The board of directors of Century Ginwa Retail Holdings Limited announced that Mr. Huang Shunxu (Mr. Huang) has tendered his resignation as an executive director, the chairman of the Board and the chairman of the nomination committee of the Board of the Company all with effect from 14 December 2022 (the Resignation) to pursue his own career development. The Board announced that, following to the Resignation, Mr. Yao Jiangang (Mr. Yao) has been appointed as an executive director, the chairman of the Board and the chairman of the Nomination Committee with effect from 14 December 2022. Mr. Yao, aged 52, graduated from Xi'an International Studies University in 1994 and Cheung Kong Graduate School of Business in 2022.

He holds an associate degree in German from the Adult Education College of Xi'an International Studies University and a master's degree in business administration. Mr. Yao has extensive experience in business, retail and management. He joined Century Ginwa in September 2021, and currently holds the position as the president of Century Ginwa Co.

Ltd. Mr. Yao served as the senior business consultant of Fujian Dongbai Group and the general manager of Lanzhou Center of Lanzhou Oriental Friendship Real Estate Co. Ltd.* from 2017 to August 2021. He worked as the vice president of Xi'an Kaiyuan Investment Group from 2012 to 2017.

He also served as the general manager of Shanghai Kaitong Business Management Co. Ltd.* from 2010 to 2011. He also worked at Hong Kong Walden International Business Management Co.

Ltd. as the chief business officer from 2007 to 2009. He served as the general manager of Xi'an Meimei Department Store from 2005 to 2007, and the deputy general manager of Century Ginwa Co. Ltd. from 1996 to 2004.

Mr. Yao has entered into a service agreement with the Company for a fixed term of three years commencing from 14 December 2022. He will hold office until the next annual general meeting of the Company at which he will be eligible for re-election. Thereafter, Mr. Yao will be subject to retirement by rotation and re-election at the annual general meetings of the Company at least once every three years in accordance with bye-law 87 of the Company's bye-laws.

The Board announced that Mr. Li Yang ("Mr. Li") has tendered his resignation as a non- executive director of the company with effect from 14 December 2022 to pursue his own career development. The Board announced that, following to the resignation of Mr. Li, Mr. Huang Zhihua has been appointed as a non-executive director with effect from 14 December 2022. Mr. Huang Zhihua, aged 45, graduated from Zhengzhou University of Aeronautics in 1999 and Northwestern Polytechnical University in 2009.

He holds a bachelor's degree in industrial engineering and a master's degree in business administration. Mr. Huang Zhihua has extensive experience in financing, finance and investment management. He has joined Xi'an Qujiang Cultural Financial Holdings (Group) Co.

Ltd. since February 2020, and currently holds the positions as a member of the CPC Committee and the investment director. He served as the manager, deputy general manager and risk control director of the first investment department of Shaanxi Province Industry Investment Co. Ltd. from November 2011 to February 2020, and the director of the investment project department of Shaanxi Investment Group from June 2003 to October 2011.

He served as the director of the R&D department of Shaanxi Jufeng Investment Information Co. Ltd. from September 2002 to May 2003, and the director of the R&D Department of Tianjin Ronghui Investment Consulting Co. Ltd. from July 2001 to September 2002.