Shifang Holding Limited dated 31 May 2023 in relation to the annual general meeting of the Company to be held on 30 June 2023 (the "AGM"), the notice of the AGM dated 31 May 2023 and the accompanying form of proxy for use at the AGM. In the Circular, it was stated that Mr. Yu Shi Quan ("Mr. Yu") will retire at the AGM and being eligible, offered himself for re-election at the AGM. The Company announces that on 23 June 2023, the Board received a notice from Mr. Yu notifying the Company of his change of time allocation due to his other pursuits which only arose subsequent to the dispatch of the Circular, calling for the need of his withdrawal from re-election at the AGM.

Accordingly, Mr. Yu will retire from office as an executive Director and cease to be the chief financial officer of the Company with effect from the conclusion of the AGM on 30 June 2023. In the Circular, it was stated that Mr. Wang Xu ("Mr. Wang") will retire at the AGM and being eligible, offered himself for re-election at the AGM. The Company announces that on 23 June 2023, the Board received a notice from Mr. Wang notifying the Company of his change of time allocation due to his other pursuits which only arose subsequent to the dispatch of the Circular, calling for the need of his withdrawal from re-election at the AGM.

Accordingly, Mr. Wang will retire from office as an executive Director with effect from the conclusion of the AGM on 30 June 2023. Mr. Wang confirmed to the Company that he has no disagreement with the Board and there are no matters in relation to his retirement that needs to be brought to the attention of the Shareholders. The Company announces that on 23 June 2023, the Board received a notice from Ms. Chen Min ("Ms. Chen") notifying the Company of her intention to retire at the AGM and not to offer herself for re-election, due to her intention to concentrate on other pursuits.

Accordingly, Ms. Chen will retire from office as a non-executive Director with effect from the conclusion of the AGM on 30 June 2023.