The board of directors of Grandshores Technology Group Limited announced that, with effect from 14 October 2022, Mr. Yu Wenzhuo has resigned as an independent non-executive Director due to his intention to devote more time on other business commitments. Mr. Yu has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board announces that, with effect from 14 October 2022, Mr. Fan Jianyin has been appointed as an independent non-executive Director.

Mr. Fan, aged 48, is currently the general manager of Zhejiang Yifeng Asset Management Co. Ltd. since September 2015. Prior to that, Mr. Fan has held various positions in several companies, including the general manager of Ningbo Yuandao Traffic Technology Co.

Ltd. from January 2011 to September 2015; the general manager of Hangzhou Feisien Clothing Co. Ltd. from January 2006 to December 2010; the general manager of Ningbo Free Trade Zone Polar Network Co. Ltd. from August 2000 to December 2005; the general manager of the Software Division of Ningbo Software Development Centre, Institute of Software Chinese Academy of Sciences from December 1998 to August 2000; a manager of Enterprise Resource Planning (ERP) Business Division of Ningbo Yonyou Software Co.

Ltd. from December 1997 to December 1998; and a finance department staff of Ningbo Chenghuang Temple Industrial Co. Ltd. from July 1995 to December 1997. Mr. Fan obtained a certificate of two-year professional study in financial accounting (computerized) from Shanghai College of Building Materials Industry in 1995.

In addition, Mr. Fan obtained an advanced certificate of financial investment and capital operation president high-end class from Zhejiang University in 2013. Following Mr. Yu's resignation as an independent non-executive Director, with effect from 14 October 2022, Mr. Yu has ceased to be a member of each of the audit committee of the Company, the nomination committee of the Company and the Remuneration Committee. The Board announces that, with effect from 14 October 2022, Mr. Fan has been appointed as a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee.