The board of directors of Fountain Set (Holdings) Limited announced that: Mr. SUN Fuji (Mr. SUN) will resign as chief executive officer of the company (the CEO) with effect from 1 April 2023 as he would like to spend more of his time on his personal and other business engagements; Mr. LIU Xianfu (Mr. LIU), an executive Director, the chairman of the Board and the chairman of the nomination committee of the company, will be appointed as the CEO in place of Mr. SUN with effect from 1 April 2023 and will remain as the Chairman and the chairman of the nomination committee of the Company. and Mr. LIU Xianfu aged 57, was appointed as an executive Director on 28 August 2018, was re-designated as a non-executive Director on 1 November 2021 and was further re-designated as an executive Director and appointed as the Chairman on 1 April 2022. Mr. LIU has over 28 years of experience in the textile industry.

He joined China National Textiles Import and Export Corporation, the predecessor of Chinatex Corporation Limited, in 1994 and has held positions such as the Deputy Finance Section Chief of Chinatex Cotton Yarns and Fabrics Import and Export Corporation, the Deputy General Manager of Chinatex Real Estate Administration Co. Ltd., the Deputy General Manager of Finance Department of Chinatex, the General Manager of Audit Department of Chinatex, the General Manager of Finance Department of Chinatex, the General Manager of Chinatex Raw Materials International Trading Corporation and the Vice President of Chinatex. Mr. LIU has served as the Chief Accountant of Chinatex since March 2017.

Mr. LIU graduated from Anhui University of Finance and Economics (formerly known as Anhui Finance and Trade College in the People's Republic of China (the PRC) in 1987 in professional accounting with a Bachelor's degree of Economics. He obtained a Master's degree in Economics from Chinese Academy of Fiscal Sciences (formerly known as The Research Institute for Fiscal Science) in the PRC in 1990 and an Executive Master of Business Administration degree from The University of Texas at Arlington, USA in December 2010.