The Board of Directors of Courage Investment Group Limited announced that with effect from 1 January 2022: Dr. Feng Xiaogang ("Dr. Feng") will step down from his position as Chairman of the Board and will be re-designated as Non-executive Director of the Company as he needs to devote more time to his other business engagements; Mr. Sue Ka Lok ("Mr. Sue"), Executive Director of the Company, will be appointed as Chairman of the Board. Mr. Sue, aged 56, rejoined the Company as Executive Director on 30 November 2021 and is a director of various subsidiaries of the Company. Mr. Sue first joined the Company as Executive Director and the Chairman of the Board in October 2015, stepped down from the position as Chairman of the Board and re-designated as Non-executive Director in October 2017, re-appointed as the Chairman of the Board in February 2018, and subsequently resigned as Non-executive Director and the Chairman of the Board in January 2021. Dr. Feng, aged 56, joined the Company as Executive Director and the Chairman of the Board in January 2021. The Board would like to further announce that with effect from 1 January 2022, Dr. Feng will cease to be a member of the Nomination Committee and Mr. Sue will be appointed as a member of the Nomination Committee.