The board of directors of KuangChi Science Limited announced that Dr. Luan Lin has resigned as Chief Executive Officer and Chief Technology Officer of the Company with effect from 5 December 2022, due to her decision to devote more time to her other engagement. Dr. Luan will continue to act as an executive Director of the Company. There is no change of terms and conditions of the letter of appointment of the Director between Dr. Luan and the Company.

Upon Dr. Luan's resignation as Chief Executive Officer and Chief Technology Officer of the Company, the board announced that Dr. Liu Weiwen has been appointed as the Chief Executive Officer of the Company with effect from 5 December 2022. The biographic details of Dr. Liu W are as follows: Dr. Liu W, aged 35, joined the Group in 2015 and served at management positions, including a Director of Operation Management Department of Shenzhen Kuang Chi Space Technology Limited, an indirect wholly owned subsidiary of the Company from January 2020 to November 2022, and a Project Management Senior Manager of Project Management Department of KuangChi Space from August 2015 to December 2019. Dr. Liu W obtained a doctorate degree of Materials Science and Engineering from University of Delaware, the United States in 2013 and a bachelor's degree of Materials Science and Engineering from University of Science and Technology of China in 2007.

Dr. Liu W has experience in research and development of materials science and engineering, project management, corporate reform, financial management and capital operations.