The board of directors (the "Board") of Wai Chun Bio-Technology Limited (the "Company", together with its subsidiaries, the "Group") hereby announces the following: Mr. Hung Hoi Ming Raymond ("Mr. Hung") has been appointed as an independent non- executive director of the Company with effect from 9 January 2023. Mr. Hung, aged 41, has about 18 years of experience in corporate finance, listings, restructurings, mergers and acquisitions and investment. He graduated from York University in Toronto, Canada with a bachelor degree in information technology in 2005.

Mr. Hung also obtained a master degree in global finance from the Hong Kong University of Science and Technology and the New York University Stern School of Business in 2011. Mr. Hung worked at various private and listed companies. He started off as an analyst at Joy Silver Limited (formerly known as Baron Capital Limited) in November 2005 and advised on a range of matters such as mergers and acquisitions.

He served as the vice president of finance in Alpine Summit Energy Partners Inc. (formerly known as Red Pine Petroleum Ltd.) (stock code: ALPSU), whose shares have been listed on the TSX Venture Exchange since 2014, for the period from April 2013 to February 2016, during which he worked on matters such as restructurings. Mr. Hung joined China Success Finance Group Holdings Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (stock code: 3623), as an executive director from September 2017 to September 2018. Mr. Hung has been an executive director of First Seafront International Capital Limited since August 2019.

He is responsible for a number of duties, including facilitating overseas mergers for PRC enterprises. Mr. Hung was an independent non-executive director of Wai Chun Group Holdings Limited, a company listed on the Main Board of the Stock Exchange (stock code: 1013), from June 2022 to August 2022. Mr. Hung has been the independent non-executive director of Goldstone Capital Group Limited (formerly known as Youth Champ Financial Group Holdings Limited), a company listed on the Main Board of the Stock Exchange (stock code: 1160), since August 2022.

Mr. Hung has entered into a letter of appointment with the Company as an independent non-executive director of the Company for an initial term of two years commencing from 9 January 2023. Mr. Hung will hold office until the first general meeting of the Company after his appointment and will thereafter be subject to retirement by rotation and re-election in accordance with the provisions of the articles of association of the Company. Pursuant to the letter of appointment, Mr. Hung is entitled to receive a director's fee of HK$120,000 per annum.

Such fee was determined by the Board with reference to his qualifications, experience, duties and responsibilities with the Company, and the prevailing market conditions. Save as disclosed above, as at the date of this announcement, Mr. Hung (i) did not hold any position with the Company or other members of the Group; (ii) did not hold any directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years preceding the date of this announcement and did not have any other major appointments and professional qualifications; (iii) did not have any relationship with any directors, senior management, substantial or controlling shareholders of the Company; (iv) did not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and (v) had no other information to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities ("Listing Rules") on the Stock Exchange. Save as disclosed above, there are no other matters that need to be brought to the attention of shareholders of the Company in relation to the appointment of Mr. Hung and there is no other information required to be disclosed pursuant to any of the requirements under Rule 13.51(2) of the Listing Rules.

Mr. Hung has been appointed as a member of each of the audit committee, nomination committee and remuneration committee of the Company with effect from 9 January 2023. Reference is made to the announcement of the Company dated 10 October 2022 in relation to, among others, the non-compliance with the requirements under Rules 3.10(1) and 3.21 of the Listing Rules. Following the appointment of Mr. Hung, the Company has complied with the requirements under Rules 3.10(1) and 3.21 of the Listing Rules.