The SFC Letter requested Tianyun International Holdings Limited to suspend Mr. Yang Ziyuan (the Company's Chairman and an executive Director) and Mr. Sun Xingyu (an executive Director) and Mr. Sun Lei (the financial controller of the Group) who are implicated in the Matters from their duties in the Group. In response, the Board has resolved to suspend all duties and powers of Mr. Yang Ziyuan as the Chairman and an executive Director, Mr. Sun Xingyu as an executive Director and Mr. Sun Lei as the senior management of the Group with effect from 26 March 2024 until further notice. The Board takes the Matters and the concerns raised by the SFC seriously and will cooperate with the regulatory authorities.

As at the date of this announcement, the Company is unaware of other directors or senior management of the Company being implicated in the Matters and considers that their suspensions would not affect the daily operation of the Group in material respects. On 26 March 2023, the Board has also resolved to establish an investigation committee, initially comprising the independent non-executive Directors, namely Mr. Liang Zhongkang, Mr. Shiu Shu Ming and Prof. Ye Xingqian, for the purpose of, among other things, investigating into the Matters and reporting and making recommendations to the Board on appropriate actions to be taken. The Investigation Committee may also appoint other professional advisers to assist in its investigation.