The board of directors of Huabao International Holdings Limited announced that Ms. MA Yunyan ("Ms. Ma"), an independent non-executive Director, retired from office by rotation and did not offer herself for re-election at the annual general meeting held on May 20, 2022 for the purpose of devoting more time to her personal business engagement. Ms. Ma retired as the independent non-executive Director of the Company with effect from the conclusion of the AGM. Following Ms. Ma's retirement as an independent non-executive Director, she also ceased to be a member of each of the audit committee, remuneration committee and nomination committee of the Company at the same time.

The board further announced that Mr. HOU Haitao ("Mr. Hou") was elected and appointed as an independent non-executive Director at the annual general meeting held on May 20, 2022 with effect from the conclusion of the AGM. Mr. Hou was also appointed as a member of each of the audit committee, remuneration committee and nomination committee of the Company, also with effect from the conclusion of the AGM. Mr. Hou has over 13 years of experience in the investment banking industry.

Since 2008, Mr. Hou has been working in different securities companies in China. He is a senior professional in the capital market. He has presided over the listing and capital operation of many companies and has extensive experience in the capital market.