The board (the " Board ") of directors of Chiho Environmental Group Limited announced that each of Mr. Ding Zhiyi ("Mr. Ding") and Mr. Miao Yu ("Mr. Miao") has been appointed as an executive Director, and a member of each of the executive committee of the Company (the "Executive Committee"), the strategy and investment committee of the Company (the "Strategy and Investment Committee") and the pricing committee of the Company (the "Pricing Committee") with effect from 29 December 2020. The Board announced that Ms. Qian Liping ("Ms. Qian") has resigned as an independent non- executive Director and a member of each of the audit committee of the Company (the "Audit Committee"), the nomination committee of the Company (the "Nomination Committee") and the remuneration committee of the Company (the "Remuneration Committee") with effect from 29 December 2020, due to her other personal commitment. The Board further announced Mr. Ko Frankie Andrew has resigned as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 29 December 2020, due to his other personal commitment. The Board is also announced that with effect from 29 December 2020, each of Ms. Yang Yali ("Ms. Yang") and Mr. Wang Qiwei ("Mr. Wang") has been appointed as an independent non-executive Director following the resignations of Ms. Qian and Mr. Ko. Mr. Ding Zhiyi, held senior positions in China Huarong International Holdings Limited, the subsidiary of China Huarong Asset Management Co. Ltd. (shares of which are listed on the main board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") with stock code 2799) in 2014 to 2019, including assistant to the general manager and the general manager of the business review division. He was the head of the corporate finance department of CCB International (Shanghai) Limited before 2014. Mr. Miao Yu, served as the investment and financing director of China General Consulting and Investment Co. Ltd. from 2017 to 2019 and the senior vice president of Tensant Securities Limited from 2015 to 2017. Ms. Yang Yali, acted as the senior legal consultant of Tencent Music (Beijing) Company Limited from May 2018 to May 2020 and the senior researcher for criminal law of Tencent Technology (Beijing) Company Limited from March 2017 to May 2018. She held the positions as the prosecutor and assistant prosecutor of Beijing Municipal People's Procuratorate from July 2011 to March 2017. Mr. Wang Qiwei, is specialized in sale and marketing planning, research and analysis, and he is also experienced in retails operations and management, administrative management and staff training. Mr. Wang is also appointed as a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee.