The board of directors of Hengxin Technology Ltd. announced that it has resolved to redesignate Mr. Du Xiping (Mr. Du) from executive Director of the Company to non-executive Director of the Company (the Redesignation) with effect from 22 March 2023 due to a reallocation of responsibilities amongst the Company's management. Mr. Du Xiping, born in 1962, has been appointed as an executive Director of the Company on 31 December 2015. Mr. Du holds a Bachelor of Science from the Department of Astronomy in Nanjing University and a master's Degree in Economics from the Graduate School of Chinese Academy of Social Science.

Mr. Du possesses a wide range of experience over the years covering economics research, trade, finance and investment. Mr. Du was the general manager of Shenzhen Dong Fang Hongda Investment Co. Ltd., Shenzhen Shuangxin Investment Co.

Ltd. and the trust department of New Industrial Investment Co. Ltd., all of which are principally engaged in the business of trust and asset management, and during the tenure, Mr. Du had been appointed as the fund manager for the Hope Project. As the very first batch of securities practitioners after China's reform and opening up, Mr. Du was the general manager of the securities department of Industrial and Commercial Bank of As at the date of this announcement, Mr. Du has an interest in the Company and its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and has direct personal interest in 11,468,000 shares of the Company.

Save as disclosed above, Mr. Du did not hold any directorship in other listed public companies in the last three years or any position with the Company or its subsidiaries (together, the "Group") or other members of the Group. Save as disclosed above, Mr. Du is independent of and not connected with any Director, senior management or substantial or controlling shareholder of the Company. In respect of the Redesignation, Mr. Du has entered into a new appointment letter with the Company, to replace the existing service agreement between himself and the Company, for an initial term of three years commencing from 22 March 2023, which is subject to automatic renewal for successive terms of three years upon expiry, and may be terminated by either party giving not less than three months' prior written notice to the other or in accordance with other terms thereof, and subject to retirement by rotation and re-election at an annual general meeting of the Company in accordance with the articles of association of the Company.

Pursuant to the appointment letter, Mr. Du is entitled to a monthly emolument of SGD 5,000. Such emolument was recommended by the Remuneration Committee with reference to Mr. Du's duties and responsibilities within the Company, the Company's remuneration policy and the prevailing market level of remuneration paid by comparable companies.