Baoye Group Company Limited announced that, due to health reason, Mr. Chan Yin Ming, Dennis resigned as independent non-executive Director, chairman of the Audit Committee, chairman of the Remuneration Committee and chairman of the Environment, Society, and Governance Committee with effect from 1 August 2023. Mr. Chan has confirmed that (i) he has no disagreement with the Board; and (ii) there is no matter relating to his resignation that needs to be brought to the attention of the shareholders. The board announced that Mr. Fung Ching, Simon has been re- designated from a non executive Director to an independent non-executive Director with effect from 1 August 2023.

Mr. Fung, born in 1969, is a non-executive Director and a member of the Audit Committee and the ESG Committee of the Company and is currently the chief financial officer of Chow Tai Fook Enterprises Limited. He is also the independent non-executive director of Hainan Meilan International Airport Company Limited, and China Medical System Holdings Limited . Both companies are listed on the Main Board of The Stock Exchange of Hong Kong Limited .

Mr. Fung graduated from the Queensland University of Technology in Australia with a Bachelor's degree, majoring in accountancy. He is a fellow member of the Hong Kong Institute of Certified Public Accountants and a fellow member of CPA Australia. Mr. Fung served as the independent non-executive director of China Logistics Property Holdings Co.

Ltd. from June 2016 to February 2022, and served as the chief financial officer of Logan Group Company Limited (a company listed on the Main Board of the Stock Exchange, Stock Code: 03380.HK) from January 2020 to March 2021, and served as the chief financial officer and company secretary of Greentown China Holdings Limited served as the chief financial officer and secretary to the Board of Directors of Baoye Group from 2004 to 2010. He worked for PricewaterhouseCoopers from 1994 to 2004. Fung has over 25 years of experience in audit, business consulting, finance and accounting and etc.

During his tenure as a non-executive Director, Mr. Fung has not participate in the day-to-day management and operations of the Company or held any other executive or management role or function with the Group, and does not have any relationships with any Directors, senior management or substantial or controlling shareholders of the Company within the past two years. Other than holding the position as a non-executive Director of the Company immediately prior to the re-designation, Mr. Fung confirmed that he has satisfied all factors set out in Rule 3.13 of the Rules Governing the Listing of Securities on the Stock Exchange . Considering that Mr. Fung has gone through more than twelve years' cooling-off period since his resignation as the chief financial officer and secretary to the Board, the Board and the Nomination Committee of the Company confirm that Mr. Fung meets all the independence requirements under.

The Board announced that Mr. Xia Feng has been appointed as an executive Director with effect from 1 August 2023. Mr. Xia, born in 1977, holds an undergraduate degree and senior engineer qualification, majoring in construction. Mr. Xia is currently the general manager of Shanghai Zibao Industry Investment Company Limited, a wholly interested subsidiary of the Company, and director of Shanghai Research Institute of Construction Technology Company Limited which is listed on the main board of Shanghai Stock Exchang.

Mr. Xia served for Shaoxing County Planning and Construction Bureau and joined the Group in 2002. Mr. Xia is devoted to the property development, research and development of prefabricated and low-carbon energy- saving construction to realize the upgrade of traditional construction industry. Mr. Xia was in charge of the key project of the National 13th five-year plan and was awarded the 1st prize of Huaxia Construction Technology, 1st prize of standard innovation from the China Construction Standards Association and the great contributor of the construction competition in Shanghai.

The Board announces that with effect from 1 August 2023, the composition of the committees of the Board has been changed as follows: Following the resignation of Mr. Chan, Mr. Xiao Jianmu has been appointed as the chairman of the Audit Committee; Following the resignation of Mr. Chan, Mr. Li Wangrong has been appointed as the chairman of the Remuneration Committee; Following the resignation of Mr. Chan, Mr. Wang Rongbiao has been appointed as the chairman of the ESG Committee; and Mr. Xiao Jianmu has been appointed as a member of the ESG Committee.