The board of directors of China Ocean Group Development Limited announced that Mr. Cai Haiming, currently the non-executive Director of the Company, has been redesignated and has been appointed as the co-chief executive officer of the Company with effect from 21 September 2023. Mr. Cai, aged 36, graduated from Guangdong University of Finance, Department of Finance. He is currently the chairman of Shenzhen Mingren Holdings Group Co.

Ltd. since 2017 Mr. Cai has over eight years' experience in financial investment, resource integration and capital operations. He is the brother of Mr. Cai Haipeng, an executive director and Co-chief executive officer of the Company.