China Tonghai International Financial Limited announced that with effect from 19 May 2023: Mr. LIU Bing has resigned as a non-executive Director; Mr. ZHAO Yingwei has resigned as a non-executive Director; Mr. ZHAO Xiaoxia has resigned as a non-executive Director; Mr. KONG Aiguo has resigned as an independent non-executive Director; Mr. HE Xuehui has resigned as an independent non-executive Director; and Mr. HUANG Yajun has resigned as an independent non-executive Director. The Board further announces that Mr. LAM Wai Hon has been appointed as an executive Director with effect from 19 May 2023. The Board also announced that Mr. FANG Zhou has been re-designated from an executive Director to a non-executive Director and relinquished his position as the deputy chairman of the Company and ceased to be the chairman of the Executive Committee and the member of the Remuneration Committee with effect from 19 May 2023.

The Board further announced that Mr. Kenneth LAM Kin Hing has been appointed as the Co-Chairman of the Board with effect from 19 May 2023. Mr. LAM Wai Hon has been appointed as member of the Executive Committee, Mr. Kenneth LAM Kin Hing has been appointed as the chairman of the Executive Committee and Mr. HAN Xiaosheng has been appointed as the vice-chairman of the Executive Committee with effect from 19 May 2023. The Board further announced that Mr. LIU Jipeng has been appointed as the chairman of the Remuneration Committee with effect from 19 May 2023.

The Board also refers to the announcement of the Company dated 28 April 2023 in relation to, among other things, the appointment of the independent board committee (the ``IBC''), which comprised Mr. Roy LO Wa Kei, Mr. LIU Jipeng, Mr. KONG Aiguo, Mr. HE Xuehui and Mr. HUANG Yajun, to advise independent shareholders on the settlement arrangement under the settlement agreement dated 28 April 2023 entered into among the Company, Quam Overseas Investment Limited, China Oceanwide Holdings Group Co. Ltd. and Tonghai International Development Limited. Mr. LAM Wai Hon, aged 69, is the Co-Chairman of China Tonghai Capital (Holdings) Limited since January 2023.

He is a responsible officer for Types 1 and 6 regulated activities under the Securities and Futures Ordinances with Quam Capital Limited and a licensed representative for Types 1 and 4 regulated activities under the SFO with Quam Securities Limited. Mr. LAM is currently the independent non-executive director of several public companies whose shares are listed on the Stock Exchange, including Far East Consortium International Limited, Pacific Online Limited and Playmates Toys Limited. He served as an independent non-executive director of China Agri-Industries Holdings Limited and resigned on 2 June 2020 following the privatization of the company with its listing status voluntarily withdrawn on the Stock Exchange in March 2020.

Prior to his resignation on 18 January 2022, Mr. Lam also served as an independent non-executive director of Genting Hong Kong Limited. Mr. LAM is a fellow member of The Institute of Chartered Accountants in England and Wales and a member of Hong Kong Institute of Certified Public Accountants. He holds a Bachelor of Arts (Honours) degree from University of Newcastle Upon Tyne in England.

He has over 40 years of experience in professional accounting, merchant and investment banking, and financial services and has served in senior management roles in a number of major international banking and financial institutions. Mr. FANG Zhou (), aged 52, is re-designated as a non-executive Director with effect from 19 May 2023. He was the executive Director from October 2020 to May 2023.

Mr. FANG is the chairman of the supervisory committee of China Minsheng Trust Co. Ltd. from August 2020. Mr. FANG previously worked in the business department of the Hubei branch of China Construction Bank from 1993 to 1998.

He also worked in China Minsheng Banking Corp. Ltd., whose shares are listed on the main board of the Stock Exchange and the Shanghai Stock Exchange and held senior positions in various departments of head office and branch offices of China Minsheng Bank from April 1998 to April 2020. Mr. FANG was the chief director of the Office of the Board of China Minsheng Bank from April 2015 and the board secretary of China Minsheng Bank from February 2017 to April 2018.

Mr. FANG served as a director of China Oceanwide Holdings Group Co. Ltd. from May 2021 to February 2023 and the vice chairman and president of Oceanwide Holdings Co. Ltd., whose shares are listed on the Shenzhen Stock Exchange from July 2021 to July 2022, which are the former controlling shareholders of the Company.

He obtained a doctoral degree in economics from Wuhan University in 2008 and is an economist. Save as disclosed above, Mr. FANG had not held any directorships in other publicly listed companies whether in Hong Kong or overseas in the past three years.