The board of directors of Skyfame Realty (Holdings) Limited announced that in order to set out clearer division of responsibilities at the board level and the management team to ensure a more proper segregation of the management of the board of the Company and the management of the Group's business as required pursuant to the code provision C.2.1 in Corporate Governance Code as set out in the Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, Mr. YU Pan resigned as the chief executive officer of the Company with effect from 13 April 2023 while remains as an executive Director of the Company and the chairman of the Board to provide his valuable insight and perspective to the Board. He also continues to be the chairman of the Nomination Committee and one of the member of the Remuneration Committee. Mr. Yu has confirmed to the Board that he has no disagreement with the Board, and there are no other matters in relation to his resignation as the CEO that need to be brought to the attention of the Stock Exchange or the shareholders of the Company.

The Board further announces that Mr. JIN Zhifeng, currently an executive Director of the Company, has been appointed as the CEO with effect from 13 April 2023, and such appointment is coterminous with the term of his appointment as an executive Director of the Company and no additional emolument will be paid to Mr. Jin as a result of his appointment as the CEO. Mr. Jin will oversee the strategic planning as well as the corporate development of the Group. Given Mr. Jin has been involved in the day-to-day management of various internal functions of the Company and actively participated in the strategic planning and corporate development of the Group, the Board believes that Mr. Jin possesses an in-depth understanding of the business operations and strategy of the Group, he has the right caliber to succeed Mr. Yu to act as the CEO.

The biographical details of Mr. Jin are set out below: Mr. JIN Zhifeng, aged 59, joined the Group in April 2019 and has been appointed as an executive Director of the Company in October 2019. He also holds directorship in various offshore subsidiaries of the Group. Mr. Jin holds a doctor's degree in Business Administration.

He is a public valuer certified by the Ministry of Finance of the People's Republic of China, a member of the China Appraisal Society and a certified senior economist. Mr. Jin had held various senior executive positions in a nationwide asset management company in China with extensive experience in investment banking and asset management. Prior to joining the Group, Mr. Jin held a role of executive director and chief executive officer in Tianli Holdings Group Limited and acted as executive director and chairman of Lvjing Holding Co.

Ltd. from April 2019 to December 2022.