China Financial Services Holdings Limited announced that Mr. Zhang Kun has been appointed as an independent non-executive director, the chairman of the Remuneration Committee and a member of the Audit Committee, the Nomination Committee and the Business Risks Committee of the Company with effect from 13 March 2023. The biographical details of Mr. Zhang Kun is set out below: Mr. Zhang Kun aged 40, has extensive experience in corporate finance, investments and international capital markets. Mr. Zhang is currently the chairman of the board of directors and chief executive officer of Templewater Holdings Limited, a private equity investment and alternative asset management firm of which he co-founded in March 2019.

He is also the chairman of the board of directors of Citybus Limited and New World First Bus Services Limited since October 2020. Mr. Zhang has previously worked in Chow Tai Fook Enterprises Limited as well as the Corporate Finance Division of Deutsche Bank AG and The Hongkong and Shanghai Banking Corporation Limited. Mr. Zhang has been a member of the Beijing Municipal Committee of the 14th Chinese People's Political Consultative Conference since January 2023.

Mr. Zhang holds a Bachelor of Applied Science degree in Electrical Engineering from the University of Waterloo in Canada and a Master of Science degree from Harvard University in the United States of America. The Board of the Company announced that Mr. Wu Xinjiang has resigned as a non-executive director, a member of the Audit Committee of the Company with effect from 13 March 2023 since he wishes to focus more time on his other business commitments. Dr. Zhang Xiao Jun has resigned as an independent non-executive director, a member of the Audit Committee, the Remuneration Committee, the Nomination Committee and the Business Risks Committee with effect from 13 March 2023 as he wishes to devote more time to his personal commitments.

Mr. Lee Ka Wai has resigned as the chairman of the Remuneration Committee but remained as an independent non-executive Director and a member of the Remuneration Committee, the Business Risks Committee and the chairman of the Audit Committee and the Nomination Committee as Mr. Lee wishes to devote more time to his other position on the Board.