Global Sweeteners Holdings Limited announced that Mr. Wang Guicheng ("Mr. Wang") has been appointed as an executive Director and the chairman of the Board with effect from 31 October 2022. Mr. Wang Guicheng, aged 54, graduated from (Jilin Business and Technology College) (formerly known as (Jilin Grain College) in July 1990, majoring in grain storage and analysis. Mr. Wang has over 32 years of experience in the agricultural industry.

Mr. Wang joined (Changchun Dacheng Corn Development Company Limited), a subsidiary of Global Bio-chem Technology Group Company Limited ("GBT", together with its subsidiaries, the "GBT Group"), a company listed on the Main Board of the Stock Exchange of Hong Kong Limited and a controlling shareholder of the Company, as quality inspection officer in April 1997. Mr. Wang has then served various senior positions in the Group and the GBT Group and has actively engaged in operational management and the development of production technology. In March 2017, Mr. Wang was appointed as the deputy general manager of the production and operation department of both the Group and the GBT Group, overseeing the overall production operation of the Group and the GBT Group.

In December 2018, Mr. Wang has been promoted to the chief operating officer (the "COO") of both the Group and the GBT Group and has been serving in this capacity since then. Following the appointment of Mr. Wang as the chairman of the Board, Mr. Wang will assume the dual roles of the COO of the Group and the chairman of the Board. The Board believes that having the same individual in both roles allows the Company to ensure effective implementation in consistent with the overall strategy of the Company.

At the same time, since all major decisions of the Company are discussed by the Board, the Board committees and the senior management of the Company, the Board is of the view that the appointment of Mr. Wang as both the COO of the Group and the chairman of the Board would not compromise the balance of power and authority and is in the interest of the shareholders of the Company as a whole. The Board will review the effectiveness of this arrangement from time to time and comply with C.2.1 of Corporate Governance Code as set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") when the Board considers appropriate. The Board further announced that following the appointment of Mr. Wang as executive Director as announced above, Mr. Wang has also been appointed as the chairman of the nomination committee of the Company and a member of each of the remuneration committee of the Company and the corporate governance committee of the Company with effect from 31 October 2022.