The board of directors of Michong Metaverse (China) Holdings Group Limited announced that Mr. Chen Youchun ("Mr. Chen") has resigned as an Independent Non-executive Director, a member of the audit committee of the Company (the "Audit Committee") and the chairman of the remuneration committee of the Company (the "Remuneration Committee") with effect from 20 July 2023 due to his other businesses and personal commitments. Mr. Chen has confirmed to the Board that he has no disagreement with the Board and there are no other matters in relation to his resignation of the above positions that need to be brought to the attention of the shareholders of the Company (the "Shareholders"). The Board announced that, with effect from 20 July 2023, Dr. Tsoi Chi Chuen Cheney has been appointed as an Independent Non-executive Director, a member of the Audit Committee and the chairman of the Remuneration Committee.

Dr. Tsoi, aged 48, obtained a Master of Business Administration from the University of Iowa in the USA in May 2005 and a Doctor of Business Administration from Westcliff University in the USA in September 2018. Dr. Tsoi is currently a PhD Candidate in Economics at the Chinese Academy of Social Sciences. Dr. Tsoi worked in the Hongkong and Shanghai Banking Corporation Limited (HSBC) in Hong Kong and Banca della Svizzera Italiana (BSI) Private Bank in Switzerland, served as financial planning manager and vice president of wealth management department respectively.

Dr. Tsoi is the founding president of the Asia Blockchain Society, a guest lecturer in digital economy at Zhejiang University, the PRC, an entrepreneurial mentor at Tencent Shanghai Entrepreneurship Training Base, and the president of Hong Kong Blockchain Asset Management Co. Ltd. Dr. Tsoi has long been committed to the research and promotion of blockchain technology. As a pioneer and evangelist in the cryptocurrency and blockchain industry, he has officially published Bitcoin is Changing the World 2014, Red Publish) and Decoding Wealth.

As a guest speaker, Dr. Tsoi always attends major blockchain and Web3.0 summit forums around the world and interviews with major TV stations and mainstream media in Hong Kong, including the 13th Asia Financial Forum (AFF) held by the Hong Kong Government and the Hong Kong Web3.0 Association established in April 2023.