The board of directors of Great Wall Pan Asia Holdings Limited announced that Mr. Meng Xuefeng ("Mr. Meng") has tendered his resignation as an executive director, a member of the Remuneration Committee, the Deputy Chief Executive Officer, the authorised representative of the Company 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 (Chapter 622 of the Laws of Hong Kong) as Mr. Meng needs to devote more time to his other business engagements, in each case, with effect from 19 July 2021. Subsequent to the resignation of Mr. Meng from the abovementioned positions, the Board also announce that Mr. Xu Yongle, an executive director and the Chief Executive Officer of the Company, has been appointed as a member of the Remuneration Committee and the Authorised Representative under the Listing Rules and the Authorised Representative under the Companies Ordinance of the Company to succeed Mr. Meng, in each case, with effect from 19 July 2021. The Board also hereby announces that Mr. Xiao Ling ("Mr. Xiao") has tendered his resignation as the Deputy General Manager of the Company with effect from 19 July 2021 as Mr. Xiao needs to devote more time to his other business engagements.