China Ocean Industry Group Limited announced that Mr. Zhang Shi Hong resigned as an authorized representative (Authorized Representative), an executive Director, the chairman of the Company with effect from 5 January 2023; and Mr. Zhang Chuanjun resigned as an executive Director of the Company with effect from 9 January 2023. Each of Mr. Zhang Shi Hong and Mr. Zhang Chuanjun has confirmed to the Board that there is no disagreement with the Board and the Company and there is no matter in respect of their resignation which ought to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company. The Board announced that Mr. Xu Dawei (Mr. Xu) has been appointed as an executive Director with effect from 10 January 2023.

Mr. Xu, aged 55, holds a Master of Laws degree from the University of International Business and Economics and legal professional qualification in the People's Republic of China. Mr. Xu is currently the Executive Vice President of China- Asia Economic Development Association and has more than 20 years' work experience in securities and trust investing industries. The Board further announced that following the above changes, Mr. Xu has been appointed as an Authorized Representative in place of Mr. Zhang Shi Hong with effect from 10 January 2023.

The Board also announced that with effect from 10 January 2023, Mr. Xu has been appointed as a member of the nomination committee and the remuneration committee of the Company in place of Mr. Zhang Shi Hong.