The board of directors of AGTech Holdings Limited announced that with effect from May 12, 2023, Mr. Liu Zheng (‘Mr. Liu') will resign as a non-executive Director to focus on his other work commitments with Alibaba Group (i.e. Alibaba Group Holding Limited (‘Alibaba Holding') and its subsidiaries), and Mr. Li Jie (‘Mr. Li') will resign as a non-executive Director to focus on his other work commitments with Alibaba Pictures Group Limited and its subsidiaries. Each of Mr. Liu and Mr. Li has confirmed that he has no disagreement with the Board and that there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company (the ‘Shareholders') or The Stock Exchange of Hong Kong Limited (the ‘Stock Exchange'). The Board also announced that each of Mr. Tung Pen Hung (‘Mr. Tung') and Ms. Qin Yuehong (‘Ms. Qin') will be appointed as a non-executive Director with effect from May 12, 2023.

The biographical details of Mr. Tung and Ms. Qin are as follows: Mr. Tung, aged 53, has been the president of corporate development department of Alibaba Group since May 2023. From January 2016 to April 2023, he was the chief marketing officer of Alibaba Group. He was also president of Alimama from November 2017 to November 2018.

He was the chief executive officer of VML China, a marketing agency, from October 2010 to January 2016. Prior to joining VML, he was at PepsiCo China from October 2004 to October 2010 where he served as vice president of marketing. Prior to that, Mr. Tung worked at Proctor & Gamble from 1995 to 1998, Gigamedia from 1998 to 2001 and L'Oréal Paris from 2001 to 2003 in various senior management positions.

He was also a director of Ruhnn Holding Limited, which was delisted from Nasdaq in 2021. Mr. Tung has been a director of Weibo Corporation, a Chinese social network company listed on Nasdaq and the Main Board of the Stock Exchange, since January 10, 2022. He received a bachelor's degree in electrical engineering from Taiwan University and a master's degree in engineering from University of Michigan, Ann Arbor, the United States.

Ms. Qin, aged 45, joined Alibaba Group in May 2019 as Vice President of Corporate Finance Department. She has been involved in various capital operation projects of Alibaba Group, including the secondary listing of shares of Alibaba Holding on the Stock Exchange, issuance of USD bonds, syndicated loans as well as financing work for different business units of Alibaba Group including Local Services Group, Cainiao Smart Logistics Group, Alibaba Health Information Technology Limited and other sub-businesses of Alibaba Group. Prior to joining Alibaba Group, Ms. Qin worked for China International Capital Corporation Limited from 2002 to 2019 and her last position was the Managing Director of the Investment Banking Division.

Ms. Qin graduated from Tsinghua University, Mainland China with a bachelor's degree and a master's degree in accounting in 2000 and 2002 respectively, and passed the certified public accountant examinations in Mainland China and Canada.