The board of directors of Sheng Yuan Holdings Limited announced that with effect from 19 May 2022, Mr. Liu Zilei has resigned as an executive Director, the chairman of the Board and ceased to be the chairman of the nomination committee of the Board due to in order to focus on his other personal and business commitments. The Board announced that Mr. Ma Baojun has been appointed as a non-executive Director, the chairman of the Board and the chairman of the Nomination Committee in place of Mr. Liu with effect from 20 May 2022. Mr. Ma is also currently a director and a minor shareholder of Yuanyin Holdings Limited, a substantial shareholder of the Company.