China Hongbao Holdings Limited announces that with effect from 11 December 2023, Dr. Kung Wai Chiu Marco has resigned as an independent non-executive Director. The Board further announces that with effect from 11 December 2023, Dr. Cheung Ka Yue has been appointed as an INED. The biographical details and other information of Dr. Cheung are set out as follows: Dr. Cheung, aged 51, obtained a degree of Bachelor of Arts in Accounting from Edinburgh Napier University in the United Kingdom in November 1999, a degree of Master of Laws in International Corporate and Financial Law from University of Wolverhampton in the United Kingdom in November 2014, a degree of Master of Science in Professional Accountancy from University of London in the United Kingdom in December 2018, a degree of Doctor of Business Administration from William Howard Taft University in the United States of America in September 2020 and a degree of Master of Education from University of The People in the United States of America in November 2022.

He is a practising accountant in Hong Kong. He is currently a committee member of Sha Tin District National Education Committee. Dr. Cheung has extensive experience in strategic investment, business administration and commercial developments.

Dr. Cheung has profound knowledge and extensive experience in the regulatory, corporate finance, compliance and corporate governance fields. Following the resignation of Dr. Kung, he ceases to be a member of the audit committee of the Board, the chairman of the Remuneration Committee and a member of the nomination committee of the Board with effect from 11 December 2023. With effect from 11 December 2023, Dr. Cheung has been appointed as a member of the Audit Committee, the chairman of the Remuneration Committee and a member of the Nomination Committee.