Ares Asia Limited announced the retirement of Mr. Chang Jesse as an independent non-executive Director and his ceasing to be the chairman of the remuneration committee of the Company and a member of each of the audit committee and the nomination committee of the Company. The Board announced that Mr. Quan Ruixue has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 1 December 2023. The biographical details of Mr. Quan are set out as follows: Mr. Quan, aged 49, obtained a bachelor's degree in economic law from the Northwest Institute of Political Science and Law in the People's Republic of China in July 1997.

He further obtained a degree of master of laws in environmental and resource law from the University of Utah in the United States in May 2001. He was admitted as a lawyer in the PRC in July 1998, and was admitted to practice law in the State of New York in March 2009. Mr. Quan has extensive experience in the legal profession from working at law firms and companies, for instance, he (i) worked in the Beijing office of then King & Wood from 1998 to 2000 (now known as King & Wood Mallesons); (ii) worked in the Shanghai office of Holman Fenwick & Willan from 2001 to 2003; (iii) worked in the Beijing and Shanghai offices of Guantao Law Firm from 2003 to 2013, and (iv) has been working as the global general counsel of Wanfeng Auto Holding Group, the holding company of a listed company on the Shenzhen Stock Exchange (stock code: 002085) since 2021.

Mr. Quan has entered into a letter of appointment with the Company for a term of two years with effect from 1 December 2023, subject to retirement by rotation and re-election in accordance with the Bye-laws of the Company and the Listing Rules. Mr. Quan is entitled to a monthly director's fee of HKD 15,000 under the letter of appointment which has been determined by the Board on the recommendation of the Remuneration Committee with reference to his duties and responsibilities with the Company, the Company's remuneration policy and the prevailing market conditions. Following the appointment of Mr. Quan as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee, the Company is in compliance with the requirements on the minimum number of independent non-executive Directors, the minimum number of members of the Audit Committee and having the Remuneration Committee chaired by an independent non-executive Director under Rules 3.10(1), 3.21 and 3.25 of the Listing Rules.