The board of directors of Sheung Moon Holdings Limited announces that with effect from 31 October 2023, Dr. Wong Kwok Yiu Chris ("Dr. Wong") has tendered his resignation as an independent non-executive Director, a Chairman of the remuneration committee of the Board (the "Remuneration Committee") and a member of each of the audit committee of the Board (the "Audit Committee"), nomination committee of the Board (the "Nomination Committee") and risk management committee of the Board (the "Risk Management Committee") to devote more time on his other work arrangement. The Board announced that Ms. Zhou Qian (" Ms. Zhou ") has been appointed as an independent non-executive Director with effect from 31 October 2023. Ms. Zhou, aged 31, has experience in a variety of management functions of an organization, hospitality management, marketing development and business operation in food and beverages industry to improve business performance.

From August 2014 to September 2020, Ms. Zhou was an assistant to general manager of Zhejiang Jundao Liquor Co. Ltd. Since October 2020, Ms. Zhou joined Hangzhou World Travel Culture and Tourism Development Co. Ltd. as a vice general manager.

Ms. Zhou has obtained a bachelor of science degree in business administration from Apollos University in 2023 by distance learning. CHANGE IN COMPOSITION OF BOARD COMMITTEES: The Board further announce that Ms. Zhou has been appointed as the chairman of Remuneration Committee, and a member of each of the Audit Committee, Nomination Committee and Risk Management Committee with effect from 31 October 2023. APPOINTMENT OF SENIOR MANAGEMENT: The Board announced that Mr. Chung Ho Tai Francke ("Mr. Chung") has been appointed as the Group Chief Consultant of the Group with effect from 31 October 2023.

The biographical details of Mr. Chung are set out respectively as follows: Mr. Chung, aged 51, has more than 20 years of experience in accounting, finance and management. Mr. Chung has a strong background in business transformation, restructuring and corporate strategic planning and has held multiple senior management positions in various multi-national corporations. Prior to joining the Company, Mr. Chung had successfully served as the Greater China finance director, APAC finance director and APAC vice president of finance of Tridonic in between March 2009 and April 2017.

Mr. Chung then joined Jebsen Industrial Technology as the financial controller from May 2017 to January 2018 and served as the general manager from February 2018 to October 2020. Since March 2021, Mr. Chung joined YHI Global Holdings Ltd. as a consultant and later served as the chief executive officer from September 2021 to October 2023. Mr. Chung obtained a bachelor of art degree majoring in economics from the University of Toronto in 1996 as well as a bachelor of administrative studies majoring in accounting and the certificate in accounting from York University in 1999.