The Board of China Financial Services Holdings Limited announced that (i) Dr. Cheung has tendered his resignation from his position as an executive director of the Company, with such resignation taking effect from 17 December 2022 due to his other business commitments, and he will cease to be the Authorized Representative on the same date; and (ii) Mr. Chan has tendered his resignation from his position as the chairman of the Board, a non-executive director of the Company and the chairman of the Nomination Committee, with such resignation taking effect from 17 December 2022 due to change in work arrangement. The Board will nominate a suitable candidate to act as the chairman of the Board as soon as practicable and will make necessary announcement as and when appropriate. Mr. Zhang will assume the duties of chairman of the Board temporarily until a new chairman has been elected.

He has been appointed as the Authorized Representative, with such appointment taking effect from 17 December 2022. Mr. Lee, an independent non-executive director of the Company, has been appointed as the chairman of the Nomination Committee, with such appointment taking effect from 17 December 2022. Both Dr. Cheung and Mr. Chan have confirmed that they have no disagreement with the Board and there are no other matters in relation to their resignation that need to brought to the attention of the shareholders of the Company.