The Board Ares Asia Limited announced that with effect from 8 July 2022: Ms. RUAYRUNGRUANG Woraphanit, the executive Director, has been re-designated as a non-executive Director and resigned as the chairman of the Board, and the Company's chief executive officer, authorized representative under Rule 3.05 of the Listing Rules and authorized representative for the acceptance of service of process and notice in Hong Kong under Part 16 of the Companies Ordinance due to change of work arrangement. Mr. LAI Yi-Chun (also known as Robert LAI), the executive Director, has been appointed as the chairman of the Board, and the Company's CEO, Authorized Representative under Rule 3.05 of the Listing Rules and authorized representative for the acceptance of service of process and notice in Hong Kong under Part 16 of the Companies Ordinance. Ms. RUAYRUNGRUANG, aged 32, joined the Company on 5 January 2018 and has been appointed as an executive Director, the chairman of the Board, and the Company's CEO, Authorised Representative under Rule 3.05 of the Listing Rules and authorized representative for the acceptance of service of process and notice in Hong Kong under Part 16 of the Companies Ordinance.

Ms. RUAYRUNGRUANG obtained her Bachelor's Degree in advertisement from Peking University in the People's Republic of China in 2013. Ms. RUAYRUNGRUANG is the daughter of Dr. Chanchai RUAYRUNGRUANG, the beneficial owner of Reignwood International which is the controlling shareholder of the Company with interest in approximately 65.76% of the total issued share capital of the Company. She is currently a director of several subsidiaries of the Company.

Ms. RUAYRUNGRUANG, who is also currently a director of several subsidiaries of Reignwood International and companies owned by her family, was responsible for handling refinancing issues, maintaining relationships with banking partners, delivery of Reignwood International's strategic vision outside of the PRC, and managing European investment portfolio during the past six years. Mr. LAI, aged 55, joined the Company on 1 November 2018 and has been appointed as an executive Director. Mr. LAI graduated from Feng Chia University in the Republic of China in 1990 with a Bachelor's Degree of Science in Land Management.

Mr. LAI obtained his Master's Degree in Business Administration from the USC Marshall School of Business in the USA in 1993. Mr. LAI has over 25 years of experience in financial analysis, fund management and project management especially in real estate. Mr. LAI is currently a deputy director and director of the international investment department of Reignwood Investment (China) Ltd., a wholly-owned subsidiary of Reignwood International, responsible for pre-project management, financial analysis and modeling and supervising investment projects and implementing investment strategies since October 2010.

Mr. LAI is also a director of several subsidiaries of the Company. Ms. RUANYRUNGRUANG has confirmed that she has no disagreement with the Board and there is no other matter relating to the Resignation that needs to be brought to the attention of the Shareholders or the Stock Exchange.