Asian Capital Resources (Holdings) Limited announced that, it has resolved to appoint Mr. Lu Yongde (Mr. Lu) as an executive Director with effective May 16, 2022. The Company has set out in written terms the responsibilities between the chairman of the Board and the chief executive officer of the Company. At present, Mr. Xie Xuan, the chairman of the Board, also undertakes the responsibilities of the Chief Executive Officer.

Accordingly, Mr. Lu has also been recommended to act as chairman of the Board and Mr. Xie Xuan shall be re-designated as an executive Director and Chief Executive Officer of the Company, and shall resigned from the position as chairman of the Board upon Mr. Lu's appointment with effect from 16 May 2022.