Hi Sun Technology (China) Limited announced that Mr. Cheung Yuk Fung has resigned as the executive director of the Company and Chairman of the Board with effect from 18 August 2022 due to his decision to devote more time to other commitments and engagements. Mr. Cheung has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. The Board is pleased to further announce that, following the resignation of Mr. Cheung, Mr. Xu Wensheng ("Mr. Xu"), an executive director of the Company, has been elected and appointed as the Chairman of the Board with effect from 18 August 2022.

Mr. Xu, age 54, joined the Group in 2003 and was appointed as an executive director of the Company in 2003. Mr. Xu also serves as a member of the Risk Management Committee of the Board and the director of certain subsidiaries of the Company. He graduated from the Dalian University of Technology with a bachelor's degree in computer science and engineering.

Prior to joining the Group, Mr. Xu was the president of a system integration company and has extensive experience in computer systems integration of the financial industry.