Shandong Weigao Medical Polymer : APPOINTMENT AND RESIGNATION OF DIRECTORS, RE-ELECTION OF RETIRING INDEPENDENT NON-EXECUTIVE DIRECTORS WHO HAVE SERVED MORE THAN NINE YEARS AND CHANGE OF CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE OFFICER AND AUTHORISED REPRESENTATIVE

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山東威高集團醫用高分子製品股份有限公司

Shandong Weigao Group Medical Polymer Company Limited *

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1066)

APPOINTMENT AND RESIGNATION OF DIRECTORS,

RE-ELECTION OF RETIRING INDEPENDENT

NON-EXECUTIVE DIRECTORS

WHO HAVE SERVED MORE THAN NINE YEARS

AND

CHANGE OF CHAIRMAN OF THE BOARD,

CHIEF EXECUTIVE OFFICER AND AUTHORISED REPRESENTATIVE

The board of directors of Shandong Weigao Group Medical Polymer Company Limited (the "Company") is pleased to announce the following changes to the Board:

• 1. Mr. Zhang Huawei ("Mr. Zhang") has resigned as executive director, chairman of the

• Board and authorized representative of the Company with effect from 30 March 2021.

• 2. Mr. Wang Yi ("Mr. Wang") has resigned as executive director of the Company with effect from 30 March 2021.

• 3. Mr. Long Jing ("Mr. Long") has resigned as chief executive officer of the Company with effect from 30 March 2021. Mr. Long has been appointed as Chairman and authorised representative of the Company with effect from 30 March 2021.

*For identification purpose only 1

• 4. Mr. Cong Rinan ("Mr. Cong") has been appointed as a chief executive officer of the Company with effect from 30 March 2021. He has been appointed as an executive director of the Company, subject to shareholders approval;

• 5. Mr. Lian Xiaoming ("Mr. Lian") has been appointed as a non-executive director of the Company, subject to shareholders approval;

• 6. Mr. Lo Wai Hung ("Mr. Lo") has been re-elected as an independent non-executive Director of the Company having served more than 9 years, subject to shareholders approval;

• 7. Mrs. Fu Mingzhong ("Mr. Fu") has been re-elected as an independent non-executive Director of the Company having served more than 9 years, subject to shareholders approval; and

• 8. Mrs. Wang Jinxia ("Mr. Wang") has been re-elected as an independent non-executive Director of the Company having served more than 9 years, subject to shareholders approval.

The appointment of Mr. Cong, Mr. Lian, Mr. Lo, Mrs. Fu and Mrs. Wang will be subject to the approval by the shareholders of the Company at the upcoming annual general meeting. A circular containing further details of the proposed appointment, together with the relevant notice of the meeting and a proxy form, will be despatched to the shareholders of the Company as soon as practicable.

RESIGNATION OF MR. ZHANG HUAWEI

Mr. Zhang has resigned as executive director, chairman of the Board and authorized representative of the Company with effect from 30 March 2021 due to work arrangement. Mr. Zhang has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the Stock Exchange and the Shareholders.

RESIGNATION OF MR. WANG YI

Mr. Wang has resigned as executive director of the Company with effect from 30 March 2021 due to work arrangement. Mr. Wang has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the Stock Exchange and the Shareholders.

APPOINTMENT OF MR. LONG JING

Mr. Long has resigned as chief executive officer and has been appointed as Chairman and authorised representative of the Company with effect from 30 March 2021. This is to allow Mr. Long to focus on the strategic planning and development of the Group given the leading position of the Group in the China market and the potential to explore the world market with its extensive product portfolio and new products in the pipeline and under research and development. Mr Long will continue to have oversight of the operations with the new chief executive officer reporting directly to him.

APPOINTMENT OF MR. CONG RINAN

The Board is pleased to announce that Mr. Cong Rinan ("Mr. Cong") has been appointed as the new chief executive officer of the Company with effect from 30 March 2021. The Board is also pleased to announce that Mr. Cong has been proposed to be appointed as an executive director of the Company subject to the approval by the shareholders of the Company at the upcoming annual general meeting or any adjournment thereof.

Mr. Cong, aged 40, joined the Company in August 2003. During August 2003 to December 2013, he served as supervisor, deputy manager and manager of the syringe production workshop. During the period from January 2014 to December 2014, Mr. Cong served as the executive assistant to the chief executive officer of the Company. From January 2015 to December 2018, he served as the deputy general manager of the clinical care business unit of the Company; from January 2019 until now, he has been the general manager of the clinical care business unit and deputy general manager of the Company.

Mr. Cong obtained a bachelor's degree in applied chemistry from Yantai University in July 2003 and completed the Master of Business Administration (MBA) program at Renmin University of China in December 2019. Mr. Cong obtained a master's degree in engineering from Harbin Institute of Technology in October 2020. Mr. Cong is senior engineer in the medical device industry and has more than ten years of experience in production management in the medical device industry.

Mr Cong has entered into a service contract (the "Service Contract") with the Company in respect of his capacity as chief executive officer of the Company with an initial fixed term from 1 April 2021 to 31 March 2024. Under the Service Contract, Mr. Cong will receive an annual salary of RMB1,500,000 (equivalent of approximately HK$1,776,600) of which 40% is subject to achieving key performance indicators as set by the remuneration committee.

As at the date of this announcement, Mr. Cong has interests in 400,000 shares of the Company held through a limited partnership. The shares were granted to him on 11 December 2015 (under the Company's share aware scheme adopted on 17 November 2014) of which 200,000 shares has been vested and lock up period already expired and the remaining 200,000 shares have been vested and are subject to lock up period ending on 31 December 2021.

Mr. Cong has not held any other directorship in other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years and does not have any relationship with any director or senior management of the Company or with any substantial or controlling shareholder of the Company. A service contract will be entered into between Mr. Cong and the Company for a term of three years commencing on the effective date of his appointment for his services to the Company subject to the approval of the shareholders of the Company at the upcoming extraordinary general meeting or any adjournment thereof. The service contract may be terminated by either party by giving to other party not less than three month's written notice without payment of compensation (other than statutory compensation). Mr. Cong will waive his director emolument pursuant to the service contract. As at the date of this announcement, other than the shares mentioned above, Mr. Cong does not have any shareholding in the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Save as disclosed above, as far as the Board aware, there are no other matters which need to be brought to the attention of the Shareholders regarding the appointment of Mr. Cong or any other information that needs to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules. The Board would like to express its warmest welcome to Mr. Cong to join the board of directors of the Company.

APPOINTMENT OF MR. LIAN XIAOMING

The Board is also pleased to announce that Mr. Lian Xiaoming ("Mr. Lian") has been proposed to be appointed as a non-executive director of the Company subject to the approval by the shareholders of the Company at the upcoming annual general meeting or any adjournment thereof.

Lian Xiaoming (Mr Lian), aged 48, served as the account manager of the Weihai branch of the Agricultural Bank of China from July 1994 to December 2008. From January 2009 to July 2015, he served as the vice president of Weihai Branch of China Minsheng Bank; from July 2015 to January 2016, he served as the general manager of the investment banking department of the Qingdao branch of China Minsheng Bank; he joined Weigao Group Co., Ltd. in February 2016. He has served as the director of Weihai Weigao International Medical Investment Holdings Co., Ltd., the director of Weigao Group Co., Ltd., and the director and general manager of Weihai Weigao Financial Holdings Co., Ltd. since May 2018 to present. Mr. Lian is the chairman of Weihai Huadong Automation Co., Ltd (a company listed on the Shenzhen Stock Exchange, stock code 002248).

Mr. Lian graduated from Shandong University of Finance and Economics majoring in finance and Shandong University majoring in law. Mr. Lian has more than 20 years of working experience in the banking industry and more than five years of experience in capital market and corporate finance.

As as disclosed above, Mr. Lian has not held any other directorship in other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years and does not have any relationship with any director or senior management of the Company or with any substantial or controlling shareholder of the Company. A service contract will be entered into between Mr. Lian and the Company for a term of three years commencing on the effective date of his appointment for his services to the Company subject to the approval of the shareholders of the Company at the upcoming extraordinary general meeting or any adjournment thereof. The service contract may be terminated by either party by giving to other party not less than three month's written notice without payment of compensation (other than statutory compensation). Mr. Lian will waive his director emolument pursuant to the service contract. As at the date of this announcement, Mr. Lian does not have any shareholding in the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Save as disclosed above, as far as the Board aware, there are no other matters which need to be brought to the attention of the Shareholders regarding the appointment of Mr. Lian or any other information that needs to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules. The Board would like to express its warmest welcome to Mr. Lian to join the board of directors of the Company.

RE-ELECTION OF RETIRING INDEPENDENT NON-EXECUTIVE DIRECTORS WHO HAVE SERVED MORE THAN NINE YEARS

Pursuant to paragraph A 4.3 of Appendix 14A of the Listing Rules, it is recommended that serving more than nine years could be relevant to the determination of a non-executive director's independence. Any further appointment of independent non-executive Director serving more than nine years should be subject to a separate resolution to be approved by the Shareholders.

Mr. Lo, Mrs. Fu and Mrs. Wang have been serving the Company for 9 years and shall retire and, being eligible, offer themselves for re-election as independent non-executive director at the AGM. The Board considers that Mr. Lo, Mrs. Fu and Mrs. Wang have fully complied with the independent criteria of independence as stated in Rule 3.13 of the Listing Rules. The Board recognizes independence of Mr. Lo, Mrs. Fu and Mrs. Wang in judgement and continue to present objective and constructive viewpoints to the management and the Board. The Board considers that continued tenure of Mr. Lo, Mrs. Fu and Mrs. Wang for another 3-years terms of office who brings considerable stability to the Board and the Board has benefited greatly from their presence who have over time gained valuable insight into the Group.

Mr. Lo, Mrs. Fu and Mrs. Wang are independent non-executive Directors serving the Company since 2018, 2019 and 2019 respectively. Separate resolutions will be proposed for their re-election at the upcoming annual general meeting. The Company has received from each of Mr. Lo, Mrs. Fu and Mrs. Wang a confirmation of independence pursuant to Rule 3.13 of the Listing Rules respectively, and Mr. Lo, Mrs. Fu and Mrs. Wang have not engaged in any executive management of the Group. Taking into consideration of their independent scope of work in the past years, the Board considers Mr. Lo, Mrs. Fu and Mrs. Wang are able to continue to independently fulfill their role as independent non-executive Directors despite the fact that Mr. Lo, Mrs. Fu and Mrs. Wang have served the Company for more than nine years.

Brief biographies of Mr. Lo, Mrs. Fu and Mrs. Wang are as follows:

• 1. MR. LO WAI HUNG

  Mr. Lo, aged 61, obtained a bachelor degree in Commerce from James Cook University of North Queensland, Australia in 1985. Mr. Lo is an associate member of Chartered Accountants Australia and New Zealand and a fellow member of Hong Kong Institute of Certified Public Accountants. Mr. Lo was appointed as an independent non-executive director, the chairman of audit committee, the chairman of remuneration committee, the chairman of nomination committee and a member of corporate governance committee of the Company. Mr. Lo is also an independent non-executive director of Talent Property Group Limited (stock code:760) and C Cheng Holdings Limited (stock code: 1486). The shares of these companies are listed on the Stock Exchange of Hong Kong Limited.

• 2. MRS. FU MINGZHONG

  Mrs. Fu, aged 70, senior economist and has over 40 years of working experience, particular in the area of management experience in the pharmaceutical and healthcare industry. Mrs. Fu obtained a master's degree in engineering from the Harbin Institute of Technology in March 1995. Mrs. Fu was previously a deputy workshop director, the office head and the vice factory manager of The Third Harbin Pharmaceutical Factory from June 1972 to March 1992. Mrs. Fu was a director of Harbin City Pharmaceutical Group and the general manager of Harbin Pharmaceutical Company Limited from March 1992 to December 1997. She was also a deputy general manager of China Medicines Group from December 1997 to January 1999 and she was a director of China Medicines Group Corporation from January 1999 to October 2009 respectively. Mrs. Fu was the executive deputy general manager of China National Pharmaceutical Industry Corporation from January 1999 to January 2001. Mrs. Fu was the chairman of National Medicines Company Limited (a company listed on the Shanghai Stock Exchange) from January 2001 to February 2008. Mrs. Fu has been a director of Shenzhen Accord Pharmaceutical Company Ltd. (a company listed on the Shenzhen Stock Exchange) since April 2008 and was the chairman from April 2008 to December 2008. Mrs. Fu has also been a director of Sinopharm Industrial Investment Co., Ltd. from July 2008 to December 2010. Mrs. Fu was the general manager, duty chairman and director of Sinopharm Group Co. Ltd. (a company listed on the Hong Kong Stock Exchange) during the period from January 2006 to December 2009, and December 2009 to November 2010 respectively. Mrs. Fu is currently the honorary chairman and the director of the expert committee of China Association of Pharmaceutical Commerce and she joined the

  Board in October 2011.

3. MRS. WANG JINXIA

Mrs. Wang, aged 66, an independent non-executive Director of the Company. Mrs. Wang is a senior economist and has over 30 years of working experience, especially the management experience in the pharmaceutical commerce and pharmaceutical industry. Mrs. Wang obtained a bachelor degree in economics （經濟學學士） from Dongbei University of Finance and Economics in July 1983 and was assigned to work in State Pharmaceutical Administration of China Pharmaceutical Company （國家醫藥管理局 中國醫藥公司） . Mrs. Wang was deputy director of the finance division, director of the information division of China Pharmaceutical Company （中國醫藥公司） , the general secretary and the vice president of China Association of Pharmaceutical Commerce （中國醫藥商業協會） and in charge of the pharmaceutical chains branch of China Association of Pharmaceutical Commerce （中國醫藥商業協會連鎖藥店分會） . She is also a senior advisor of China Nonprescription Medicines Association （中國非處 方藥協會） . Currently, Mrs. Wang also acts as the independent director of Jointown Pharmaceutical Group Co., Ltd（. 九州通醫藥集團股份有限公司）(stock code: 600998) and Xinjiang Ready Health Industry Co., Ltd（. 新疆同濟堂健康產業股份有限公司） (stock code: 600090).

The Company is not aware of any matters that need to be brought to the attention of the Shareholders or any information that is required to be disclosed herein pursuant to paragraphs (h) to (w) of Rule 13.51(2) of the Listing Rules.

ANNUAL GENERAL MEETING

The proposed appointment of Mr. Cong as an executive director and Mr. Lian as a non-executive director, and re-election of independent non-executive directors, namely Mr. Lo, Mrs. Fu and Mrs. Wang are subject to the approval by the shareholders of the Company at the upcoming annual general meeting. A circular containing further details of the proposed appointment and re-election of retiring of directors together with the relevant notice of the meeting and a proxy form, will be despatched to the shareholders of the Company as soon as practicable.

The Board is of the view that the newly appointed board members and senior management have professional qualifications with years of experience in the industry and have been with the Group for an extended period of time. They have demonstrated outstanding capability and are most qualified to lead and drive further growth of the Group.

The Company would like to take this opportunity to express its sincere gratitude to Mr. Zhang and Mr. Wang for their tremendous contribution to the operation and development of the Group and the work of the Board during their directorships with the Company. They have been instrumental in the growth and in successfully cementing the leading position of the Group in the medical device industry.

By Order of the Board

Shandong Weigao Group Medical Polymer Company Limited

Long Jing

Chairman

30 March 2021

Weihai, Shandong, the PRC

As at the date of this announcement, the Board comprises: Mr. Long Jing (Executive Director)

Mr. Chen Lin (Non-executive Director)

Mr. Tang Zhengpeng (Non-executive Director)

Mr. Lo Wai Hung (Independent non-executive Director) Mrs. Fu Mingzhong (Independent non-executive Director) Mrs. Wang Jinxia (Independent non-executive Director)