The board of directors of HG Semiconductor Limited announced that Mr. Lyu Xiangrong, an executive Director, has been appointed as deputy chief executive officer of the Company (the ``Deputy Chief Executive Officer'') with effect from 1 August 2023. Mr. Lyu, aged 44, was appointed as executive Director on 19 April 2022. He graduated from Tsinghua University with a Master degree of Management in 2010, and from Peking University with a Bachelor of Economics.

Mr. Lyu has extensive experience in financial market, asset management and investment banking. From 2000 to 2014, Mr. Lyu worked in Industrial and Commercial Bank of China (``ICBC'') where he was the head of several divisions in the Financial Market Department and the Asset Management Department of the ICBC headquarters. He was one of the first batch of domestic bank asset management practitioners.

In 2011, he stationed in Hong Kong and was responsible for the investment banking business and financial institution business of ICBC Asia. From 2015 to 2018, Mr. Lyu worked in BOCOM International Holdings Company Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') (stock code: 3329), where he served as Chief Investment Officer, General Manager of Asset Management Company and head of Asset Management Head Office in Hong Kong, and was mainly responsible for overseas investment and asset management business. From 2018 to 2021, Mr. Lyu was the Chief Executive Officer of CNCBI International Investment Holdings Co.

Ltd., where he was mainly responsible for its investment, asset management, investment banking and other businesses.