Century Sage Scientific : CHANGE OF EXECUTIVE DIRECTOR AND MEMBER OF THE INVESTMENT COMMITTEE

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Century Sage Scientific Holdings Limited

世 紀 睿 科 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1450)

CHANGE OF EXECUTIVE DIRECTOR AND

MEMBER OF THE INVESTMENT COMMITTEE

The Board announces that Mr. Wong Kwok Fai has resigned as an executive director of the Company and a member of the Investment Committee of the Company.

The Board is pleased to announce that Mr. Li Jinping has been appointed as an executive director of the Company and a member of the Investment Committee of the Company.

The above changes take effect on 24 August 2020.

RESIGNATION OF EXECUTIVE DIRECTOR AND MEMBER OF THE INVESTMENT COMMITTEE

The board (the ''Board'') of directors (the ''Directors'') of Century Sage Scientific Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') hereby announces that Mr. Wong Kwok Fai (王國輝) (''Mr. Wong'') has resigned as an Executive Director and a member of the investment committee of the Company (the ''Investment Committee'') with effect from 24 August 2020. The Board and Mr. Wong have reached consensus on Mr. Wong's resignation, which also provides an opportunity for new executive talents of the Group to join the Board and encourages better governance and diversity of the Board as a result. After his resignation as a member of the Board, Mr. Wong would remain as a senior management member of the Group.

Mr. Wong has confirmed that he has no disagreement with the Board and that he was not aware of other matters that need to be brought to the attention of the shareholders of the Company in relation to his resignation as a member of the Board.

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APPOINTMENT OF EXECUTIVE DIRECTOR AND MEMBER OF THE INVESTMENT COMMITTEE

The Board is pleased to announce that Mr. Li Jinping (李金平) (''Mr. Li'') has been appointed as an Executive Director with effect from 24 August 2020.

Mr. Li, aged 37, is currently a director and the president of Times Sage (Beijing) Tech Company Limited* (時代華睿(北京)科技有限公司) (''TST (Beijing)''), a subsidiary of the Company, and is mainly in charge of the business management and daily operation of TST (Beijing). Mr. Li joined the Group in October 2007. Mr. Li is also a director of Beijing BroadVision Information Technology Company Limited* (北京經緯中天信息技術有限公 司), a subsidiary of the Company. Mr. Li graduated from Harbin Engineering University* (哈爾濱工程大學) in July 2005 with a bachelor's degree in electronic information engineering. Mr. Li has over 15 years of experience in the all-media industry. Prior to joining the Group, Mr. Li was employed by Beijing New Digital Systems China Co., Ltd.* (北京安達斯信息技術有限公司) as an engineer.

The Company has signed a service agreement with Mr. Li for a term of three years commencing from 24 August 2020 unless terminated by either Mr. Li or the Company by giving not less than three months' notice in writing. Mr. Li is entitled to an annual emolument of HK$672,000 and a discretionary bonus as may be determined by the Board from time to time. The annual emolument was mutually agreed upon between the Board (with the recommendation of the remuneration committee of the Company) and Mr. Li with reference to the prevailing market conditions and was determined by the Board based on his anticipated effort and expertise to be exercised on the Company's affairs.

As at the date of this announcement, Mr. Li was interested in 4,000,000 share options of the Company which were granted to him on 28 November 2018 under the share option scheme of the Company, and 100,000 ordinary shares of the Company which were awarded to him on 18 May 2016 and vested on 18 May 2019 under the share award plan of the Company.

Save as disclosed above, as at the date of this announcement, (i) Mr. Li did not have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company; (ii) he did not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) he did not hold any other directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; and (iv) he did not hold other positions with other members of the Group.

Save as disclosed above, there is no information in relation to the appointment of Mr. Li that is required to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange and there are no other matter that needs to be brought to the attention of holders of securities of the Company.

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The Board would like to take this opportunity to express its sincere gratitude to Mr. Wong for his valuable contribution to the Company during his tenure of office and to welcome Mr. Li for becoming a member of the Board.

By order of the Board

Century Sage Scientific Holdings Limited

Lo Chi Sum

Chairman

Hong Kong, 24 August 2020

As at the date of this announcement, the executive Directors are Mr. Lo Chi Sum, Mr. Leung Wing Fai, Mr. Geng Liang and Mr. Li Jinping, and the independent non-executive Directors are Dr. Ng Chi Yeung, Simon, Mr. Hung Muk Ming and Mr. Mak Kwok Wing.

• For identification purposes only

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