Sincap Group Limited announced that the resignation of Wang Xiufeng as Independent Director of the Company. Job title is Independent director, Chairman of Nominating Committee and member of the Remuneration Committee. Mr. Wang is resigning in order to devote more time to his principal commitments as a lawyer.

When he first accepted the role of being an independent director at the Company, Mr. Wang did not predict the changes in his work as a legal professional and the growth in business volume to come in 2022. As business volume is directly proportional and closely related to a lawyer's income, Mr. Wang has chosen to focus on his duties and responsibilities as a lawyer in these new circumstances. The Sponsor, after having interviewed Mr. Wang, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Wang as an Independent Director of the Company.

The resignation of Mr. Wang Xiufeng ("Mr. Wang") has been noted and accepted by the Board of Directors of the Company (the "Board") and the Board has unanimously agreed that his resignation be effective from 11 May 2022. This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor").

It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.