The board of directors of China Renaissance Holdings Limited announced that Mr. Bao Fan has resigned as executive Director, the Chairman of the Board, the Chief Executive Officer of the Company, the chairman of the Nomination Committee, the chairman of the Executive Committee and member of the Remuneration Committee with effect from February 2, 2024 for health reasons and to spend more time on his family affairs. Mr. Bao has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board announced that, with effect from February 2, 2024, Mr. Xie Yi Jing ("Mr. Xie") was appointed as the Chairman of the Board and was re-designated from Acting Chief Executive Officer to Chief Executive Officer of the Company.

On the same date, he was also appointed as the chairman of the Nomination Committee, the chairman of the Executive Committee and member of the Remuneration Committee. Mr. Lam Ka Cheong Jason ("Mr. Lam") was appointed as an executive Director and Vice-Chairman of the Board with effect from February 2, 2024. Mr. Lam will continue to be responsible for China Renaissance International, the international business of the Group.

Mr. Lam Ka Cheong Jason, aged 49, has over 20 years of investment banking, corporate finance and capital markets experience in Greater China and Asia, with a focus in the technology sector. He joined Group in March 2013 as the managing director and head of equity capital markets, then as managing director and co-head of investment banking from October 2015 to February 2016, and as president of CRSHK from March 2016 to February 2017, before serving in his current role as president of CR International since March 2017. Prior to joining Group, Mr. Lam was an investment banker at Credit Suisse, where he was managing director, co-head of technology coverage in Asia and the deputy head of corporate finance in Greater China from March 2007 to February 2013.

Mr. Lam also previously held various investment banking positions at UBS, ABN AMRO Bank N.V. and Credit Suisse from August 1997 to March 2007. Mr. Lam received his bachelor of science degree from Cornell University in May 1996 and his master's degree in engineering economics system and operation research from Stanford University in June 1997. Mr. Lam is currently a member of the Executive Committee of the Company and a director of certain subsidiaries of Company.

During the past three years, Mr. Lam has not been a director of any listed companies. Mr. Lam has no relationships with any Directors, senior management or substantial or controlling shareholders of the Company. Mr. Du Yongbo ("Mr. Du") was appointed as an executive Director with effect from February 2, 2024.

Mr. Du will continue to be responsible for the Investment Management business of the Group. Mr. Du Yongbo, aged 53, is currently the managing partner, Huaxing Growth Capital, responsible for overseeing the new economy investment management business of Group, having held this position since January 2016. Since joining Group in April 2006, Mr. Du has held various senior positions, including as principal of TME group, and as managing director of corporate finance group.

Mr. Du served as an executive Director between August 2011 and August 2020. Prior to joining Group, Mr. Du also served at the Lenovo Group for approximately 8 years, where he held various positions in different companies within the Lenovo Group, including as investment director from January 2002 to May 2006, the general manager from November 1998 to October 1999, and the vice general manager of corporate planning from April 1995 to October 1998. Before that, Mr. Du was the procurement manager of Huizhou Samsung Electronics Co.

Ltd. from July 1993 to January 1995. Mr. Du received his dual bachelor's degrees in engineering (majoring in thermal and nuclear energy, and mechanical engineering) from Tsinghua University in July 1993, and his master of business administration degree in finance from the Chinese University of Hong Kong in December 2006. Mr. Du is a director of certain subsidiaries of Company, he is also an independent non-executive director of Inkeverse Group Limited since 23 June 2018 whose shares are listed on the Stock Exchange with stock code 3700.

Save as disclosed above, Mr. Du had not held any directorships in other listed public companies during the past three years. Each of Mr. Wang Lixing and Mr. Du was appointed as Co-President of the Group with effect from February 2, 2024, in addition to their role as executive Director. Ms. Sun Chin Hung was appointed as a non-executive Director with effect from February 2, 2024.

Ms. Sun Chin Hung aged 33, is currently director of the CEO office of the Company who assists the Chief Executive Officer in the Group's strategic investment and development. Ms. Sun joined the Group in July 2015. Prior to her current role, she worked for 8 years in the equities department of China Renaissance Securities (Hong Kong) Limited, a material wholly-owned subsidiary of the Group principally engaged in the provision of financial advisory, equity underwriting, sale, trading brokerage, and research services.

Ms. Sun received her bachelor's degrees of science (majoring in economic) from the University of California -- San Diego in June 2014. As at the date of this announcement, Ms. Sun had not held any directorships in other listed public companies during the past three years. Save as disclosed above, she does not hold any other position with the Company or other members of the Group.