The Board of Ming Yuan Cloud Group Holdings Limited announces that with effect from 26 September 2022: 1. Ms. ZENG Jing has resigned as an independent non-executive Director, the chairperson of the Audit Committee and a member of the Nomination Committee; and 2. Ms. TONG Naqiong has been appointed as an independent non-executive Director, the chairperson of the Audit Committee and a member of the Nomination Committee. The board (the "Board") of directors (the "Directors" and each, a "Director") of Ming Yuan Cloud Group Holdings Limited (the " Company ") announces that Ms. ZENG Jing (" Ms. ZENG") tendered her resignation as an independent non-executive Director, the chairperson of the Audit Committee (the "Audit Committee") and a member of the Nomination Committee (the "Nomination Committee") of the Board (the "Resignation") due to her personal business commitment with effect from 26 September 2022. Ms. ZENG has confirmed that (i) she has no disagreement with the Board; and (ii) there are no matters with respect to her resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company (the "Shareholders").

The Nomination Committee has resolved to nominate Ms. TONG Naqiong ("Ms. TONG") as an independent non-executive Director. The Board announced that Ms. TONG has been appointed as an independent non-executive Director with effect from 26 September 2022. The biographical details of Ms. TONG are set forth as follows: Ms. TONG Naqiong, aged 42, served as an assistant professor of accounting at the Merrick School of Business, University of Baltimore in the United States from January 2010 to July 2011.

Since August 2011, Ms. TONG has successively served as assistant professor and associate professor of accounting at the Peking University HSBC Business School. Previously, Ms. TONG has served as an independent director of Shenzhen Bingchuan Network Co. Ltd.* from September 2018 to August 2022 and an independent director of Beijing Zhtd Environmental Protection Technology Co.

Ltd.* since April 2020. Ms. TONG received a bachelor ' s degree in cultural heritage and museology from Fudan University in the People's Republic of China ("PRC") in July 2002, a master's degree in business administration from College of Cardiff of University of Wales in the United Kingdom in August 2004 and a doctor's degree in accounting from Rutgers University in the United States in October 2009. Ms. TONG holds a qualification from the American Institute of Certified Public Accountants (AICPA).

Ms. TONG ' s appointment was recommended by the Nomination Committee after taking into account of her previous working experience and her expected devotion to the Company in terms of time and effort. Taking into consideration of the diversity perspectives (including but not limited to gender, age, cultural and educational background, professional experience, length of service, skills and knowledge), the Board is satisfied that Ms. TONG is of such character, integrity and experience commensurating with the office of an independent non-executive Director. Ms. TONG has entered into a letter of appointment with the Company for a term of one year commencing from 26 September 2022.

Pursuant to the articles of association of the Company, as amended and supplemented from time to time, Ms. TONG shall hold office until the next following annual general meeting of the Company following her appointment and shall be eligible for re-election at that meeting and thereafter, shall be subject to retirement by rotation at the annual general meetings of the Company at least once every three years. During the tenure, the appointment may be terminated by either party through serving the other not less than one-month notice in writing. She is entitled to receive a Director's fee of HKD 100,000 per annum.

The fee was determined by the Board and the remuneration committee of the Board with reference to the prevailing market conditions, qualifications, duties and responsibilities of Ms. TONG. The remuneration committee of the Board considered that Ms. TONG's remuneration package is fair and reasonable.