Century Sage Scientific Holdings Limited announced that Mr. Lo Chi Sum resigned as the chairman of the Board with effect from 19 June 2023 in order to devote more time to other work arrangements. Mr. Lo will continue to serve as an executive Director, the chief executive officer, and the chairman of the investment committee of the Company after his resignation as the chairman of the Board. Mr. Lo has confirmed that he has no disagreement with the Board and that there is no other matter in relation to his resignation as the chairman of the Board that needs to be brought to the attention to the shareholders of the Company and The Stock Exchange of Hong KongLimited.

The Board announced that Mr. Li Jun, an executive Director and a member of the nomination committee of the Company, has been appointed as the chairman of the Board with effect from 19 June 2023. Mr. Li, aged 33, has been appointed as an executive Director on 29 September 2021. He is currently a member of the nomination committee of the Company.

Mr. Li graduated from the Zhejiang University in the People's Republic of China specialising in business administration in 2011. He has extensive experiences in the all-media industry and he is also the founder of Hangzhou Jinwei Supply Chain Information Service Co., Ltd, a software as a service (SaaS) company serving new e- commerce and new media platforms and serves as the chairman of such company. Mr. Li is also (i) a director of Hangzhou Century Sage Information Technology Co.

Ltd., an indirect subsidiary of the Company; and (ii) the sole shareholder and sole director of Starlink Vibrant Holdings Ltd., a substantial Shareholder (as defined under the Listing Rules) which is interested in 323,500,334 Shares, representing approximately 23.34% of the total issued Shares as at the date of this announcement. Mr. Li has entered into a service contract with the Company in relation to his appointment as an executive Director for an initial term of three years commencing from 29 September 2021 until terminated by not less than three months' notice in writing served by either party. He is also subject to the re-election provisions under the Articles of Association.

Mr. Li is entitled to an annual emolument of HK$1,200,000 and a discretionary bonus as may be determined by the Board from time to time. The annual emolument was mutually agreed upon between the Board (with the recommendation of the remuneration committee of the Company) and Mr. Li with reference to the prevailing market conditions and was determined by the Board based on his anticipated effort and expertise to be exercised on the Company's affairs.