The board of directors of Shanghai XNG Holdings Limited announced that Mr. LUI Wai Ming (Mr. Lui) has served as an independent non-executive Director for nearly 9 years and also needs more time for his other business commitments, Mr. Lui has tendered his resignation as an independent non-executive Director, the chairman of the audit committee (the Audit Committee), and a member of each of the remuneration committee (the Remuneration Committee), the nomination committee (the Nomination Committee) and the risk management committee (the Risk Management Committee) of the Board, all with effect from 20 October 2023. The Board also announced that Mr. LEUNG Yiu Cho (Mr. Leung) has been appointed as an independent non-executive Director, the chairman of the Audit Committee, and a member of each of the Remuneration Committee, the Nomination Committee and the Risk Management Committee of the Board, all with effect from 20 October 2023. Mr. LEUNG Yiu Cho, aged 44, has extensive experience in strategic financial planning, structuring capital reorganization and transactions, tax planning and financial analysis in listed company and licensed corporation.

Mr. Leung was the assistant financial controller of Ta Yang Group Holdings Limited from 2006 to 2007, the chief financial officer and board secretary of Highland Asset Management Corporation from 2012 to 2013, an executive director and the vice investment principal of Artini Holdings Limited from 2013 to 2019, and an independent non-executive director and the chairman of the audit committee of Grace Life-tech Holdings Limited from 2017 to 2020 and since 11 March 2022. He was also appointed as an independent non-executive director, the chairman of the audit committee and a member of the strategic committee of Wuxi Sunlit Science and Technology Company Limited since 18 June 2021. He was an independent non-executive director and the chairman of the audit committee of Zhongshi Minan Holdings Limited from 21 October 2016 to 30 June 2022.

He was the financial controller, company secretary and authorised representative of Xinhua News Media Holdings Limited from 2 July 2021 to 5 August 2021. He was the company secretary and authorised representative of China Dredging Environment Protection Holdings Limited from 29 December 2021 to 11 August 2023. He has been the company secretary and authorised representative of Universal Star (Holdings) Limited since 13 July 2021.

Mr. Leung obtained a master's degree in Corporate Finance from The Hong Kong Polytechnic University. He was admitted as a fellow member of the Associate of Chartered Certified Accountants in March 2019.