Overseas Chinese Town (Asia) Holdings Limited announced changes to the composition of the Board with effect from March 23, 2023. Ms. Xie Mei ceased to be an executive Director and the chief executive officer of the Company, due to her retirement; and Mr. Wang Jianwen has become an executive Director and the chief executive officer of the Company. Ms. Xie has also stepped down as a member of the environmental, social and governance (ESG) committee of the Board and an authorised representative of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and Mr. Wang has been appointed to take these positions, with effect from the same date.

Mr. Wang, aged 45, joined the OCT group in 2002, and has served several different roles since. Among others, he is a director and the general manager of Shenzhen OCT Capital Investment Management Co. Ltd., and a director and the general manager of Overseas ChineseTown (HK) Company Limited.

He was previously a senior manager of the finance department of Shenzhen Overseas Chinese Town Company Limited, a director of the finance department of the Company, the finance director of Chengdu Tianfu OCT Industry Development Co. Ltd., a deputy general manager of the western region business division of OCT Ltd., a deputy general manager of OCT Capital Investment, and a deputy general manager of OCT (HK). Mr. Wang graduated from the Jiangxi University of Finance and Economics, China in July 1999, with a bachelor's degree in economics, specialising in audit.

He was conferred a master of business administration degree by the Northwestern Polytechnical University, China in May 2006. He was conferred the qualification of an accountant in China. Mr. Wang will hold office as an executive Director until the forthcoming annual general meeting of the Company, and will then be subject to rotation and re-election.

Mr. Wang will enter into a service contract with the Company for a term expiring on the date of the forthcoming annual general meeting. The service contract may be terminated by either party by giving one month's written notice or otherwise in accordance with its terms. Mr. Wang will be entitled to a basic annual salary of RMB 396,000, and is eligible to receive discretionary bonuses and is entitled to other benefits, allowances under the service contract. His remuneration is determined based on the Company's remuneration policy with reference to his duties and responsibilities with the Group, his qualifications and experiences and the prevailing market conditions.

Mr. Wang confirms that he does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. OCT Group is the holding company of OCT Ltd., which owns OCT (HK), and they are controlling shareholders of the Company. Save as stated in this announcement, Mr. Wang does not have any relationship with any director or senior management, substantial or controlling shareholder of the Company.