China New Economy Fund Limited announced that with effect from 18 July 2022: Mr. LAM King has resigned as an independent non-executive Director and a member of each of the nomination committee, the audit committee and the remuneration committee of the Company; and Mr. TONG Yun Lung has been appointed as an independent non-executive Director and a member of each of the nomination committee, the audit committee and the remuneration committee of the Company. The board of directors of China New Economy Fund Limited announces that Mr. Lam King has resigned as an independent non-executive Director and a member of each of the nomination committee, the audit committee and the remuneration committee of the Company with effect from 18 July 2022 due to other work commitment. Mr. Lam has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

Following the resignation of Mr. Lam as an independent non-executive Director, the Board announced that Mr. Tong Yun Lung has been appointed as an independent non-executive Director and a member of each of the nomination committee, the audit committee and the remuneration committee of the Company with effect from 18 July 2022. Mr. Tong, aged 59, has over 10 years of administrative experience in Government of the People's Republic of China . From 1983 to 1990, he was engaged in an administrative role in the General Office of the Yunnan Provincial Government of the PRC.

From 1990 to 1997, he was transferred to the General Office of the Guangdong Provincial Government of the PRC. In 1997, he founded Guangdong Dongfanghong Industrial Co. Ltd. In 2020, he joined China Far Vision (HK) Think Tank Limited and is currently the chairman of the company.

Mr. Tong obtained a bachelor's degree from the Department of Chinese Language in Nanjing University in the PRC in 1983. Mr. Tong has entered into a service contract with the Company for an initial term of three years and is subject to retirement by rotation and re-election in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the articles of association of the Company.