The board of directors of Shanghai Pioneer Holding Ltd. announced that, with effect from 12:00 a.m. on 26 March 2024, Mr. Wong Chi Hung, Stanley will cease to be an independent non-executive Director and the chairman of the audit committee of the Board due to personal career adjustment. Mr. Wong confirmed that he has no disagreement with the Board in any respect and that there are no matters that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and shareholders of the Company in relation to his resignation. Mr. Wong does not hold any other positions in the Group following his resignation.

The Board also announced that, with effect from 12:00 a.m. on 26 March 2024, Mr. Zhang Changhai will serve as an independent non-executive Director and the chairman of the Audit Committee. Zhang Changhai, aged 50, is a Professorate Senior Accountant, doctoral supervisor, Certified Public Accountant and a member of the Association of International Accountant (AIA). Mr. Zhang has nearly 30 years of working experience in the field of auditing and accounting, and was the 2022 National Accounting Advanced Worker.

He worked as a professor of accounting in the Management School and the deputy director of the Department of Accounting of Hainan University from January 2013 to September 2014; from October 2014 to May 2022, he worked as the deputy director and director of the Finance Office, professor of accounting and doctoral supervisor of Hainan University; from June 2022 to December 2023, he worked as the secretary of the Party Committee of Civil Engineering and Architecture School of Hainan University; and since December 2023, he worked as the professor of accounting and doctoral supervisor of International Business School of Hainan University. Mr. Zhang holds a bachelor's degree in economics and a master's degree in management and received a doctorate degree in management from Jinan University. Mr. Zhang has also participated in the continuous professional education for Certified Public Accountants every year since 2000.

Mr. Zhang has entered into a service contract with the Company for a term of three years from 26 March 2024. Mr. Zhang will hold office until the first annual general meeting of the Company after his appointment and shall then be eligible for re-election at that meeting in accordance with the articles of association of the Company.