Pa Shun International Holdings Limited announced that Mr. Chen Rongxin has tendered his resignation as an executive Director with effect from February 23, 2021 due to other business commitments which require more of his dedications. The Board also announces that, with effect from February 22, 2021, Professor Xiao Kai has been appointed as the chairman of the Board, an executive Director and the chairman of the nomination committee of the Board; Mr. Yang Bo has been appointed as an executive Director; Mr. Cao Lei has been appointed as an independent non-executive Director, the chairman of the remuneration committee and the corporate governance committee of the Board, and a member of each of the audit committee and the Nomination Committee of the Board; Mr. Ng Wai Tsan has been appointed as an independent non-executive Director, a member of each of the Audit Committee, the Remuneration Committee, the Nomination Committee and the CG Committee; and Mr. Chen Yongsheng has been appointed as an independent non-executive Director, the chairman of the Audit Committee and a member of each of the Remuneration Committee and the CG Committee. Professor Xiao Kai, aged 40, is currently the chairman of Hong Kong Cambridge Education Group and the chairman of Shenzhen Qianhai Huirong Asset Management Co. Ltd. He has extensive experience in investment and industrial operation and has notable achievements in mergers and acquisitions and equity investment. Mr. Yang Bo, aged 41, graduated from the Instrument Science and Engineering Department of Southeast University, is the founder of Fanmai Assets Tide Venture Group and he has been the chief executive officer of Shanghai Fanmai Assets. Management Co. Ltd. since 2016. Mr. Cao Lei, aged 63, graduated from Huazhong University of Science and Technology and had worked at Zhongnan University of Economics and Law in Wuhan for many years. He joined Shenzhen Stock Exchange in early 1990s and served as the editorial director of the Securities Market Herald and is the principal founder and principal of the Securities Times. Mr. Ng Wai Tsan, aged 73, is an entrepreneur with many years of experience in investment and business development. He has invested in Hong Kong, Mainland China, Southeast Asia and other places. His businesses include film and television investment and distribution, real estate development, transportation and logistics and catering chain, etc. Mr. Chen has over 15 years experience in domestic and overseas capital market, investment and financial and corporate management. Mr. Chen has held management positions in many well-know domestic and overseas financial institutions such as Citicorp Investment Bank (S) Ltd., a company principally engaged in assets management and investment banking and a subsidiary of CITIC International Assets Management Limited, a company principally engaged in investment and assets management.