Red Star Macalline Group Corporation Ltd. announces that, on 17 January 2023, the Company received written resignations from Mr. GUO Binghe, Ms. CHE Jianfang, Mr. JIANG Xiaozhong and Ms. CHEN Shuhong. Due to relevant work arrangement, Mr. GUO Binghe proposed to resign as vice chairman and an executive Director, Ms. CHE Jianfang and Mr. JIANG Xiaozhong proposed to resign as executive Directors, Mr. GUO Binghe and Mr. JIANG Xiaozhong also resigned as members of strategy and investment committee of the Board. Ms. CHEN Shuhong proposed to resign as a non-executive Director.

The aforementioned resignation became effective from the date when the written resignation was delivered to the Board. Mr. GUO Binghe, Ms. CHE Jianfang, Mr. JIANG Xiaozhong and Ms. CHEN Shuhong have confirmed that they have no disagreement with the Board; and there are no other matters in relation to their resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company . The Board would like to express its sincere gratitude to Mr. GUO Binghe, Ms. CHE Jianfang, Mr. JIANG Xiaozhong and Ms. CHEN Shuhong for their contributions to the Company during their term of office.

The Board further announces that, according to the relevant provisions of the Company Law of the People's Republic of China, the articles of association of the Company, the Company appoints 3 non-executive Directors and 1 executive Director. As nominated by Red Star Macalline Holding Group Company Limited, a controlling shareholder of the Company, and reviewed and nominated by the nomination committee of the Board, the relevant resolutions have been approved at the meeting of the Board held on 18 January 2023 to propose the appointments of Mr. ZHENG Yongda, Mr. WANG Wenhuai and Mr. ZOU Shaorong as non-executive Directors of the fourth session of the Board of the Company, and to propose the appointment of Mr. LI Jianhong as an executive Director of the fourth session of the Board of the Company. The appointments of Mr. ZHENG, Mr. WANG and Mr. ZOU as non-executive Directors and the appointment of Mr. LI as an executive Director of the Company shall be subject to approval by the Shareholders at the general meeting to be convened in due course.

Mr. ZHENG, aged 52, has served as the general manager assistant, executive deputy general manager and general manager of Xiamen C&D Inc., a company listed on the Shanghai Stock Exchange since April 2004, he also works as the secretary of the party committee and chairman since April 2020. He has worked as the deputy general manager and general manager of the No.6 import and export department of Xiamen C&D Inc. from February 1998 to January 2002; the general manager of Xiamen C&D Packaging Co. Ltd. from January 2000 to January 2002; the general manager of Xiamen C&D Paper & Pulp Co.

Ltd. from February 2002 to May 2010; the deputy general manager of Xiamen C&D Group Co. Ltd. since December 2015; the deputy secretary of the party committee and general manager of Xiamen C&D Group Co. Ltd. since February 2022.

He is also a Director of C&D Real Estate Corporation Limited since May 2020; a Director of Lianfa Co. Ltd. since June 2020; and a Director of Xiamen Zijin Tongguan Investment Development Co. Ltd. since January 2021.

Mr. ZHENG obtained his bachelor's degree from Xiamen University in July 1993. The biographical details of Mr. WANG are set out below: Mr. WANG, aged 51, has served as the salesman, business director and deputy manager of the investment department, deputy manager, general manager and investment director of the No.2 investment department since he joined Xiamen C&D Group Co. Ltd. in August 1998, and has acted as the deputy general manager since January 2016.

He is a member of the party committee of Xiamen C&D Corporation since February 2018. He is also the chairman of Xiamen Jianfa Emerging Industry Equity Investment Co. Ltd. since November 2014 and the chairman of King Dragon Life Insurance Co.

Ltd. since May 2019. Mr. WANG graduated from Xiamen University and obtained a master's degree in August 1998; he was awarded with the title of intermediate economist in December 1999. Mr. ZOU, aged 47, has successively served as the general manager of legal affairs department and legal affairs director of Xiamen C&D Group Co.

Ltd. since August 1998. He has served as the general legal consultant of Xiamen C&D Group Co. Ltd. since February 2019; the investment director of Xiamen C&D Group Co.

Ltd. since February 2020; the secretary of the board of directors of Xiamen C&D Group Co. Ltd. since March 2020; a supervisor of Xiamen C&D Inc., a company listed on the Shanghai Stock Exchange from May 2016 to May 2022 and a Director of Xiamen C&D Inc. since May 2022. Mr. ZOU graduated from Xiamen University with a master's degree in June 2011.

The biographical details of Mr. LI are set out below: Mr. LI, aged 50, joined the Company in February 2013 and has been a vice general manager of the Company since March 2013. He is primarily responsible for the investment and financing of the Company. Prior to joining the Company, Mr. LI worked as the head of the finance department of Xiamen Customs in the 1990s.

Mr. LI joined Man Wah Holdings Limited, a company listed on the Stock Exchange in September 2000 and served as its executive Director and chief operating officer from April 2005 to October 2011. Mr. LI has also served as the chairman of Dongfeng Design Institute Co. Ltd. since June 2019.

Mr. LI graduated with a bachelor's degree in accounting from Xiamen University in July 1994, and obtained a distance education degree in executive master of business administration from Peking University in January 2007. Mr. LI obtained a master of business administration degree from Booth School of Business, University of Chicago in March 2010. Mr. LI was accredited as a Chinese Certified Public Accountant by CICPA in June 2001.

Mr. ZHENG, Mr. WANG and Mr. ZOU will enter into non-executive Directors' service contracts with the Company upon their appointments being approved by the Shareholders at the general meeting. Mr. LI will enter into an executive Director's service contracts with the Company upon his appointment being approved by the Shareholders at the general meeting. The term of their appointments will be from the date of approval of the appointments at the general meeting to the expiration of the term of the fourth session of the Board.

According to the articles of association of the Company, Mr. ZHENG, Mr. WANG, Mr. ZOU and Mr. LI may seek re-election after the expiration of the term of their appointments.