China New City Commercial Development Limited announce that it has approved the following changes of Directors, all with effect from 24 April 2023: Mr. Yuan Yuan has been appointed as an independent non-executive Director and a member of the Audit Committee, the Remuneration Committee, the Nomination Committee, and the Corporate Governance Committee of the Company; Mr. Tang Min has resigned as a non-executive Director and the vice chairperson of the Board; Mr. Zhang Chunsheng has resigned as a non-executive Director; and Mr. Shen Xiao has resigned as an independent non-executive Director, and has ceased to be a member of the Audit Committee, the Remuneration Committee, the Nomination Committee, and the Corporate Governance Committee of the Company. Mr. Yuan Yuan, aged 40, has about 13 years of experience in finance and securities industry. Mr. Yuan worked at the China Securities Regulatory Commission as a postdoctoral researcher from May 2012 to March 2016. From March 2016 to July 2017, he worked at Soochow Securities Co. Ltd., serving simultaneously as the chief strategist, the executive deputy director of research department, and a member of internal verification committee. Subsequently, he worked at Huafu Securities Co. Ltd., serving simultaneously as the managing director, the deputy head of investment banking business committee, and the general manager of investment banking division from July 2017 to May 2020. Mr. Yuan has served as the managing director of Zhong De Securities Company Limited since May 2020. Mr. Yuan obtained a doctorate degree in accountancy from the Shanghai University of Finance and
Economics in 2012 and a doctorate degree in finance from the Tsinghua University in 2014. Mr. Shen has ceased to be a member of the audit committee (the " Audit Committee "), the
remuneration committee (the " Remuneration Committee "), the nomination committee (the " Nomination Committee "), and the corporate governance committee (the " Corporate Governance
Committee ") of the Company; and Mr. Yuan has been appointed as a member of the Audit Committee, the Remuneration Committee, the Nomination Committee, and the Corporate Governance Committee of the Company.