The board of directors of Shunten International (Holdings) Limited announced the following changes to the Board with effect from 1 July 2022: (i) Mr. Lai Wei Lam, William has resigned as the executive director of the Company; and (ii) Mr. Liu Ying Shun and Ms. Dong Jian Mei have been appointed as the independent non-executive Directors of the Company. The Board announced that Mr. Lai Wei Lam, William has resigned as an executive Director of the Company with effect from 1 July 2022 in order to devote more time on his personal matters. Mr. Lai has confirmed that (i) he has no claim whatsoever against the Company for fees, compensation for loss of office, remuneration, severance payments, pensions, expenses or otherwise; and (ii) he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

After resigning as an executive Director, Mr. Lai will continue to serve as senior advisor of the Company for a period of three months. The Board announced that Mr. Liu and Ms. Dong, have been appointed as the independent non-executive Directors and members of the audit committee, nomination committee and remuneration committee of the Company, with effect from 1 July 2022. The biographical details of Mr. Liu and Ms. Dong are set out as follows: Mr. Liu Ying Shun, aged 38, has more than 15 years of experience in the field of audit and assurance.

He founded Zhong Pu Risk Management Limited, a company which provides business advisory, consultancy and taxation services for clients ranging from private entities to listed companies in Hong Kong, in 2017 and has been serving as a director at Zhong Pu since then. Since August 2021, Mr. Liu has been serving as independent non-executive director for MIE Holdings Corporation. Since November 2019, Mr. Liu has also been serving as the company secretary of Polyfair Holdings Limited.

Prior to founding Zhong Pu, Mr. Liu worked as an assurance manager and senior associate at PricewaterhouseCoopers Limited from 2014 to 2016 and 2010 to 2012, respectively, a finance manager at Wong's Kong King International (Holdings) Limited from 2012 to 2013, and also at Shu Lun Pan Horwath Hong Kong CPA Limited (an accounting firm which has since merged into BDO Limited) from 2006 to 2009, with his last position as a senior associate. Mr. Liu obtained a Bachelor of Business Administration from Lingnan University in Hong Kong and is a member of the Hong Kong Institute of Certified Public Accountants since 2010. Mr. Liu holds cross-directorship with Mr. Lam Wai Tong, executive Director of the Company, and Mr. Yeung Yat Chuen, independent non-executive director of the Company, since Mr. Liu, Mr. Lam and Mr. Yeung serve on the boards of the Company and MIE.

However, the Company considers that such cross-directorship would not undermine the independence of Mr. Liu with respect to his directorship at the Company given that (i) Mr. Liu has complied and followed with the Company's guidelines on declaration and conflicts clearances and (ii) Mr. Liu is not involved in the day-to-day operation of the Group and MIE. Meanwhile, Mr. Liu will act with integrity and exercise objectivity in the conduct of serving the Company. Mr. Liu has entered into a service contract with the Company for a term of three years with effect from his date of appointment, with the provision that either party may terminate such service contract at any time by giving at least three months' notice in writing.

Mr. Liu is entitled to a remuneration package comprising a fixed director's fee of HKD 240,000 per annum and is eligible for participating in the share option scheme of the Company. Ms. Dong Jian Mei, aged 48, has approximately 26 years of experience in the field of natural resources economics and business management. Since January 1996, Ms. Dong has been working as a researcher at the Chinese Academy of Land & Resource Economics and was mainly responsible for researching on the reform and development of the national geological exploration industry and management of geological data.

In 2018, she has received a Certificate of Senior Qualification issued by the Chinese Academy of Land & Resource Economics. Ms. Dong obtained a Bachelor of Economics and a Master of Economics from Renmin University of China () in 2004 and 2011 respectively. Ms. Dong has also obtained a Certificate of Accounting Professional in the People's Republic of China in 1999.