The board of directors (the " Board ") of Asymchem Laboratories (Tianjin) Co., Ltd. (the "Company", together with its subsidiaries, the "Group") received the written resignation letter from Ms. Zhang Kun today, who is an independent non-executive director of the Company (the " independent non-executive Director "). Pursuant to the Rules for Independent Directors of Listed Companies of the China Securities Regulatory Commission and other relevant regulations, the consecutive term of an independent non-executive director serving in the same listed company shall not exceed six years. Having served for six consecutive years, Ms. Zhang Kun has tendered to the Board her resignation from the positions of an independent non-executive Director of the fourth session of the Board, the chairman of the audit committee under the Board (the " Audit Committee "), and a member of remuneration and examination committee under the Board (the " Remuneration and Examination Committee ").

Upon the resignation taking effect, Ms. Zhang Kun will no longer hold any position in the Company. Given that the resignation of Ms. Zhang Kun will result in the Company not satisfying the requirements of (i) having at least three independent non-executive directors on the Board under Rule 3.10(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"); (ii) having at least one independent non-executive director with appropriate professional qualifications or accounting or related financial management expertise under Rule 3.10(2) of the Listing Rules; (iii) having the number of independent non-executive directors representing at least one-third of the Board as required under Rule 3.10A of the Listing Rules; (iv) the audit committee comprising a majority of independent non-executive directors with a minimum of three members, and being chaired by an independent non-executive director under Rule 3.21 of the Listing Rules; and (v) the remuneration committee comprising a majority of independent non-executive directors under Rule 3.25 of the Listing Rules, the resignation of Ms. Zhang Kun will not take effect until the Company appoints an independent non-executive Director who meets the above requirements. The Board will nominate a new candidate for independent non-executive Director as soon as practicable and put forth the proposed resolution to the Company's general meeting for its shareholders' approval.

Further announcement will be made in relation to the aforesaid proposed resolution as and when appropriate. Prior to the appointment of the new independent non-executive Director, Ms. Zhang Kun will continue to perform her duties as an independent non-executive Director, the chairman of the Audit Committee, and a member of the Remuneration and Examination Committee.