The board of directors of Dawnrays Pharmaceutical (Holdings) Ltd. announced that Mr. Chen Shaojun rendered his letter of resignation to the Company due to intention to focus on his other business and resigned from his position as chief executive officer of the Company with effect from February 16, 2022. Mr. Chen has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of holders of securities of the Company or The Stock Exchange of Hong Kong Limited. The Board announced that Mr. Wu Weixian ("Mr. Wu") has been appointed to act as the chief executive officer of the Company with effect from 16 February 2022.

Mr. Wu, aged 53, joined Nanjing PharmaRays Science and Technology Co. Ltd. ("Nanjing PharmaRays"), a non-wholly owned subsidiary of Suzhou Dawnrays Pharmaceutical Co. Ltd. (an indirect wholly owned subsidiary of the Company), in April 2019 as director and general manager.