Ta Yang : CHANGE OF CHIEF EXECUTIVE OFFICER APPOINTMENT OF EXECUTIVE DIRECTOR CHANGE OF COMMITTEE COMPOSITION AND CHANGE OF AUTHORIZED REPRESENTATIVE

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TA YANG GROUP HOLDINGS LIMITED

大洋集團 控 股有 限公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1991)

CHANGE OF CHIEF EXECUTIVE OFFICER

APPOINTMENT OF EXECUTIVE DIRECTOR

CHANGE OF COMMITTEE COMPOSITION

AND

CHANGE OF AUTHORIZED REPRESENTATIVE

The board (the "Board") of directors (the "Director(s)") of Ta Yang Group Holdings Limited (the "Company") hereby announces that:

RESIGNATION OF CHIEF EXECUTIVE OFFICER

With effect from 26 August 2020, Ms. Shi Qi ("Ms. Shi") has resigned as the Chief Executive Officer of the Company (the "Resignation") owing to her intention to focus on her duties as an executive Director and the Chairlady of the Board. Ms. Shi will continue to serve as an executive Director and the Chairlady of the Board.

Ms. Shi has confirmed to the Company that she has no disagreement with the Board and there are no other matters that need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the shareholders of the Company in respect of the Resignation.

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APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR, AND CHANGE OF COMMITTEE COMPOSITION

Mr. Liu Wengang (the "Mr. Liu") has been appointed as the Chief Executive Officer and an executive Director (the "Appointment") with effect from 26 August 2020. Mr. Liu has also been appointed as a member of the Executive Committee of the Board with effect from 26 August 2020.

Mr. Liu, aged 39, has over a decade of extensive experience in capital, finance and corporate management. Mr. Liu served as the Chief Investment Officer and an executive director of Bisu Technology Group International Limited (a company listed on the Main Board of the Stock Exchange (Stock Code: 1372)) from 1 November 2019 to 20 August 2020. From January 2017 to August 2019, Mr. Liu served as the chairman's assistant and chief financial officer of China Tian Yuan Finance Group (Holdings) Limited. From April 2011 to December 2016, he served as the managing director of Huarong International Trust Co., Ltd. From July 2006 to March 2011, he worked in Ernst and Young. Mr. Liu obtained a master's degree in 2006 in economics from the Capital University of Economics and Business in the People's Republic of China and a bachelor's degree in 2003 in economics from Tianjin University of Finance and Economics.

Mr. Liu has entered into a service agreement with the Company with effect from 26 August 2020, which may be terminated by either party giving to the other not less than three months' notice in writing. His directorship will be subject to retirement by rotation and re-election pursuant to the article of association of the Company. He will hold office until the next general meeting of the Company at which he will be eligible for re-election in accordance with the article of association of the Company. Pursuant to the service agreement, Mr. Liu is entitled to a monthly salary of HK$167,000, which has been determined with reference to the prevailing market conditions and his qualification and experience as well as his duties and responsibilities with the Group. He is entitled to a discretionary bonus as may be granted with reference to the Group's results and performance and his performance in the relevant financial year.

Save as disclosed above, as at the date of this announcement, Mr. Liu has confirmed that

1. he has not held any directorships in listed public companies in the last three years;
2. he does not hold any other positions in the Company or its subsidiaries; (iii) he does not have any other relationship with any other Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iv) he does not has any interest or short position (both within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) in the shares, underlying shares or debentures of the Company or any of its associated corporation (as defined under Part XV of the SFO); and (v) there is no other information concerning the appointment which is required to be disclosed pursuant to any of the requirements of Rules 13.51(2) (h) to 13.51(2) (v) of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") and there is no other matter that needs to be brought to the attention of the shareholders of the Company.

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Upon the appointment of Mr. Liu as Chief Executive Officer, the Company will be in compliance with Code Provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules, which requires the roles of chairman and chief executive should be separate and should not be performed by the same individual.

The Board would like to extend its warm welcome to Mr. Liu for joining the Board and his appointment as the Chief Executive Officer and executive Director of the Company, and would like to express its sincere gratitude to Ms. Shi for her outstanding contribution to the Company during her tenure of office as the Chief Executive Officer.

CHANGE OF AUTHORISED REPRESENTATIVE

Mr. Liu, the newly appointed Chief Executive Officer and executive Director, has been appointed as an authorised representative of the Company under Rule 3.05 of the Listing Rules, in replacement of Ms. Shi with effect from 26 August 2020.

By Order of the Board

TA YANG GROUP HOLDINGS LIMITED

Shi Qi

Chairlady

Chengdu, 26 August 2020

As at the date this announcement, the Board comprises five executive Directors, namely Ms. Shi Qi, Mr. Liu Wengang, Mr. Yin Zhiqiang, Mr. Gao Feng and Mr. Cheng Hong; two non-executive Directors, namely Mr. Han Lei and Mr. Chan Tsun Hong Philip; and five independent non-executive Directors, namely Mr. Lin Bing, Ms. Zhang Lijuan, Mr. Liu Gang, Mr. Hu Jiangbing and Ms. Wang Lina.

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