Cherish Sunshine International Limited announced that Ms. Wu Siyuan ("Ms. Wu") has resigned as the chief executive with effect from 7 March 2023 to devote more time on her other roles and duties in the Company. She will continue to serve as an executive director of the Company, the chairman of the Board, the chairman of the nomination committee, a member of the remuneration committee of the Company and an authorised representative of the Company under Rule 3.05 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Ms. Wu Siyuan has confirmed that she has no disagreement with the Board and there are no other matters in relation to her resignation as the chief executive of the Company that need to be brought to the attention of the shareholders of the Company or the Stock Exchange.

The Board announced that Mr. Shi Qiang ("Mr. Shi") has been appointed as an chief executive of the Company with effect from 7 March 2023. Mr. Shi Qiang, aged 40, graduated from Hunan University in June 2006 with a Bachelor's Degree in Laws and further obtained a Master's Degree in Business Administration from China Europe International Business School in November 2018. From 2006 to 2012, Mr. Shi successively served as sales manager, sales director and the general manager of Jiangyin Akcome Solar Energy Equipment Co.

Ltd. From 2012 to 2019, Mr. Shi served as the vice president of Suzhou Akcome Energy Group Co. Ltd. He was responsible for the company's overall strategy and investment and participated in the company's major business negotiations. From 2019 to 2021, Mr. Shi served as the senior vice president in Jiangsu Akcome Science and Technology Co.

Ltd. ("Jiangsu Akcome"), a company listed on the Shenzhen Stock Exchange. In early 2022, Mr. Shi joined Shanghai Chenghua Rui'an Energy Group Co. Ltd., a wholly-owned subsidiary of the Company, and is currently acting as the vice president of operations, responsible for the related business of the company's energy engineering procurement.

From August 2019 to January 2022, Mr. Shi served as a director in Jiangsu Akcome. Mr. Shi has entered into a formal service contract with the Company for each of the positions of executive director and the chief executive of the Company for a term of three years commencing from 7 March 2023. Mr. Shi's term of service as an executive director of the Company is renewable automatically for successive terms of one year each commencing from the next day after the expiry of the then term of employment unless terminated by either party by at least three months' written notice.

Mr. Shi, in his capacity as an executive director of the Company, is also subject to retirement by rotation and re-election at the general meeting of the Company in accordance with the bye-laws of the Company. Mr. Shi shall be entitled to a monthly salary of RMB 55,625, which is determined by the Board with reference to his experience, duties and responsibilities in the Company as well as the current market conditions. Apart from the aforementioned positions, Mr. Shi did not hold any directorship in the last three years in any public companies, the securities of which are listed in Hong Kong or overseas, and does not hold any other position within the Company or any of its subsidiaries.

Mr. Shi does not have any relationship with any directors, senior management, substantial or controlling shareholders of the Company. Mr. Shi is a participant of the share award plan adopted by the Company on 29 April 2022 and an option holder under the share option scheme adopted by the Company on 3 August 2022. The vesting of such awarded shares and share options are subject to fulfillment of certain performance targets and/or vesting conditions, and the awarded shares and share options are yet to be vested.

As at the date of this announcement, Mr. Shi does not hold any shares of the Company. Save as disclosed above, Mr. Shi does not have any other interests in the share of the Company within Part XV of the Securities and Futures Ordinance.