The board of directors of Target Insurance (Holdings) Limited (the "Company") announced that (i) Dr. Ng Yu ("Dr. Ng") has been appointed as the Chairman of the Board and a non-executive Director, (ii) Mr. Ling Xujun ("Mr. Ling") has been appointed as a non-executive Director, and (iii) Dr. He Xiaobin ("Dr. He") has been appointed as an independent non-executive Director, with effect from 14 March 2023. The biography of the above Directors is set out as follows: Dr. Ng Yu, male, who is of Han ethnicity, born in April 1990 and from Fujian, is the chairman of the board of directors of Amber Hill Group as well as the founder and chairman of Smile Charity Foundation. Dr. Ng is currently the chairman of the board of directors of International Genius Company (listed on the Hong Kong Stock Exchange with stock code: 33) and has been an executive director of such company since December 2019.

Dr. Ng is currently the advisor to Dean and the adjunct associate professor of the Business School of the Hong Kong Polytechnic University. Dr. Ng was awarded Doctor of Business Administration (Honoris Causa) from Westcliff University in the United State, and obtained professional certificates from the Massachusetts Institute of Technology and the Harvard Law School. Mr. Ling Xujun, male, who is of Han ethnicity, born in May 1965 and from Guangdong, is currently an executive director of Yidatong Holdings (Guangdong) Co.

Ltd. Mr. Ling served as the chairman of Guangdong Guoye Yidatong Holding Group. He also served as the managing director of Guoye Haoneng (Shenzhen) Real Estate Co. Ltd. Mr. Ling was educated in Mainland China in early years.

Dr. He Xiaobin, male, born in November 1962 and from Fujian, holds a doctoral degree in economics and is a senior economist. He has more than 30 years of working experience in futures investment and corporate compliance, and has extensive financial knowledge and management experience. Dr. He served as the director of the Futures Supervision Division of the Shanghai Securities Regulatory Bureau of the China Securities Regulatory Commission, and the deputy director of the Resource and Energy Division of the Shanghai Municipal Planning Committee.

Dr. He also served as the chairman of Guotai Junan Futures, the secretary to the board of directors of Guotai Junan Securities, the president of Guotai Junan Asset Management, the chief economist of Huaxin Securities and the chairman of Huaxin Futures, a director of the China Chief Economist Forum (), a member of the Chief Economist Committee of the Securities Association of China, and a director of Shenergy Co. Ltd. Dr. He is entitled to special allowance from the State Council of the People's Republic of China, was selected as one of the top ten financial industry leaders in Shanghai, and was an adjunct professor at Shanghai Jiao Tong University and Tongji University. The Board also announces that, with effect from 14 March 2023, Dr. He has been appointed as a member of each of the Audit Committee, Nomination Committee, Remuneration Committee and Risk Committee of the Board.