PanAsialum : APPOINTMENT OF EXECUTIVE DIRECTOR, CHANGE IN COMMITTEE MEMBERS AND AUTHORISED REPRESENTATIVE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PanAsialum Holdings Company Limited

榮 陽 實 業 集 團 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2078)

APPOINTMENT OF EXECUTIVE DIRECTOR, CHANGE IN

COMMITTEE MEMBERS AND AUTHORISED REPRESENTATIVE

The Board hereby announces that with effect from 6 August 2020:

1. Mr. Pan Zhaolong has been appointed as an executive Director, a member of the Nomination Committee and the Authorised Representative;
2. Ms. Li Jiewen has ceased to be the member of the Nomination Committee; and
3. Dr. Cheung Wah Keung has ceased to be the Authorised Representative.

APPOINTMENT OF EXECUTIVE DIRECTOR, NOMINATION COMMITTEE MEMBER AND AUTHORISED REPRESENTATIVE

The board (the "Board") of directors (the "Director(s)") of PanAsialum Holdings Company Limited (the "Company", together with its subsidiaries, the "Group") is pleased to announce the appointment of Mr. Pan Zhaolong as an executive Director, a member of the nomination committee (the "Nomination Committee") and the authorised representative (the "Authorised Representative") of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on the Exchange (the "Listing Rules") with effect from 6 August 2020.

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Biography of Mr. Pan Zhaolong

Mr. Pan Zhaolong ("Mr. Pan"), aged 28, oversees the daily operations as general manager of a major subsidiary of the Company. He started his career in manufacturing with Foxconn Technology Co., Ltd. in 2011, and founded TySr Industrial Company Limited in November 2012. Mr. Pan was also the Managing Director of the Company from July 2014 to April 2015. From August 2017 to June 2018, Mr. Pan took a sabbatical to study Art History at Tsinghua University before pursuing humanitarian work as a First Responder in Amman, Jordan from July 2018 to February 2020. Mr. Pan graduated from Harrow School in 2010.

Mr. Pan has entered into a service contract with the Company in respect of his appointment as an executive Director for an initial term of three years, and is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the articles of association of the Company. Mr. Pan is entitled to receive a director's fee of HK$1,600,000 per annum which is determined by the Board with reference to his experience and his duties and responsibilities in the Company as well as the current market rate. Such remuneration has been approved by the Board and the remuneration committee of the Company (the "Remuneration Committee") and will be reviewed by the Board and the Remuneration Committee on an annual basis.

As at the date of this announcement, Mr. Pan is a nominated beneficiary under a discretionary trust (the "Trust"), whereby 900,000,000 issued shares of the Company (representing approximately 75% of the issued share capital of the Company by virtue of Part XV of the Securities and Futures Ordinance are held by Easy Star Holdings Limited, a company ultimately wholly-owned by HSBC International Trustee Limited as trustee for the Trust.

As at the date of this announcement and save as disclosed above, Mr. Pan does not (i) have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company; (ii) have any other interest in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong); and (iii) hold any other position with the Company and any of its subsidiaries. Save as disclosed in this announcement, Mr. Pan does not hold any other directorships in any listed companies in Hong Kong or overseas in the last three years.

As at the date of this announcement, the Board is not aware of any other matter concerning the appointment of Mr. Pan as an executive Director, a member of the Nomination Committee and the Authorised Representative that needs to be brought to the attention of the shareholders of the Company and the Exchange and there is no information relating to Mr. Pan that is required to be disclosed pursuant to Rule 13.51(2)

(h) to 13.51(2)(v) of the Listing Rules.

The Board would like to take this opportunity to express its warmest welcome to Mr. Pan in joining the Board.

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CHANGE IN NOMINATION COMMITTEE MEMBERS AND AUTHORISED REPRESENTATIVE

The Board further announces that with effect from 6 August 2020:

1. Ms. Li Jiewen has ceased to be and Mr. Pan has been appointed as the member of the Nomination Committee; and
2. Dr. Cheung Wah Keung has ceased to be and Mr. Pan has been appointed as the Authorised Representative.

On behalf of the Board of

PanAsialum Holdings Company Limited

Cheung Wah Keung

Independent Non-executive Chairman

and Independent Non-executive Director

Hong Kong, 6 August 2020

As at the date of this announcement, the executive directors of the Company are Mr. Gao Mingjie, Ms. Li Jiewen and Mr. Pan Zhaolong; and the independent non-executive directors of the Company are Mr. Mar Selwyn, Mr. Leung Ka Tin, Dr. Cheung Wah Keung and Mr. Chan Kai Nang.

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