The board of directors of Kingwell Group Limited announces that Board has accepted the retirement of Mr. Mu Dongsheng as an executive Director of the Company. In order to devote more time on his personal interests and affairs on approaching his retirement age. With effect from 20 July 2023, Mr. Mu will cease to be an executive director, chairman, chief executive officer and an authorized representative under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Stock Exchange") and the authorized representative in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) of the Company as well as a director of various subsidiaries of the Company.

It follows that he will automatically cease to be chairman of the Nomination Committee and a member of the remuneration committee under the Board on the same day. Mr. Mu Dongsheng has confirmed to the Board that there is no disagreement between any of him and the Board and that there is no other matter in relation to his retirement that needs to be brought to the attention of the shareholders of the Company. The Board also announces that Mr. Mao Yangguang has been appointed as an Executive Director, Chairman, chief executive officer and authorised representative of the Company with effect from 20 July 2023.

At the same time, Mr. Mao succeeds Mr. Mu for his positions in the Nomination Committee and the Remuneration Committee. Mr. Mao Yangguang, aged 49, he is the Director of Yuhu Lenglian (Guangdong) Co. Ltd. since 2016.

Mr. Mao has over 26 years of experience working experience in various business in PRC. Mr. Mao graduated for a Four-year study major in Business Administration from Hebei University of Economics and Business in 1996. Mr. Mao declared that, as at the date hereof, he does not have any relationship with any Director and senior management (as defined in the Rules of Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules")) of the Company, nor does he have any interest in the shares of the Company within the meaning of Part XV of the Securities and Future Ordinance.