The board of directors of Changyou Alliance Group Limited announced that with effect from 14 July 2023, Mr. Liu Jialin has resigned as an independent non-executive Director, a member of the audit committee of the Board and a member and the chairman of the remuneration committee of the Board as he would like to devote his time to his other engagements. The Board announced that with effect from 14 July 2023, Mr. Ip Wai Lun William (has been appointed as an independent non-executive Director of the Company, a member of the Audit Committee and a member and the chairman of the Remuneration Committee. Mr. Ip, aged 66, has been appointed as an independent non-executive Director of the Company, a member of the Audit Committee and a member and the chairman of the Remuneration Committee on 14 July 2023. Mr. Ip has over 27 years of investment banking experience in Asia, with a focus on Greater China and Japan. As at the date of this announcement, Mr. Ip currently serves as a managing director of Amasse Capital Limited. Prior to that, Mr. Ip was the executive director in the mergers and acquisitions department of SMBC Nikko Securities (Hong Kong) Limited from April 2012 to January 2021. He served as the managing director and head of the investment banking department of Cantor Fitzgerald (HK) Capital Markets Ltd. from 2010 to 2012. Prior to that, My. Ip had worked at several major investment banks of Chinese and European background for over 14 years. As at the date of this announcement, Mr. Ip is also an independent non-executive director of Hopson Development Holdings Limited (Stock Code: 754) and Kantone Holdings Limited (Stock Code: 1059), both of which are companies listed on the Main Board of the Stock Exchange. Mr. Ip obtained a bachelor of science in economics and a master of science in economics from London School of Economics and Political Science, University of London. He also obtained a master of business administration (MBA) from the Wharton School of Finance, University of Pennsylvania. Mr. Ip has been a Responsible Officer for Type 1, Type 4 and Type 6 (including giving advice on matters falling within the ambit of The Codes on Takeovers and Mergers and Share Buy-backs (as amended from time to time)) and regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong)(the "SFO"). Mr. Ip is a Chartered Financial Analyst Charterholder of the CFA Institute, the U.S.