Newtree : APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF COMPOSITION OF BOARD COMMITTEES

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Huasheng International Holding Limited

華 盛 國 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1323)

APPOINTMENT OF

INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The board (the "Board") of directors (the "Directors") of Huasheng International Holding Limited (the "Company", together with its subsidiaries, the "Group") is pleased to announce that Mr. Li Kwok Tai, James ("Mr. Li") has been appointed as an independent non-executive Director, a member of each of the audit committee, the remuneration committee and the nomination committee of the Company with effect from 21 September 2020.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Mr. Li, aged 52, has over 20 years of experience in investment banking and corporate finance and has extensive knowledge in accounting and finance. Mr. Li is currently the managing director of the investment banking department of Shanggu Securities Limited. He has been a committee member of the corporate finance advisory panel of the Hong Kong Institute of Certified Public Accountants since 2015.

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Mr. Li obtained a Bachelor's degree in Engineering (with honours) at the University of Liverpool in the United Kingdom, a Master's degree in Science at the Victoria University of Manchester (currently known as the University of Manchester) in the United Kingdom and a Bachelor's degree in Laws at the University of London in the United Kingdom. Mr. Li is a member of the American Institute of Certified Public Accountants and the Hong Kong Institute of Certified Public Accountants.

The Company has entered into a letter of appointment with Mr. Li for an initial term of 2 years commencing from 21 September 2020 which is terminable by either party by giving to the other one month's prior notice in writing. Mr. Li's appointment will be subject to normal retirement and re-election pursuant to the articles of association of the Company. Mr. Li is entitled to a Director's remuneration of HK$12,000 per month, which is determined with reference to the prevailing market conditions, the Company's performance and his time, effort and expertise to be exercised on the Group's affairs.

Saved as disclosed herein, as at the date of this announcement, (i) Mr. Li does not hold any position in the Company or any of its subsidiaries nor have any relationship with any Director, senior management or substantial or controlling shareholders of the Company; (ii) Mr. Li has not held any directorship in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the past three years or other major appointments and professional qualifications; and (iii) Mr. Li does not have, and is not deemed to have, any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations which is required to be disclosed under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed herein, there is no information relating to the appointment of Mr. Li that needs to be brought to the attention of the shareholders of the Company nor is there any information relating to Mr. Li which is required to be disclosed pursuant to Rules 13.51(2)

1. to (v) of the Rules (the "Listing Rules") Governing the Listing of Securities on the Main Board of The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to welcome Mr. Li for joining the Board.

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CHANGE OF COMPOSITION OF BOARD COMMITTEES

The Board is pleased to announce that Mr. Li has been appointed as a member of each of the audit committee, the remuneration committee and the nomination committee of the Company with effect from 21 September 2020.

Reference is made to the announcements of the Company dated 31 March 2020 and 2 July 2020 in relation to, among other things, the Company's non-compliance with certain requirements with respect to the Board composition pursuant to the Listing Rules.

Following the appointment of Mr. Li, the Board will comprise three executive Directors and three independent non-executive Directors. In addition, Mr. Li has also been appointed as a member of each of the audit committee, the remuneration committee and the nomination committee of the Company. The Company shall, upon the appointment of Mr. Li, be in compliance with Rules 3.10(1), 3.11, 3.21 and 3.23 of the Listing Rules.

By Order of the Board

Huasheng International Holding Limited

Wong Wai Sing

Chairman and Executive Director

Hong Kong, 21 September 2020

As at the date of this announcement, the executive Directors are Mr. Wong Wai Sing, Mr. Chan Kin Lung and Mr. Wong Jeffrey; and the independent non-executive Directors are Mr. Kwok Kam Tim, Mr. Tso Ping Cheong, Brian and Mr. Li Kwok Tai, James.

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