The board of directors of Cheerwin Group Limited announced that Dr. De-Chao Michael Yu (Dr. Michael Yu) has tendered his resignation as an independent non-executive Director and a member of the audit committee, the remuneration committee and the nomination committee of the Board with effect from 14 October 2022 due to his other business commitments which require more of his attention and dedication. The Board announces that Dr. Yu Rong (Dr. Yu Rong) has been appointed as an independent non-executive Director and a member of the Audit Committee, the Remuneration Committee and the Nomination Committee with effect from 14 October 2022. Dr. Yu Rong, aged 50, has approximately 20 years' experience in business administration and management in the healthcare industry.

Dr. Yu Rong founded Meinian OneHealth Healthcare Holdings Co. Ltd. in 2004, the shares of which are listed on the Shenzhen Stock Exchange and has served as its director since then. Dr. Yu Rong served as a director and the legal representative of Tianrong (Nantong) Building Materials Co.

Ltd. (Tianrong Nantong) from October 2005 to February 2007. Since March 2010, Dr. Yu Rong has served as a director of Shenzhen Rapoo Technology Co., Limited, the shares of which are listed on the Shenzhen Stock Exchange. Since January 2016, Dr. Yu Rong has served as a director of Beijing Huamei Kangxun Information Technology Co.

Ltd., the shares of which are listed on the National Equities Exchange and Quotations and is principally engaged in media sales and online and offline services in relation to media sales, namely advertising, public relations planning, conference forum, consultation, training, research, software, integrated marketing and book publishing. From November 2016 to July 2021, Dr. Yu Rong served as a director of Beijing Trust & Far Technology Co. Ltd., the shares of which are listed on the Shenzhen Stock Exchange and is principally engaged in providing one-stop IT overall solution for data center IT infrastructure.

Since August 2021, Dr. Yu Rong served as an executive director of Mega Genomics Limited, the shares of which are listed on the main board of the Stock Exchange and is principally engaged in consumer genetic testing and cancer screening services in China. Dr. Yu Rong has been a member of Health Promotion and Education Expert Steering Committee of National Health and Family Planning Commission of the People's Republic of China (the "PRC") from May 2017 to December 2019, the deputy commissioner of The First Management Committee of Health Management Research and Training Special Fund of China Health Promotion Foundation since January 2019 and the president of Health Examination Branch of China Association of Non-public Medical Institutions since October 2019. Dr. Yu Rong obtained his bachelor's degree in electronic engineering from Shanghai Jiao Tong University in the PRC in July 1993 and his master's degree in finance from Shanghai University of Finance and Economics in the PRC in August 1999.

Dr. Yu Rong further earned his Ph.D in basic theory of traditional Chinese Medicine from China Academy of Chinese Medical Sciences in the PRC in July 2013 and his executive master's degree in business administration (EMBA) from China Europe International Business School in the PRC in September 2009. The Board announces that, following the Resignation and the Appointment with effect from 14 October 2022, the Audit Committee would be comprised of one non-executive Director, namely Mr. Chen Zexing, and three independent non-executive Directors, namely Mr. Chan Wan Tsun Adrian Alan, Mr. Guo Sheng and Dr. Yu Rong. The Audit Committee is chaired by Mr. Chan Wan Tsun Adrian Alan.

The Remuneration Committee would be comprised of one executive Director, namely, Ms. Chen Danxia, and two independent non-executive Directors, namely, Mr. Guo Sheng and Dr. Yu Rong. The Remuneration Committee is chaired by Mr. Guo Sheng. The Nomination Committee would be comprised of one executive Director, namely, Ms. Chen Danxia, and two independent non-executive Directors, namely, Mr. Guo Sheng and Dr. Yu Rong.

The Nomination Committee is chaired by Ms. Chen Danxia.