The board of directors of China Gem Holdings Limited announced that Mr. Zhai Haixiang has been appointed as executive Director and Chairman with effect from 12 January 2023. The biographical details of Mr. Zhai are set out as follows: Mr. Zhai, aged 34, He graduated from Beijing Normal University Zhuhai with a bachelor's degree. Mr.Zhai works in finance and management He has rich experience.

From 2011 to 2012, he served as the assistant President of Gaolan Port Sub-branch of Industrial and Commercial Bank of China (Zhuhai). From 2012 to 2017, MrZhai, Corporate business manager of Bank of NANYUE (Guangzhou) Branch. From 2017 to 2022, he worked as the general manager of business Department of Bank of NANYUE (Guangzhou) Branch Mr. Chen Wei qiang and Miss.

Li Danhong has been appointed as an independent non-executive Director with effect from 12 January 2023. The biographical details of Mr. Chen are set out as follows: He is 28 years old and graduated from Anhui University of Finance and Economics, majoring in finance. He used to be the business manager and assistant branch president of Industrial and Commercial Bank of China (Ma'Anshan) Branch.

Mr. Chen has many years of experience in the financial industry. The biographical details of Miss. Li are set out as follows: She is 31 years old, graduated from Beijing Normal University Zhuhai in 2013 with a bachelor's degree in e-commerce.

Miss. Li worked in Finance, Rich experience in management. Lobby Manager of Bank of NAYUE from 2013 to 2020 at NANYUE (Guangzhou) Branch.

From 2020 to 2022, she served as the manager of Risk Management Department of Bank of NANYUE (Guangzhou) Branch. Mr. C h e n and Miss Li is entitled to an emolument as executive Director of HKD 100,000 per annum. Mr. Chen and Miss Li also be entitled to receive discretionary bonus.

Remuneration of Mr. Chen and Miss Li is determined by the Board with reference to his background, duties and responsibilities with the Company and the prevailing market situation. As at the date of the announcement, Mr. Chen does not have any interests or short positions in the shares or underlying shares in the Company or its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance. The Board announces that with effect from 12 January 2023, Mr. Zhai has been appointed as a member of the remuneration committee of the Company and chairman of the nomination committee of the Company Mr. Chen has been appointed as chairman of the remuneration committee of the Company and a member of the nomination committee of the Company, Miss Li has been appointed as a member of the remuneration committee of the Company and the nomination committee of the Company and a member of Audit committee of the Company.

The Board would like to take this opportunity to welcome Mr. Zhai,Mr.Chen and Miss Li to join the Board. Reference is made to the announcement of the Company dated 12 January 2023 in relation to, among others, the appointment of Mr. Chen We iqiang and Miss. Li Danhong as an independent non-executive Director with effect from 12 January 2023.

Unless otherwise defined, capitalised terms used in this announcement has the same meaning as those defined in the Announcement. As stated in the Announcement, Mr. Chen has confirmed that he does not have any interests in any shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance of the Laws of Hong Kong as at the date of the Announcement.