Sino Biopharmaceutical Limited announced that Mr. Li Yi has resigned as an executive director and the Chief Executive Officer of the Company, as he wishes to focus on other business development, with effect from 28 July 2022. Mr. Li will be engaged as a senior consultant of the Company on the same date. The Board further announces that with effect from 28 July 2022, Mr. Tse, Eric S Y ("Mr. Tse") has been appointed as the Chief Executive Officer of the Company.

Mr. Tse is an executive director and a substantial shareholder of the Company. The biographical details of Mr. Tse and his relationship with any directors, substantial or controlling shareholders and senior management of the Company, if any, can be found in the 2021 annual report of the Company. He did not hold any directorship in other listed companies in the past three years.

Mr. Tse, Eric S Y, the new Chief Executive Officer, has been serving as a director of Chia Tai - Tianqing Pharmaceutical Group Co. Ltd. since 2019 and the president of CT Tianqing since July 2020. Under the leadership of Mr. Tse, CT Tianqing has continued to promote the three strategies of "Comprehensive Innovation, Digital Transformation and Talent Strategy", with many achievements have been made.

In terms of innovation and research and development through its two-wheeled approach of independent R&D and in-depth collaboration, CT Tianqing has procured business development of a number of blockbuster innovative drugs through collaboration, and achieved a qualitative breakthrough in its own innovation transformation with increasing share of innovative drugs in its independent R&D pipeline and significant growth in revenue contribution from innovative drugs, which resulted in comprehensive acceleration in internationalization layout and steady growth in performance. At the same time, CT Tianqing actively promotes corporate digital transformation to achieve lean operations, efficiency enhancement and quick adaptability to environmental changes. In terms of talent strategy, CT Tianqing vigorously promotes the optimization of its organisation and talent resources by bringing in domestic and overseas management teams, nurturing internal core talents, taking stock of internal talents, and establishing an equity incentive mechanism so as to secure a source of momentum for the organization's development.

After taking over as Chief Executive Officer, Mr. Tse will be responsible for the day-to-day business activities and the decision-making on major issues including corporate strategy, appointment and removal of personnel, and investment and integration, around Sino Biopharm's four key strategies of "Integration, Innovation, Globalization and Digitalization"; the overall management of the Company's subsidiaries; and the establishment of professional management teams to further enhance organizational efficiency, drive business innovation, connect with external collaboration, and promote innovation at a global level. The new management will closely follow the four core strategic directions of Sino Biopharm to strengthen its business, of which, Ms. Tse, Theresa Y Y, the chairwoman of the Board, will focus on the strategic planning, international business, capital market operations of the Group and the listed company- related matters, while Mr. Tse, Eric S Y, the Chief Executive Officer, will focus on the operations management, organizational optimization and efficiency enhancement of all subsidiaries under the listed company. With their respective roles, the chairwoman of the Board and the Chief Executive Officer will lead Sino Biopharm's drive to innovate and continue to create value for patients, shareholders and the society.