Grand Pharmaceutical Group Limited announced that Dr. Shao Yan has retired as executive Directors at the conclusion of the AGM due to his own decision to devote more time to his personal engagement, and he has ceased to be a member of the nomination committee of the Company. Dr. Shao has confirmed that his retirement is not due to any disagreement with the Board and there is no other matter relating to his retirement that needs to be brought to the attention of the Shareholders. Dr. Shao will remain as a consultant of the Company for three years and also a strategic consultant for the strategic committee of the Grand Pharma (China) Co.

Ltd. (a major subsidiary of the Group), to provide professional advice and recommendations for material operation decisions of the Group. The Board is pleased to further announce that at the AGM, Mr. Zhou Chao has been appointed as an executive Director with effect from the conclusion of the AGM. Mr. Zhou is also appointed as a member of the nomination committee of the Company.

Mr. Zhou Chao, aged 33, joined the Group since June 2019 and has been the chief executive officer of the Company since June 2021, and is also a director of certain associated company of the Group. Mr. Zhou is responsible for overall internal management of the Group. Prior to joining the Company, Mr. Zhou was the legal manager, senior legal manager and business director of the department of legal security management of China Grand Enterprises Incorporation (a substantial shareholder of the Company).

He is also directors of certain local and overseas companies, including being a director of OncoSec Medical Incorporated, a company listed in NASDAQ (trading symbol: ONCS) since February 2020. Mr. Zhou graduated from the Law School of Ocean University of China in 2011, and obtained his Master of International Economic Law Degree from the University of International Business and Economics. Mr. Zhou led and participated in several local and overseas transactions in relation to large scale merger and acquisition projects and introduction of various types of products.