The board (the "Board") of directors (the "Directors") of China Uptown Group Company Limited announces that: Mr. Fu Yongyuan was appointed as the chief executive officer of the Company with effect from 10 April 2024. Mr. Fu, aged 67, is a marine engineer and an economist for the shipping management. He graduated from Guangdong Province Economics Management Institute majoring in Industrial Economic Management and has over 40 years of experience in shipping and freight management.

For two decades from 1972 to 1992, Mr. Fu served in the COSCO System including (COSCO Guangzhou). His responsibilities ranged from management of freight to vessel chartering operations. Mr. Fu has entered into a service contract with the Company on 10 April 2024 for an initial term of two years commencing from 10 April 2024 unless terminated by not less than two months' notice in writing served by either party to the other or payment in lieu of notice.

He is subject to retirement and re-election at the next annual general meeting of the Company after his appointment and thereafter subject to retirement by rotation in accordance with the articles of association of the Company.