The board of directors of China Zhongwang Holdings Limited announces that Ms. Ma Qingmei (``Ms. Ma'') has resigned from her positions as an executive Director and a member of the strategy and development committee of the Company due to her intention to devote more time on her other business engagements and Mr. Wen Xianjun (``Mr. Wen'') has resigned from his positions as an independent non-executive Director, the chairman of the nomination and remuneration committee, a member of the audit committee, a member of the corporate governance committee and a member of the strategy and development committee of the Company due to his intention to devote more time on his other business engagements, both with effect from the date of this announcement. Ms. Ma and Mr. Wen have responsibly performed their duties during their terms of office, and have made valuable contributions to the continuous improvement of corporate governance and the steady and healthy development of the Company. The Board would like to take this opportunity to express its sincere appreciation to Ms. Ma and Mr. Wen for their contributions to the Company. Each of Ms. Ma and Mr. Wen has confirmed that she or he has no disagreement with the Board in any aspect during her or his term of office and there is no matter relating to her or his resignation that will need to be brought to the attention of the shareholders of the Company. The Board announces that Mr. Wang Fei (``Mr. Wang'') has been appointed as an executive Director with effect from the date of this announcement. Mr. Wang Fei, aged 35, the chairman of Tianjin Zhongwang Aluminium Company Limited, a subsidiary of the Company, is mainly responsible for the planning, operation and management of Tianjin Zhongwang. Mr. Wang is also a director of five subsidiaries of the Company including Tianjin Zhongwang. After joining Tianjin Zhongwang in 2012, Mr. Wang successively served in the hot rolling mill and the cold rolling mill. Mr. Wang held various positions including the director of the hot rolling mill and the director of cold rolling mill. Mr. Wang was appointed as the deputy general manager of Tianjin Zhongwang in August 2018 and the chairman of Tianjin Zhongwang in September 2019. The Board announces that Mr. Wang Fei has been appointed as a member of the strategy and development committee of the Company, Mr. Shi Ketong has been appointed as the chairman of the nomination and remuneration committee of the Company, Mr. Lo Wa Kei, Roy has been appointed as a member of the audit committee and a member of the nomination and remuneration committee of the Company, and Mr. Chen Yan has been appointed as a member of the corporate governance committee and a member of the strategy and development committee of the Company, all with effect from the date of this announcement.