The board of directors of China Fortune Holdings Limited (the "Company'') announced that Mr. Li Jianwu ("Mr. Li'') has been appointed as an executive Director with effect from 21 July 2023. Mr. Li, aged 40, has over ten years of experience in mergers and acquisitions. Mr. Li obtained a bachelor's degree in business administration and a master degree in business administration from University of South China and Sun Yat-sen University, in 2003 and 2008, respectively.

Mr. Li is currently the managing director of an equity fund management firm in Hunan of the People's Republic of China (the "PRC''). He is also life associate member of China Angel Federation and an executive director of Software Association Blockchain of the PRC. Mr. Li has entered into a service agreement with the Company, pursuant to which Mr. Li shall hold office for an initial term of three years commencing from 21 July 2023 unless terminated by either party in accordance with the term thereof.

The Board announced that Mr. Hou Zhenyang ("Mr. Hou'') has tendered his resignation as an executive Director due to his desire to devote more time to his other work arrangements with effect from 21 July 2023. Mr. Hou has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company.