The board of directors of CHTC Fong's International Company Limited announced the following changes to the Company with effect from 26 May 2023, as set out below: Mr. Ye Maoxin will retire as the Chairman of the Board and an Executive Director of the Company with effect from 26 May 2023 since he has attained the age of retirement. Upon Mr. Ye's retirement, he will also cease to act as the chairman of the Nomination Committee and a member of the Remuneration Committee of the Company. Following the retirement of Mr. Ye, Mr. Guan Youping who is currently an Executive Director and the General Manager of the Company, has been appointed as the Chairman of the Board with effect from 26 May 2023.

Upon Mr. Guan's appointment as the Chairman of the Board, he will cease to act as the General Manager of the Company. Following Mr. Guan's cessation to act as the General Manager of the Company, Mr. Chen Peng ("Mr. Chen"), who is currently an Executive Director and Deputy General Manager of the Company, has been promoted from Deputy General Manager to General Manager with effect from 26 May 2023. Mr. Guan, who is currently a member of the Nomination Committee of the Company, has been re-designated as the chairman of the Nomination Committee of the Company with effect from 26 May 2023.

Mr. Chen has been appointed as a member of the Nomination Committee and Remuneration Committee of the Company with effect from 26 May 2023.