Silver Base : RESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER AND APPOINTMENT OF CHIEF EXECUTIVE OFFICER

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 886)

RESIGNATION OF EXECUTIVE DIRECTOR AND

CHIEF EXECUTIVE OFFICER

AND

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board hereby announces that,

1. Mr. Yan Jun has resigned as an executive director and the chief executive officer of the Company with effect from 1 January 2020; and
2. Mr. Liang Guoxing has been appointed as the chief executive officer of the Company with effect from 1 January 2020.

RESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER

The board (the "Board") of directors (the "Directors") of Silver Base Group Holdings Limited (the "Company", together with its subsidiaries, the "Group") announces that, due to his decision to devote more time to his personal endeavours, Mr. Yan Jun ("Mr. Yan") has resigned as an executive director and the chief executive officer of the Company with effect from 1 January 2020.

Mr. Yan has confirmed that he has no disagreement with the Board and there is no other information in relation to his resignation that needs to be brought to the attention of the shareholders of the Company and/or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its gratitude to Mr. Yan for his valuable contribution to the Company during his tenure of office.

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APPOINTMENT OF CHIEF EXECUTIVE OFFICER

Meanwhile, the Board also announces that, Mr. Liang Guoxing ("Mr. Liang"), an executive Director and the chairman of the Company, has been appointed as the chief executive officer of the Company with effect from 1 January 2020.

The Board notes that the separation of the roles of chairman and chief executive is a requirement of the code provisions as set out in the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules").

As the Board meets regularly to consider matters relating to business operations of the Group, the Board is of the view that the above appointment will not impair the balance of power and authority of the Board and the executive management. The effectiveness of corporate planning and implementation of corporate strategies and decisions will not be affected.

The Board also believes that with the substantial experience of Mr. Liang in sale of Chinese liquor in the PRC market, the appointment of Mr. Liang as the chief executive officer of the Company will strengthen the Group's sales and marketing capabilities.

Particulars of Mr. Liang are set out below:

Mr. Liang Guoxing, aged 53, was appointed as an executive Director on 12 September 2007. He is the founder and chairman of the Group. Mr. Liang is also a member of the remuneration committee and the nomination committee of the Company. He is a director of a number of subsidiaries of the Company. Mr. Liang is primarily responsible for the overall corporate strategies, planning and business development of the Group. Mr. Liang has 22 years of experience in the sales and distribution of Chinese liquor and cigarettes. Mr. Liang obtained Doctor of Business Administration, honoris causa, from the Northern University in U.S.. He obtained the 13th World Outstanding Chinese Award co-organised by World Chinese Business Investment Foundation and United World Chinese Association Limited in April 2013. Mr. Liang is a standing committee member of the 11th Session of the Chinese People's Political Consultative Conference, Zhanjiang and a member of the 10th Session of the Chinese People's Political Consultative Conference, Guangdong Province. He is also a fellow member of the Hong Kong Institute of Directors.

Mr. Liang has previously entered into a service contract with the Company for his appointment as an executive Director and the chairman of the Company for a term of three years commencing from 12 September 2019. Mr. Liang will not receive any additional emoluments in respect of his appointment as the chief executive officer of the Company. Mr. Liang's annual remuneration for the financial year ended 31 March 2019 was HK$22,440,000 which was determined by the Company with reference to his duties and level of responsibilities and the remuneration policy of the Company and the then prevailing market conditions.

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Save as disclosed above, Mr. Liang did not hold any other positions with the Company or other members of the Group. Mr. Liang has not held any directorship in other listed companies in Hong Kong or overseas in the last three years and does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company.

As at the date of this announcement, Mr. Liang was interested and deemed to be interested in 1,006,096,750 shares in the Company, representing approximately 44.52% of the existing issued share capital of the Company by virtue of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").

Save as disclosed above, Mr. Liang does not have any other interests in shares of the Company within the meaning of Part XV of the SFO. Save as disclosed above, the Board is not aware of any other matters in relation to the appointment of Mr. Liang as the chief executive officer of the Company that need to be brought to the attention of the holders of securities of the Company nor is there any information to be disclosed by the Company pursuant to any of the requirements under Rules 13.51(2)(h) to (v) of the Listing Rules.

By Order of the Board

Silver Base Group Holdings Limited

Liang Guoxing

Chairman

Hong Kong, 31 December 2019

As at the date of this announcement, the Board comprises Mr. Liang Guoxing (Chairman), Mr. Yan Jun (Chief Executive Officer) and Ms. Chen Xiaoxu as executive Directors; Mr. Wu Jie Si as non-executive Director; and Mr. Hung Sui Kwan, Mr. Ma Lishan and Mr. Lee Kwok Keung Edward as independent non-executive Directors.

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