The board of directors of Bao Shen Holdings Limited announced that Mr. Fan Zhijian has been appointed as an executive Director of the Company with effect from 1 August 2023. Mr. Fan Zhijian, aged 25, has been the legal representative, a director and the general manager of the major wholly owned operating subsidiary of the Group, Chuzhou Xiezhong Home Appliance Accessories Co. Ltd. in place of Mr. Fan Baocheng (Mr. Fan"), since June 2023.

Mr. Fan Zhijian has been primarily responsible for major decision making and overseeing the overall business development of Xiezhong Home Appliance since he took up the above positions in Xiezhong Home Appliance. Mr. Fan Zhijian obtained his master's degree in finance from University of Sydney in August 2021. After his graduation, he joined Huatai Securities Co., Limited in January 2022 where he was responsible for handling customer relations.

He took office as a general manager assistant of Xiezhong Home Appliance in about February 2023 immediately after he left Huatai Securities Co., Limited. Being a general manager assistant of Xiezhong Home Appliance, he was primarily responsible for assisting in the daily operations and the customers/suppliers relations of Xiezhong Home Appliance. Mr. Fan Zhijian is a son of Mr. Fan.

Mr. Fan Zhijian has entered into a director's service agreement with the Company for a term commencing from 1 August 2023 to up to the date of the annual general meeting of the Company to be held in 2024, subject to retirement by rotation and re-election at the annual general meetings of the Company in accordance with the second amended and restated articles of association of the Company. References are made to the announcements of the company dated 10 March 2023 and 31 March 2023 (the "Announcements") in relation to, among others, the inside information announcement in respect of the Incident. Unless otherwise stated, capitalised terms used herein shall have the same meaning as ascribed to them in the Announcements.

As the Group is still unable to contact Mr. Fan as at the date of this announcement and the inability of Mr. Fan to discharge his duties as the chairman of the Board, the chief executive officer, the compliance officer and the authorised representative of the Group since about March 2023, the Board announced that with effect from 1 August 2023, Mr. Fan ceased to be the chairman of the Board, the chief executive officer, the compliance officer and the authorised representative pursuant to Rule 5.24 of the GEM Listing Rules of the Group, but Mr. Fan remains as an executive Director of the Company; and Mr. Fan Zhijian, an executive Director, is appointed as the chairman of the Board, the chief executive officer, the compliance officer and the authorised representative pursuant to Rule 5.24 of the GEM Listing Rules of the Group.