The board of directors of Volcano Spring International Holdings Limited announced that with effect from 31 May 2024, (i) Mr. Hooi Hing Lee has resigned as an independent non-executive Director, the chairman of Audit Committee, a member of Nomination Committee and a member of Remuneration Committee due to his intention to concentrate on other business commitments; and (ii) Mr. Yan Chi Ming has resigned as an independent non-executive Director, the chairman of Remuneration Committee and a member of Audit Committee due to his intention to concentrate on other business commitments. The Board further announced that with effect from 31 May 2024, (i) Mr. Shen Shujing is appointed as an independent non-executive Director, the chairman of Audit Committee, a member of Nomination Committee and a member of Remuneration Committee; and (ii) Mr. Lin Dongming is appointed as an independent non-executive Director, the chairman of Remuneration Committee and a member of Audit Committee. The biographical details of Mr. Shen and Mr. Lin are set out as follows: Mr. Shen: Mr. Shen, aged 40, obtained his Bachelor 's degree in Accounting from Harbin Institute of Technology in September 2005 and his Master's degree in Applied Accounting and Finance from Hong Kong Baptist University in July 2012.

Mr. Shen has over 18 years of experience in the fields of accounting, finance, business development and risk advisory. He has held the position of Finance Controller for the Asia Region at CIMC Wetrans Logistics Technology (Group) Co. Ltd., and Finance Controller at CIMC Goldwide Technology Logistics Group Co.

Ltd. since February 2022. Mr. Shen's role involves overseeing the financial management of the two companies, contributing significantly to their business strategies, and managing their resource allocation and capital structure. Mr. Shen also establishes a robust internal control system for these two companies and conducts regular checks to ensure compliance and risk reduction.

From January 2007 to February 2022, he worked for Sinotruk (Hong Kong) International Investment Limited (a subsidiary of Sinotruk (Hong Kong) Limited, where he served as the Head of Finance and assistant to General Manager. From July 2005 to December 2006, he worked as an accountant and tax accountant of China National Heavy Duty Truck Group Co. Ltd. Mr. Shen is an associate member of The Association of International Accountants.

Mr. Lin: Mr. Lin, aged 52, has extensive experience in corporate management and has been working in government departments of the People's Republic of China and sizable state-owned enterprise for 30 years. From 2004 to 2018, Mr. Lin served as the managing director of Sinotruk (Hong Kong) International Investment Limited. Mr. Lin obtained an executive master degree in business administration from Cheung Kong Graduate School of Business.

Mr. Lin currently also serves as Member of the Standing Committee of the 15th Jinan Political Consultative Conference and Member of the 13th Shandong Provincial Political Consultative Conference; the chairman of the Jinan Association of Hong Kong; the executive Vice chairman of the Hong Kong Shandong Chamber of Commerce; the vice chairman of the supervisory board of the Shandong CPPCC Members Association in Hong Kong; the honorary chairman of the Hong Kong Shandong Chamber of Commerce and the natives general associations of Qingdao, Weihai, Yantai and Linyi; the vice president of overseas friendship associations of Jinan and Yantai; and the honorary president of Jinan Chamber of Commerce in Guangdong Province etc. Mr. Lin is currently an independent non-executive director of Shi Shi Services Limited. Mr. Lin was also an executive director and a non-executive director of Finet Group Limited (stock code: 8317) for the period from August 2020 to October 2021 and October 2021 to October 2022, respectively, the securities of this company are listed on the GEM of the Stock Exchange.