Prosperity REIT, a company listed on the Stock Exchange; a non-executive director of ARA Asset Management (Fortune) Limited as the manager of Fortune REIT, a company listed on the Stock Exchange; and a non-executive director of ESR Group Limited (formerly known as ESR Cayman Limited), a company listed on the Stock Exchange. Dr. Chiu is a Fellow of The Royal Institution of Chartered Surveyors, a Council Member and a Fellow of The Hong Kong Institute of Directors, a Fellow of Hong Kong Institute of Real Estate Administrators, a Vice Chairman of the Board of Governors of Hong Kong Baptist University Foundation, an Honorary Associate Member of Business of Trent University, Canada, a member of the Singapore Management University International Advisory Council in China, an Adjunct Professor and a member of the Advisory Committee of the School of Business of Hong Kong Baptist University and a Senior Departmental Fellow of the Department of Land Economy at University of Cambridge, the United Kingdom. Dr. Chiu was previously an Honorary Professor of School of Pharmaceutical Sciences of Sun Yat-sen University and a member of the Standing Committee of the 12th Shanghai Committee of the Chinese People's Political Consultative Conference of the People's Republic of China.