The board of directors of Zhixin Group Holding Limited announced that with effect from 6 April 2023, Mr. Lai Quanshui would be appointed as an executive Director. Mr. Lai, aged 69, has over 20 years of experience in property investment. He joined the Group as the vice chairman of Xiamen Zhixin Construction Material Co.

Ltd., on 10 March 2023. He has been working as the general manager of Fujian Province Zhi Wuyishan Huihua Property Development Co., Limited since November 2002. Mr. Lai graduated in Quanzhou City Luoxi Middle School in the People's Republic of China (the PRC) in 1972.

Mr. Lai was a member of the 6th Wuyishan Committee of the Chinese People's Political Consultative Conference. Mr. Lai was recognised as a honorary work of Wuyishan Municipal Hospital in May 1998 and was appointed as the first honorary executive director of the Wuyishan City Judges Association in July 1999 and the consultant of First Wuyishan Wushu Association in December 1999. He was awarded with a certificate of honor from the Lingshan Village Committee of Shangmeixiang in March 2000.

In December 2017, he was appointed as the honorary president of Wuyishan Quanzhou Chamber of Commerce. Mr. Lai was a director and a legal representative of Fujian Wuyi Shili Lanshan Real Estate Co. Ltd., prior to its dissolution.

Lanshan Real Estate was engaged in property investment and was dissolved by deregistration on 8 January 2018. Mr. Lai confirmed that, to the best of his knowledge, Lanshan Real Estate was solvent prior to its dissolution; there was no wrongful act on his part leading to the dissolution of Lanshan Real Estate; and he is not aware of any actual or potential claim which has been or will be made against him as a result of the dissolution. Mr. Lai entered into a service contract with the Company for an initial term of three years commencing from 6 April 2023, renewable automatically for a term of one year commencing from the next day after the expiry of the initial term of appointment, unless terminated by not less than three months' notice in writing served by Mr. Lai or the Company expiring at the end of the initial term.

Mr. Lai is entitled to an annual remuneration of HKD 180,000, which is determined and adjustable by the Board with reference to his duties and responsibilities and subject to review from time to time. Mr. Lai shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election and is also subject to retirement by rotation at least once every three years at annual general meetings in accordance with the articles of association of the Company. The Board also announced that, with effect from 6 April 2023, the Board has established a strategy committee of the Board in order to facilitate the strategic development of the Company and monitor and enhance its management performance.

The Strategy Committee comprises four executive Directors, Mr. Lai, Mr. Huang Wengui, Mr. Qiu Limiao and Mr. Ye Dan, and Mr. Lai will serve as the chairman of the Strategy Committee.