The board of directors of Paradise Entertainment Limited announce that Mr. Zhang Jianjun ("Mr. Zhang'') has been appointed as an executive Director and a Co-chairman of the Board with effect from 22 December 2022. Mr. Zhang, aged 48, has 25 years of experience in investment banking, financial investment, asset restructuring and management, corporate listing, finance and advisory, and mergers and acquisitions. Mr. Zhang is a seasoned investor especially in the industries of providing innovative new or renewable energy solutions, big data for health and consumption, and digital financial technology. Mr. Zhang is a Chinese Certified Public Accountant and has been a member of the Chinese Institute of Certified Public
Accountants since 1998. He graduated from the Zhongnan University of Economics and Law with a bachelor's degree in Economics (Accounting) in 1997. He further attained a master's degree in Economics (Finance) from Wuhan University in 2006. Following the appointment of Mr. Zhang as an executive Director and a Co-chairman of the Board, the Company shall have more than one chairmen, and accordingly, Dr. Jay Chun (``Dr. Chun'') has, on 22 December 2022, been re-designated from the Chairman of the Board to a Co-chairman of the Board. Dr. Chun will also continue to serve as the Managing Director of the Company. Following the re- designation, Dr. Chun as a Co-chairman of the Board will jointly provide leadership to and oversee the management of the Board with Mr. Zhang, and focus even more on leading the implementation of the operations of the Group. Dr. Chun and Mr. Zhang will jointly undertake and perform the roles of the Co-chairman of the Board for the purposes of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules and the Listing Rules.