Kwung's Holdings Limited announced that Mr. YANG Herong has tendered his resignation as an independent non- executive Director with effect from 19 April 2022 due to his other personal commitments. Following the resignation of Mr. Yang, Mr. Yang ceased to be the chairman of the nomination committee established under the Board with effect from 19 April 2022. The Board announced that Ms. XU Qiong has been appointed as independent non-executive Director and the chairlady of the Nomination Committee with effect from 19 April 2022.

Ms. XU is currently the major shareholder and the chairlady of the board of directors of Ningbo Huihao Tax Agent Company Limited and Ningbo Yinzhou Pengyi Enterprise Management Consulting Company Limited.