The board of directors of China Hongbao Holdings Limited hereby announced that Mr. Ji Zhendong (Mr. Ji) has tendered his resignation as chief executive officer of the company (the CEO) with effect from 17 May 2023 as he would like to devote more time to his other personal commitments. The Board further announces that following the resignation of Mr. Ji as the CEO, Mr. Yu Hua (Mr. Yu), currently an executive Director, has been appointed as the CEO with effect from 17 May 2023, and such appointment is coterminous with the term of his appointment as an executive Director and no additional emolument will be paid to Mr. Yu as a result of his appointment as the CEO. Mr. Yu Hua, aged 38, was appointed as an executive Director on 27 February 2023.

Mr. Yu obtained a master's degree in software engineering from Peking University in July 2011 and has over 7 years of experience in finance and business administration. Mr. Yu has been the chief executive officer of Beijing Sousou Kuaipao Technology Co. Ltd. since October 2015, a company of which Mr. Cheng Jun (the chairman of the Board and an executive Director) is the chairman and a shareholder.

He has also been a chief executive officer and the executive director, general manager and legal representative of Hainan Hongbao Linkage Technology Co. Ltd. since July 2022.