Duiba Group Limited announced that Dr. Ou-Yang Hui has tendered his resignation as an independent non-executive Director with effect from 8 June 2022 as he would like to devote more time to his personal development. With immediate effect following Dr. Ou-Yang's resignation, he has also ceased to be the chairman of the remuneration committee of the Company and a member of each of the audit committee of the Company and the nomination committee of the Company . Dr. Ou-Yang has confirmed that he has no disagreement with the Board, the Board committees and/or the Company and no matters concerning his resignation need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company .

The Board would like to take this opportunity to express its sincere gratitude to Dr. Ou-Yang for his valuable contributions to the Company during his tenure of office. The Board announced that with effect from 8 June 2022, Dr. Shi Jianxun has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee. Dr. Shi, aged 58, obtained his bachelor of engineering degree from Lanzhou University of Technology in 1982.

He further obtained a master's degree in management from the School of Economics and Management of Tsinghua University in 1998 and a doctoral degree in economics from the Economics and Management School of Wuhan University . From July 1982 to January 1994, Dr. Shi served various positions from engineer to head engineer at Xinxiang Machine Tool Factory of Henan and subsequently at Qingdao Electric Welding Rod Factory, respectively. From January 1995 to February 1997, he served as the director of General Office of Qingdao Free Trade Zone Management Committee.

From February 1997 to February 1999, Dr. Shi acted as the vice present of Hui Kai Group Co., Ltd* and the director of Beijing Hui Kai Trading Development Co. Ltd.* . He also served as the director and the vice president of Dare Power Dekor Home Co.

Ltd., a company listed on the Shenzhen stock exchange from March 1999 to March 2003. He then engaged in post-doctoral research at the post-doctoral research station of Fudan University from January 2003 to January 2005. Dr. Shi has been working at Tongji University since January 2005, with his current positions as a professor of applied economics, the director of the Institute of Finance and Economics and the vice president of the National Institute of Innovation and Development of Tongji University.

Dr. Shi also currently serves as the vice president of Shanghai Association of Finance* and Shanghai Association of World Economics, respectively. Dr. Shi has entered into a service agreement with the Company for a term of three years commencing from 8 June 2022, which may be terminated by no less than three months' notice in writing served by either party on the other. Dr. Shi will receive an annual director's emolument of RMB120,000 in his capacity as an independent non-executive Director with reference to his duties and expertise, as well as the prevailing market rate and the performance of the Company.

Dr. Shi's appointment is subject to retirement by rotation at the next general meeting of the Company and Dr. Shi will then be eligible for re-election in accordance with the articles of association of the Company. The amount of remuneration has been approved by the Board and the Remuneration Committee.