The board of directors of Universal Technologies Holdings Limited (the Company) announced that on 2 June 2019, Mr. Chau Cheuk Wah ("Mr. Chau") completed his service contract of Chief Executive Officer (CEO) with the Company and indicated his decision of not renewing his CEO service contract further, due to his intention to devote more time to his other personal commitments and pursuits. Mr. Chau was re-designated from an executive Director to a non-executive Director of the Company with effect from 3 June 2019 and also announced that on 3 June 2019, Mr. Chen Jinyang (Mr. Chen), an executive Director and the Chairman of the Company, was appointed as the CEO of the Company to fill up the vacancy created by the end of CEO service contract of Mr. Chau. Mr. Chen was appointed as an executive Director, the Chairman of the Board and an authorized representative of the Company on 18 December 2012, 16 September 2013 and 29 October 2015, respectively.

Mr. Chen has substantial experience and knowledge of banking industry and investment business in the PRC.