The board of directors of Smartac Group China Holdings Limited announced that with effect from 16 December 2019: Mr. Yang Xin Min has resigned as an executive director and the chief executive officer of the Company; (ii) a member of the remuneration committee and the nomination committee of the Company; and (iii) an authorised representative of the company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (‘Authorised Representative') in order to devote more time to pursue his other personal commitments, but he will still hold directorship of certain subsidiaries of the Company; Mr. Yang Xin Min has been redesignated as a non-executive Director of the Company; Mr. Yang Zhen has resigned as an executive Director of the Company in order to devote more time to pursue his other personal commitments, but he will still hold directorship of certain subsidiaries of the Company; Mr. Ho Chi Kin (‘Mr. Ho') has been appointed as an executive Director and the chief executive officer of the Company; a member of the Remuneration Committee and the Nomination Committee; and (iii) an Authorised Representative; Mr. Tsui Francis King Chung (‘Mr. Tsui') has been appointed as (i) an independent non- executive Director of the Company; and (ii) a member of the audit committee (‘Audit Committee') of the company, the Remuneration Committee and the Nomination Committee; and Mr. Tang Yat Ming Edward (‘Mr. Tang') has been appointed as (i) an independent non- executive Director of the Company; and (ii) a member of the Audit Committee, the Remuneration Committee and the Nomination Committee. Mr. Ho Chi Kin, is an executive Director, the chief executive officer and a member of the Remuneration Committee and the Nomination Committee of the Company with effect from 16 December 2019 and holds directorship of certain subsidiaries of the Company. Mr. Ho has extensive experience in charge of operation and development of online social platform, online advertising service business and launch of mobile online games in mainland China.

In addition, he has over 20 years of experience in wealth management services in the United States of America, Hong Kong and mainland China, providing independent financial consulting services for high-end customers, focusing on corporate restructuring, mergers and acquisitions and assisting domestic clients with managing assets in their overseas listings. In accordance with the articles of association of the Company, Mr. Ho will hold office until the first general meeting of the Company after his appointment and shall then be eligible for re-election. Mr. Tsui Francis King Chung, is an independent non-executive Director and a member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company with effect from 16 December 2019.

Mr. Tsui has extensive experiences in financial advisory services, investor relations, corporate restructuring, direct investment and business development consultancy. Mr. Tsui is an independent non-executive director of Delta-Asia Financial Group in Hong Kong and Macau since 2018. Currently, he serves on the Board of AsiaCMS Berhad headquartered at Kuala Lumpur, Malaysia and also the Board of Asian Access of the U.S. Mr. Tsui holds a Bachelor of Arts and Master of Philosophy from the University of Hong Kong.

Mr. Tang Yat Ming Edward, is an independent non-executive Director and a member of the Audit Committee, the Remuneration Committee and Nomination Committee of the Company with effect from 16 December 2019. Mr. Tang is currently the chief financial officer of SBE International Limited since 2017.