The board of directors of ISP Global Limited announces that Ms. Choon Shew Lang ("Ms. Choon") has resigned as the chief executive officer (the "CEO") and ceased to be the member of remuneration committee of the Company ("Remuneration Committee") with effect from 31 October 2022 due to the rapid growth of the core e-commerce business in Hong Kong and mainland China that a redesignation of duties in the Group as necessary. Ms. Choon will remain as the executive Director. The Board announced that Mr. Han Bing ("Mr. Han") has been appointed as the CEO and a member of Remuneration Committee with effect from 31 October 2022.

Mr. Han was appointed as executive Director on 1 September 2021. He graduated from Southeast University in China with bachelor degree in communication engineering and industrial foreign trade in 1994. Mr. Han has over 20 years of extensive experiences in retails and supply chain management through his working experiences in worldwide well known conglomerates such as B&Q and IKEA.

Mr. Han currently serves as a director of Global Sourcing Supply Chain Management (Shanghai) Co. Ltd. and Outing Technology (Shanghai) Co., Ltd, which are indirectly owned subsidiaries of the Group. The current service agreement of Mr. Han as an executive Director for a term of three years commenced on 1 September 2021 which may be terminated by not less than one month's notice served by either party on the other and subject to termination provisions therein as well as provisions on retirement by rotation of Directors as set out in the articles of association of the Company.

As set out in the service agreement, the director's annual remuneration of Mr. Han is HK$1,200,000 which is determined by the Board on recommendation of the Remuneration Committee in accordance with his background, experience, qualifications, duties and responsibilities within the Group and the prevailing market conditions.