China New Economy Fund Limited announced Mr. Gu Xu ("Mr. Gu") has tendered his resignation as an executive Director with effect from 15 June 2023, and Mr. Chong Ching Hoi ("Mr. Chong"), Mr. Leung Wai Lim ("Mr. Leung") and Mr. Sun Boquan ("Mr. Sun") have tendered their resignations as independent non- executive Directors with effect from 15 June 2023, due to their other business commitments. Mr. Sze Tak Chi ("Mr. Sze") has been appointed as an independent non-executive Director and the chairman of the audit committee of the Company with effect from 15 June 2023, and Mr. Sui Fuxiang ("Mr. Sui") has been appointed as an independent non-executive Director and the chairman of the remuneration committee of the Company with effect from 15 June 2023. Mr. Sze Tak Chi, aged 55, graduated from the Hong Kong Polytechnic University with a bachelor's degree in Engineering in 1996 and from the Baruch College, City University of New York with a master's degree in business administration (accountancy) in 2004.

Mr. Sze is a holder of Chartered Financial Analyst (CFA), a Certified Public Accountant of the American Institute of Certified Public Accountants (AICPA) in the United States and is Accredited in Business Valuation (ABV) by the AICPA. Besides, he is a Registered Business Valuer registered with the Hong Kong Business Valuation Forum. He is also a licensed person registered with the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") to carry out Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management).

Mr. Sui Fuxiang, aged 49, has long been engaged in strategic research, financial investment and business collaboration. He has studied in a number of universities and has studied in the international economic and trade environment, especially in the field of equity investment. He is familiar with the economic and social conditions of Hong Kong and Macau, and is good at analysis for macro economy, as well as business models and cutting-edge technology research.

Focusing on new energy, new infrastructure and specialized and new fields, Mr. Sui has organized and planned a number of developments and transactions regarding highend equipment production, asset management, supply chain finance and comprehensive healthcare projects, underpinned by his rich relevant resources and experience. Since joining CITIC Merchant Co. Ltd. in 2019, he has been mainly responsible for internal coordination within the group, project development and client liaison.

Mr. Sui was a non-executive director of GTI Holdings Limited, a company listed on the Stock Exchange, from November 2019 to October 2020, and has been an independent non-executive director of China United Venture Investment Limited, a company listed on the GEM of the Stock Exchange, since 17 August 2022. Following the Resignations and the Appointments, the composition of the Board committees has changed with effect from 15 June 2023 as follows: Mr. Chong has resigned as the chairman of each of the Audit Committee and the Remuneration Committee and the member of the nomination committee of the Company; Mr. Leung has resigned as the chairman of the Nomination Committee, the member of each of the Audit Committee and the Remuneration Committee; Mr. Sun has resigned as the member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee; Mr. Sze has been appointed as the chairman of the Audit Committee and a member of each of the nomination committee and the remuneration committee; Mr. Sui has been appointed as the chairman of the Remuneration Committee and a member of each of the nomination committee and the audit committee and Mr. Tong Yun Lung has been appointed as the chairman of the Nomination Committee.