The board of directors of Ares Asia Limited announced that Mr. LUO Xiao has been appointed as an executive Director with effect from 8 July 2022. Mr. LUO, aged 35, graduated from the City University of Hong Kong with a Master's Degree in Global Business Management. He has over 10 years of experience in the energy industry, covering investment of energy projects, international trading and distribution of
coal and oil products. Mr. LUO worked with various reputable energy companies in Hong Kong and Singapore. Since November 2020, Mr. LUO has been the vice president of Reignwood Holding Pte Ltd. which is the subsidiary of Reignwood International Holdings Company Limited (``Reignwood International''), the controlling shareholder of the Company with interest in approximately 65.76% of the total issued share capital of the Company. He was also the vice president of Ares Repco Limited, the subsidiary of the Company from November 2018 to October 2020. The Board also announces that with effect from 8 July 2022: Ms. RUAYRUNGRUANG Woraphanit (``Ms. RUAYRUNGRUANG''), the executive
Director, has been re-designated as a non-executive Director (the ``Re-designation'')
and resigned as the chairman of the Board, and the Company's chief executive officer
(the ``CEO''), authorized representative (the ``Authorized Representative'') under
Rule 3.05 of the Listing Rules and authorized representative for the acceptance of
service of process and notice in Hong Kong under Part 16 of the Companies Ordinance
(Cap.622 of the Laws of Hong Kong) (the ``Companies Ordinance'') (the
``Resignation'') due to change of work arrangement. Mr. LAI Yi-Chun (also known as Robert LAI) (``Mr. LAI''), the executive Director,
has been appointed as the chairman of the Board, and the Company's CEO, Authorized
Representative under Rule 3.05 of the Listing Rules and authorized representative for
the acceptance of service of process and notice in Hong Kong under Part 16 of the
Companies Ordinance (the ``Appointment''). Ms. RUAYRUNGRUANG, aged 32, joined the Company on 5 January 2018 and has been
appointed as an executive Director, the chairman of the Board, and the Company's CEO,
Authorised Representative under Rule 3.05 of the Listing Rules and authorized representative for the acceptance of service of process and notice in Hong Kong under Part 16 of the Companies Ordinance. Ms. RUAYRUNGRUANG obtained her Bachelor's Degree in advertisement from Peking University in the People's Republic of China (``PRC'') in 2013. Ms. RUAYRUNGRUANG is the daughter of Dr. Chanchai RUAYRUNGRUANG, the beneficial owner of Reignwood International which is the controlling shareholder of the Company with interest in approximately 65.76% of the total issued share capital of the Company. She is currently a director of several subsidiaries of the Company. Ms. RUAYRUNGRUANG, who is also currently a director of several subsidiaries of Reignwood International and companies owned by her family, was responsible for handling refinancing issues, maintaining relationships with banking partners, delivery of Reignwood International's strategic vision outside of the PRC, and managing European investment portfolio during the past six years. Mr. LAI, aged 55, joined the Company on 1 November 2018 and has been appointed as an
executive Director. Mr. LAI graduated from Feng Chia University in the Republic of China in 1990 with a Bachelor's Degree of Science in Land Management. Mr. LAI obtained his Master's Degree in Business Administration from the USC Marshall School of Business in the USA in 1993. Mr. LAI has over 25 years of experience in financial analysis, fund management and project management especially in real estate. Mr. LAI is currently a deputy director and director of the international investment department of Reignwood Investment (China) Ltd., a wholly-owned subsidiary of Reignwood International, responsible for pre-project management, financial analysis and modeling and supervising investment projects and implementing investment strategies since October 2010. Mr. LAI is also a director of several subsidiaries of the Company. Ms. RUANYRUNGRUANG has confirmed that she has no disagreement with the Board and there is no other matter relating to the Resignation that needs to be brought to the attention of the Shareholders or the Stock Exchange.