The board of directors of Global New Material International Holdings Limited would like to announce that Mr. ZHENG Shizhan has resigned as an executive Director effective from 20 July 2022. Mr. ZHENG has confirmed that his resignation is primarily due to his plan to devote more time on other business ventures. Mr. ZHENG has also resigned as the vice chairman and a director of Guangxi Chesir Pearl Material Co.

Ltd., a non-wholly owned subsidiary of the Company. The Board has been informed by Mr. SU Ertian and Mr. ZHENG that on 20 July 2022, Mr. ZHENG has disposed of 49.0% of the equity interest in Guangxi Hongzun Investment Group Co. Ltd. ("Hongzun Investment") to Mr. SU as to 48.0% and Ms. WANG Huan ("Ms. WANG"), the spouse of Mr. SU, as to 1.0%.

As a result of the disposal, Mr. ZHENG has ceased to hold any equity interest in Hongzun Investment which is the holding company of Hongzun Int Investment Group Ltd. ("Hongzun International"), the single largest shareholder of the Company, and has ceased to be one of the controlling shareholders (as such term is defined under the Listing Rules) of the Company.