Great Wall Pan Asia Holdings Limited announces that Mr. Xu Yongle ("Mr. Xu") has tendered his resignation as Chief Executive Officer the authorised representative of the Companyunder Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange (the "Listing Rules") of Hong Kong Limited (the "Stock Exchange") and the authorised representative of the Company (" Authorised Representative under the Companies Ordinance") for acceptance of service of process and notice in Hong Kong on behalf of the Company in accordance with Part 16 of the Companies Ordinance, as Mr. Xu needs to devote more time to his other business engagements, in each case, with effect from 1 February 2023. The company announced that Mr. Huang Wei ("Mr. Huang") has been appointed as Chief Executive Officer, the Authorised Representative of the Company under the Listing Rules and the Authorised Representative of the Company under the Companies Ordinance to succeed Mr. Xu, in each case, with effect from 1 February 2023. Mr. Huang Wei, aged 49, holds a doctoral degree in economics, is a post-doctoral fellow majored in finance and a senior economist.

He obtained a doctoral degree in western economics (international economics) from Huazhong University of Science and Technology. Mr. Huang has participated in economic and financial research since June 2002 and participated in financial work since October 2007, and has 20 years of experience in economic and financial industry. From October 2007 to April 2013, he served as a doctorate in finance at the post-doctoral workstation of China Huarong Asset Management Corporation ("China Huarong") and Wuhan University, a manager and senior deputy manager of the development and planning department of China Huarong; from April 2013 to November 2016, he served as the senior manager and deputy general manager of the System Reform Division of the Strategic Development Department of China Great Wall Asset Management Corporation; from November 2016 to February 2022, he served as the deputy head of the office of board of directors (Introduction and Listing Office), a member of the Party Committee, the deputy general manager and the secretary of the Discipline Inspection Commission of Hubei Branch of China Great Wall Asset Management Co.

Ltd. ("China Great Wall Asset"), a substantial shareholder of the Company; from February 2022 to June 2022, he served as the deputy general manager (general manager level) of China Great Wall AMC (International) Holdings Company Limited ("Great Wall International"), a substantial shareholder of the Company. Since June 2022, Mr. Huang served as the general manager and an executive director of Great Wall International.