China South City Holdings Limited announced effective from 23 September 2022, and Mr. Li Wenxiong ("Mr. Li") has been appointed as a Co-Chairman of the Group, a Non-Executive Director, a member of each of the nomination committee (the "Nomination Committee") and the remuneration committee (the "Remuneration Committee") of the Company; and Mr. Cheng Chung Hing ("Mr. Cheng") has been re-designated from the Chairman of the Group to a Co-Chairman of the Group, and will continue to serve as an Executive Director and a member of each of the Nomination Committee and the Remuneration Committee of the Company. Mr. Li Wenxiong, aged 53, has been appointed as a Co-Chairman of the Group, a Non-Executive Director and a member of each of the Nomination Committee and the Remuneration Committee of the Company, and is primarily responsible for advising on the formulation of the Group's general business model, development strategies and major business matters as well as leading the Board together with Mr. Cheng. Mr. Li is currently the secretary of the Party Committee and the chairman of Shenzhen SEZ Construction and Development Group Co.

Ltd. and a member of the second session of the council of China Ocean Development Foundation. Mr. Li had previously served as the deputy secretary of the Party Committee and the secretary of the Disciplinary Committee, a director, the general manager of the SZCDG; and also served as the deputy secretary of the Party Committee and the secretary of the Disciplinary Committee of Shenzhen Yantian Port Group Co. Ltd. Mr. Li obtained a Bachelor's degree in Philosophy from Sun Yat-sen University and a Master's degree in Law from Xi'an Jiaotong University.

Upon the appointment of Mr. Li as Co-Chairman of the Group, the Company shall have more than one chairman, and accordingly, Mr. Cheng has been re-designated from the Chairman of the Group to a Co- Chairman of the Group, pursuant to the articles of association of the Company. Mr. Cheng will continue to serve as an Executive Director, and a member of each of the Nomination Committee and the Remuneration Committee.