The board (the ‘Board') of directors (the ‘Directors') of China Ocean Group Development Limited (the ‘company') announced that Mr. Liu Rongsheng (‘Mr. Liu') has tendered his resignation as the chief executive officer with effect from 9 September 2022 as he would like to devote more time and dedication on the development and financial planning of the Group. Upon such change, Mr. Liu is still acting as the chairman and executive director of the Company. The Board further announced that Mr. Cai Haipeng (‘Mr. Cai') has been appointed as the chief executive officer of the company with effect from 9 September 2022.

Mr. Cai, aged 36, graduated from Shenzhen University with a bachelor's degree in communication engineering. He is currently a director of Shenzhen Mingren Holding Group Co. Ltd. Mr. Cai has served as a director of a China joint-stock securities company, responsible for operations and risk control compliance matters.

He has held management positions in various companies in China since 2011 and has extensive experience in corporate management. Mr. Cai is the brother of Mr. Cai Haiming, a non- executive director of the Company.