New Hope Service Holdings Limited announces that Mr. Zhang Minggui, a non-executive Director, the chairman of the Board and the chairperson of nomination committee of the Company and Ms. Huang Kun, a non-executive Director and a member of remuneration committee of the Company have tendered their resignation from their respective positions listed above with effect from 22 March 2023 as they would like to devote more time on their other commercial and personal affairs. The Board further announces that Mr. Jiang Mengjun, a non-executive Director has resigned as a member of the audit committee of the Company and has been appointed as the chairman of the Board and the chairperson of Nomination Committee while Ms. Wu Min, an executive Director has been appointed as the co-chairman of the Board and a member of Remuneration Committee with effect of 22 March 2023. The Board further announces that Mr. Liu Xu has been appointed as a non-executive Director and a member of the Audit Committee and Ms. Zhang Wei has been appointed as a non-executive Director with effect from 22 March 2023.

Mr. Liu, aged 42, currently serves as the vice president of New Hope Investment Group Co. Ltd. since January 2020, primarily responsible for supporting the chairlady of the board on portfolio and business strategy, and incubating new business. From August 2017 to October 2019, he served as the global chief strategy officer and general manager of the business excellence & transformation department of Asia Pulp & Paper Co.

Ltd., responsible for global medium and long-term strategic planning and implementation of key business transformation. From January 2015 to July 2017, he served as vice president of Siemens Ltd., China and the managing partner of Greater China office of Siemens Management Consulting, responsible for the planning and implementation of key strategic projects in Greater China area. From February 2010 to December 2014, he served as a project manager at Siemens Ltd., China.

From July 2007 to December 2009, he served as an associate at McKinsey & Company. From November 2004 to June 2007, he served as a research assistant at Imperial College London. Mr. Liu obtained his Bachelor of Engineering from Tsinghua University in July 2002.

In September 2004, he obtained his Master of Science from Imperial College London. In June 2006, he obtained Diploma of Graduate in Economics from the London School of Economics and Political Science. In June 2007, he obtained his Doctor of Philosophy degree from Imperial College London.

Ms. Zhang, aged 37, currently serves as the general manager of finance of New Hope Investment Group Co. Ltd. since March 2022, primarily responsible for financial management and analysis. From March 2021 to March 2022, she served as a financial analyst of New Hope Group Co.

Ltd. responsible for investment projects financial analysis. From February 2020 to February 2021, she served as a manager of board office of Future Investment Co., Ltd, responsible for coordination of board meeting and communication with major shareholders. From November 2017 to January 2020, she served as a financial manager of New Hope Group Co.

Ltd., responsible for financial analysis and assets management. From September 2010 to October 2017, she served at Deloitte Touche Tohmatsu Certified Public Accountants LLP and her last position is audit manager. The Board further announces that Ms. Zhao Xiaoxing ("Ms. Zhao") has tendered her resignation as a joint company secretary of the Company with effect from 22 March 2023 as she would like to devote more time on her other personal affairs.

Ms. Zhao has confirmed she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the Shareholders or the Stock Exchange. Following the resignation of Ms. Zhao, Mr. Li Hongjia has been appointed as a joint company secretary of the Company with effect from 22 March 2023 with the assistance of Mr. Lau Kwok Yin (the "Mr. Lau") the other joint company secretary of the Company who possesses the relevant academic qualification as required by Rule 3.28 and will remain at the office following the resignation of Ms. Zhao. The biographical details of Mr. Li and Mr. Lau are set out as follows: Mr. Li, aged 36, was appointed as the deputy general manager of the Company on 1 February 2023 and is primarily responsible for the board affairs and capital market, branding, investment and M&A, and legal and audit affairs of the Company.

Mr. Li has more than 10 years of corporate legal and compliance experience. From July 2011 to March 2016 and from March 2016 to March 2018, Mr. Li worked as legal counsel at China Evergrande Group and China Fortune Land Development Co. Ltd. respectively and was responsible for the corporate governance, legal litigation and operation compliance.

From March 2018 to January 2023, Mr. Li worked as general manager of the legal compliance centre of Sichuan New Hope Property Development Co. Ltd. and was responsible for the investment and finance, risk management and compliance and dispute resolution. Mr. Li obtained the Bachelor in Laws degree from Zhongnan University of Economics and Law on July 2008 and Master in Laws degree from Renmin University of China on June 2011.

Mr. Li held the Legal Professional Qualification Certificate issued by Ministry of Justice of the People's Republic of China and the Corporate Compliance Officer Certificate issued by China Enterprise Directors Association. Mr. Lau, aged 37, was appointed as the joint company secretary of the Company in December 2020. Mr. Lau is an assistant vice president of SWCS Corporate Services Group (Hong Kong) Limited (formerly known as SW Corporate Services Group Limited).

He has over 13 years of experience in corporate secretarial services, finance and banking operations. He holds a bachelor of business administration degree in accounting and finance from The University of Hong Kong. Mr. Lau is a member of the Hong Kong Institute of Certified Public Accountants, a Chartered Financial Analyst charter holder and a fellow member of the Hong Kong Chartered Governance Institute and the Chartered Governance Institute.