Aowei : APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR CHANGE IN COMPOSITION OF AUDIT COMMITTEE

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AOWEI HOLDING LIMITED

奧威控股有限公司

(incorporated in the British Virgin Islands and continued in the Cayman Islands with limited liability)

(Stock Code: 1370)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

CHANGE IN COMPOSITION OF AUDIT COMMITTEE

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the "Board") of Aowei Holding Limited (the "Company") is pleased to announce that Mr. Wong Sze Lok ("Mr. Wong") has been appointed as an independent non- executive director, the chairman of the Audit Committee and a member of the Nomination Committee with effect from 8 April 2021.

Mr. Wong, aged 48, has extensive experience in auditing and corporate governance. Mr. Wong was the chief financial officer of Century Entertainment International Holdings Limited (formerly known as Amax International Holdings Limited), the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock code: 959).

Mr. Wong is an independent non-executive director of Grand Field Group Holdings Limited (Stock Code: 115) and TBK & Sons Holdings Limited (Stock Code: 1960), the shares of all of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited. Mr. Wong also serves as the company secretary of Unitas Holdings Limited, the shares of which are listed on GEM of The Stock Exchange of Hong Kong Limited (Stock code: 8020).

Mr. Wong obtained a bachelor of arts degree in accountancy from The Hong Kong Polytechnic University in November 1996 and a master of management degree from Macquarie University in November 2004. Mr. Wong is currently a fellow of the Hong Kong Institute of Certified Public Accountants, a fellow of The Institute of Chartered Accountants in England and Wales and a Certified Information Systems Auditor.

Save as disclosed above, Mr. Wong (i) has not held any directorships in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the past 3 years; (ii) does not hold any other positions in the Company or any of its subsidiaries; and (iii) does not have any relationship with any director, senior management, substantial shareholder or controlling shareholder of the Company.

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As at the date of this announcement, Mr. Wong does not hold any share interests in the Company within the meaning of Part XV of the SFO.

Mr. Wong will enter into a service contract with the Company as an independent non-executive director for a term of 3 years subject to retirement by rotation in accordance with the Articles of Association. Mr. Wong will receive a director's fee of HK$20,000 per month as an independent non-executive director of the Company, which was determined by the Board with reference to his duties and responsibilities with the Company, his experience and the prevailing market conditions.

Mr. Wong confirms that there is no other information relating to his appointment as independent non-executive director to be disclosed pursuant to any of the requirements under Rule 13.51(2)

1. to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), nor is there any other matter relating to his appointment as independent non-executive directors that needs to be brought to the attention of the shareholders.

The Board would like to extend its warmest welcome to Mr. Wong in joining the Board.

CHANGE IN COMPOSITION OF AUDIT COMMITTEE

Following the appointment of Mr. Wong as the chairman of the Audit Committee with effect from 8 April 2021, the composition of the Audit Committee has been changed accordingly. Mr. Ge Xinjian, currently an independent non-executive director, the chairman of the Audit Committee and a member of the Remuneration Committee, ceases to be the chairman of the Audit Committee with effect from 8 April 2021, and will remain as an independent non-executive director, and a member of the Audit Committee and Remuneration Committee, respectively.

UPDATE ON COMPLIANCE WITH RULES 3.10, 3.10A AND 3.21 OF THE LISTING RULES AND CODE PROVISION A.5.1 OF THE CORPORATE GOVERNANCE CODE

Reference is made to the announcement of the Company dated 24 March 2021 in relation to the resignation of Mr. Kong Chi Mo as independent non-executive director with effect from 24 March 2021.

Following the appointment of Mr. Wong, the Company has complied with the requirements of:-

• having at least three independent non-executive directors on the Board as required under Rules 3.10(1) of the Listing Rules;
• having at least one of the independent non-executive directors possessing appropriate professional qualifications or accounting or related financial management expertise as required under Rule 3.10(2) of the Listing Rules;
• having independent non-executive directors representing at least one-third of the Board as required under Rule 3.10A of the Listing Rules;
• having at least three members of the Audit Committee and at least one of the members in the Audit Committee being an independent non-executive director with appropriate professional qualifications or accounting or related financial management expertise as required under Rule 3.21 of the Listing Rules; and

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• having a majority of the independent non-executive directors in the Nomination Committee as required under Code Provision A.5.1 of the Corporate Governance Code set out in Appendix 14 to the Listing Rules.

By order of the Board

Aowei Holding Limited

Mr. Li Yanjun

Chairman

Beijing, the People's Republic of China, 8 April 2021

As at the date of this announcement, the executive directors are Mr. Li Yanjun, Mr. Li Ziwei, Mr. Sun Jianhua and Mr. Tu Quanping, and the independent non-executive directors are Mr. Ge Xinjian, Mr. Meng Likun, Mr. Wong Sze Lok.

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