The board of directors of Fountain Set (Holdings) Limited announced that: Mr. SUN Fuji (Mr. SUN) will resign as an executive director of the company with effect from 1 April 2023 as he would like to spend more of his time on his personal and other business engagements; and Mr. LI Gang (Mr. LI) will be appointed as an executive director and the vice president of the Company (the Vice President) with effect from the date on which Mr. LI has obtained his long-term working visa in Hong Kong, which is expected to be about one or two months from the date hereof (the Effective Date (Mr. Li's Appointment)). Mr. LI Gang aged 43, will be appointed as an executive Director. He is qualified as a senior economist and has over nine years of experience in the textile industry and 16 years of experience in strategic research and planning, strategy implementation and investment project management.

From August 2007 to July 2011, Mr. LI acted as a deputy manager of strategic projects department of the wheat processing division at COFCO Corporation. From June 2011 to January 2014, Mr. LI served as an assistant to the general manager of the strategic development department of Sinofert Holding Limited. From January 2014 to May 2017, Mr. LI acted as a vice general manager of the strategic development department and a director of the strategic research office at Chinatex.

From May 2017 to November 2021, Mr. LI acted as a vice general manager of strategic investment department at Chinatex. Since November 2021, Mr. LI has acted as the general manager of the strategic investment department of Chinatex. In July 2001, Mr. LI obtained his bachelor's degree in management science at Hubei University of Technology.

In July 2004, Mr. LI obtained his master's degree in Economics from Zhongnan University of Economics and Law. In July 2007, Mr. LI graduated from Renmin University with a doctorate degree in Economics.