Overseas Chinese Town (Asia) Holdings Limited announced that with effect from 26 October 2023: (1) Mr. Zhang Dafan and Mr. Lin Kaihua have resigned as executive Directors; (2) Mr. Wang Wenjin has resigned as a non-executive Director; (3) Ms. Liu Yu and Ms. Qi Jianrong have been appointed as executive Directors; and (4) Mr. Yang Guobin has been appointed as a non-executive Director. Each of Mr. Zhang, Mr. Lin and Mr. Wang has confirmed that he has no disagreement with the Board and he is not aware of any matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Each of them has confirmed that his resignation is due to his work adjustment.

Upon ceasing to be a Director, Mr. Zhang has ceased to be the Chairman of the Board, and the chairman for each of the Nomination Committee and the Environmental, Social and Governance ("ESG") Committee; Mr. Lin has ceased to be a member of the ESG Committee; and Mr. Wang has ceased to be a member of the Audit Committee and the Remuneration Committee. Ms. Liu has been appointed as the Chairman of the Board, and the chairman for each of the Nomination Committee and the ESG Committee; Ms. Qi has been appointed as a member of the ESG Committee; and Mr. Yang has been appointed as a member of the Audit Committee and the Remuneration Committee. Ms. Liu Yu, aged 43, is the deputy general accountant of Shenzhen Overseas Chinese Town Company Limited ("OCT Ltd.", currently listed on the Shenzhen Stock Exchange, stock code: SZ0069) and the chairman of the board of directors of Overseas Chinese Town (HK) Company Limited ("OCT (HK)").

Ms. Liu joined the OCT Group in December 2003, and she was a senior manager of the finance department of OCT Ltd., and supervisor positions in various subsidiaries of the Company. Ms. Qi joined the OCT group in July 1994, and served in positions including a manager of the financial securities department and finance department of OCT Group, an accounting manager of the finance department and the hotel financial assistant of Shenzhen Bay Hotel, a manager of the financial and business support department and chief accountant of the Venice Raytour Hotel Shenzhen, a supervisor of the finance department Mr. Yang Guobin, aged 54, is a director of Shenzhen OCT Capital Investment Management Co. Ltd., and a director of OCT (HK).

Mr. Yang joined the OCT group in July 1991, and he was a deputy general manager of the finance department, and an officer of the settlement centre of OCT Group, a deputy general manager of the finance department (audit department) of OCT Group, a deputy president of the corporate management department of OCT Group, and the financial controller and vice president of Konka Group Co. Ltd. (a company whose shares are listed on the Shenzhen Stock.