The Board of China New Consumption Group Limited announced that Mr. Tang Kwai Leung Stanley ("Mr. Tang") has resigned as the chairman of the Board (the "Chairman"), and an executive Director with effect from 29 December 2023. Mr. Tang tendered his resignation so as to allow him to devote more time for his personal and business commitments. The Board announced that Ms. Liu Ching Man ("Ms. Liu") has been re-designated from an independent non-executive Director to an executive Director (the "Redesignation") with effect from 29 December 2023.

Following to her Redesignation, she also ceases to be the chairman of the remuneration committee (the "Remuneration Committee") and a member of each of the audit committee (the "Audit Committee") and nomination committee (the "Nomination Committee"). Ms. Liu, aged 34, graduated from the Upper Iowa University with a Bachelor of Psychology degree in 2016 and obtained a master of business administration degree at The Hong Kong Polytechnic University in 2022. She is well experienced in the investor relationship and public relationship industry.

She has extensive experience in financial public relations. She participated and prepared many listing ceremonies, roadshows and fund-raisings. She is currently the business development manager of Hanvey Group Holdings Limited, the issued shares of which are listed on GEM of the Stock Exchange (stock code: 8219), responsible for achieving the company's development strategy and optimising business management by developing the company's strategic goals and brand positioning.

From June 2021 to December 2023, Ms. Liu was appointed as an independent non-executive Director of the Company. The Board announced that Mr. Ng Kim Lung ("Mr. Ng") has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee with effect from 29 December 2023. Mr. Ng, aged 50, has since accumulated over 32 years of experience in the construction and engineering industry.

He is currently a senior management of companies engaged in the construction and engineering industry. Mr. Ng completed a Technically Competent Person T1 Training Course through the Construction Industry Council Training Academy and was awarded the certificate in January 2010. The Board announced that Ms. Cheng Shing Yan ("Ms. Cheng") has been appointed as a joint company secretary of the Company with effect from 29 December 2023.

After the aforesaid appointment, the existing company secretary of the Company. Mr. Lee Man Tai, will continue to act as the other joint company secretary. Ms. Cheng, aged 48, has accumulated about 24 years of experience in auditing, accounting and financial management.

She held different positions at various auditing or CPA firms from 2004 to 2016. Ms. Cheng joined the group of Sanroc International Holdings Limited (now known as Zhaobangji Lifestyle Holdings Limited) ("Sanroc"), a company listed on the Main Board (stock code: 1660), and served as the chief financial officer from April 2016 to April 2018. Since April 2018, she has been engaged in the financial function of companies operating within the construction industry.

From April 2016 to April 2018 and from April 2017 to April 2018, she was the company secretary and an executive director of Sanroc, respectively. Since October 2017, she has been an independent non-executive director of Putian Communication Group Limited, a company listed on the Main Board. Since February 2021, she has been an independent non-executive director of Kwong Luen Engineering Holdings Limited, a company listed on the Main Board.

Since April 2023, she has been an independent non-executive director of Easy Smart Group Holdings Limited, a company listed on the Main Board. Ms. Cheng obtained a degree of Master of Arts in International Accounting from the City University of Hong Kong in November 2003. She was admitted as a certified public accountant of the Hong Kong Institute of Certified Public Accountants in July 2003, a fellow of The Association of Chartered Certified Accountants in December 2005, an associate of The Chartered Governance Institute in June 2017 and an associate of The Hong Kong Chartered Governance Institute (formerly known as The Hong Kong Institute of Chartered Secretaries) in June 2017.

The Board announces that with effect from 29 December 2023, Mr. Tang ceases to be the authorised representative of the Company (the "Authorised Representative") under Rule 5.24 of the GEM Listing Rules. Ms. Liu has been appointed as the Authorised Representative with effect from 29 December 2023. Ms. Liu ceased to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee.

Mr. Ng has been appointed as the chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee.