Shanghai Zendai Property Limited announced that, Mr. He Haiyang has resigned as an executive Director due to his intention to devote more time to his own business with effect from 16 June 2023. The board announced that, with effect from 16 June 2023, Mr. Long Tianyu ("Mr. Long") has been appointed as an executive Director of the Company. The biographical details of Mr. Long are as follows: Mr. Long Tianyu, aged 38, was appointed as an executive Director on 16 June 2023.

Mr. Long graduated from the Southwestern University of Finance and Economics of the PRC in 2007 with a bachelor's degree in business administration. Mr. Long obtained the Chartered Financial Analyst certification in 2013. Mr. Long joined China Orient Asset Management (International) Holding Limited since February 2022 and currently serves as the head and executive director of its special investment opportunities department (Division III).

Mr. Long served as the head of the business department and the executive general manager of Dong Yin Development (Holdings) Limited ("Dong Yin Development (Holdings)") from January 2019 to January 2022, the head of the investment department of Dong Yin Development (Holdings) from July 2014 to December 2018, the project manager of the investment business department of Dongyin Industrial (Shenzhen) Co. Ltd. from March 2012 to June 2014 and a staff member of the Chongqing Liangjiang New Area Branch of the Agricultural Bank of China from July 2007 to September 2011. Mr. Long has not entered into any service contract or contract of employment with the Company and is not appointed for a specific term or any proposed length of service.

He is also subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the bye-laws of the Company. The emolument of Mr. Long payable by the Company for his services as an executive Director is zero, which is determined by mutual agreement between the Company and Mr. Long upon recommendation by the remuneration committee of the Board.