The Board (the "Board") of Directors of First Shanghai Investments Limited (the "Company", together with its subsidiaries, the "Group") announced that Mr. Li Zhiyun () ("Mr. Li") has been appointed as an independent non-executive Director and a member of audit committee of the Board (the "Audit Committee") with effect from 29 May 2023. Mr. Li, aged 59, is the founder of several entities, namely Mandarin Fine Foods Co. Ltd* ()("Mandarin Fine Foods"), Beijing Pan Am International Flight School* ()("Beijing PAIFS"), Phoenix International Flying College* () (the "PIFC"), CETC Wuhu Diamond Aircraft Manufacture Co.

Ltd. (the "CETC Wuhu Diamond Aircraft") and Wuhu Zhongke Aircraft Co. Ltd.* () ("Wuhu Zhongke Aircraft"). Mr. Li has been acting as an investor and a director of the PIFC since October 2010, the vice-chairman of the board of CETC Wuhu Diamond Aircraft since October 2013, a director of Shandong Binao Aircraft Manufacture Co.

Ltd* () since October 2014 and a general manager of Wuhu Zhongke Aircraft since October 2016. Mr. Li worked at Protocol Department of Ministry of Foreign Affairs of the People's Republic of China (the "PRC") from September 1986 to January 1990 and Foreign Affairs Office of Central Institute of Finance of Ministry of Finance (currently known as School of Finance of Central University of Finance and Economics) of the PRC from January 1990 to September 1990. He was an owner of Mandarin Fine Foods from October 1990 to May 2004 and an investor of Beijing PAIFS from October 2005 to May 2009.

Mr. Li graduated from the Foreign Affairs Institute of China (currently known as China Foreign Affairs University) with a bachelor's degree in international law in June 1986. The Board also hereby announces that Mr. Li has also been appointed as a member of the Audit Committee with effect from 29 May 2023. The Board takes this opportunity to welcome Mr. Li to join the Board.