The board of directors of China First Capital Group Limited announced Mr. Zhang Li has been appointed as an executive Director and a co-chairman of the Company; and Dr. Wilson Sea has been re-designated from the chairman of the Company to a Co-Chairman, and will continue to serve as an executive Director and the chairman of each of the Nomination Committee, the Strategy Committee, and the Risk Management Committee of the Company. Mr. Zhang Li, aged 50, has been appointed as an executive Director and a Co-Chairman on 12 July 2023, and will be primarily responsible for the management and development of the Group's new business, among others, the supply chain financial technology business. Mr. Zhang has extensive experience in finance and capital markets.

He has been engaged in the investment and management business in the financial market for more than 20 years, focusing on securities investment and investment banking. Prior to joining the Group, Mr. Zhang served as an executive director and a co-chairman from June 2016 to May 2021 of Up Energy Development Group Limited (delisted from the Main Board of The Stock Exchange of Hong Kong Limited, previous stock code: 307); a non-executive director from October 2019 to November 2019, and re-designated as an executive director from November 2019 to February 2023 of Madison Holdings Group Limited, the shares of which are listed on GEM of the Stock Exchange; and a non-executive director from June 2021 to September 2022 of Kelfred Holdings Limited, the shares of which are listed on the Main Board of the Stock Exchange. Mr. Zhang obtained a Bachelor's degree in Marketing from Northwest University of Political Science and Law (previously Northwest School of Political Science and Law in 1998.

He has been engaged as (i) the dean of the Guangdong-Hong Kong-Macao Greater Bay Branch of the Corporate Compliance Research Institute of NWUPL since July 2022; the dean of the Guangdong-Hong Kong-Macao Greater Bay Branch of the Economics and Law Research Institute of NWUPL since August 2022; and a visiting professor of school of economics of NWUPL since August 2022. Dr. Sea, aged 59, was appointed as the Chairman and a non-executive Director on 27 April 2011 and was re-designated as the Chairman and an executive Director on 1 January 2015. He is responsible for the general strategic planning, business planning and co-ordination of the Group, as well as the supervision of the management's implementation and execution of the strategies.

He is also a director of a number of subsidiaries of the Company. From 1997 to 2004, Dr. Sea worked in Minsheng Securities Co. Ltd. as an assistant to president, president and chairman consecutively, responsible for the investment banking business, the business of research, planning and development of the company.

From 2004 to 2007, he was the chairman of the board of Kaifeng Lanwei Highway Development Company Limited. He worked as the vice-chairman of the board of Yubei (Xinxiang) Power Steering System Co. Ltd. from 2007 to 2011.

Dr. Sea obtained a bachelor's degree in economics from Henan University in 1986. He further obtained a master's degree and a doctoral degree in economics from Fudan University in 1992 and 1995 respectively. He was appointed as a professor by Henan University in 1995.