The board of directors of the Hao Bai International (Cayman) Limited hereby announced that Ms. Wong Wing Hung (‘Ms. Wong') has resigned as the chairman of the Board, chairman of the Nomination Committee of the Company and the Exchange authorised representative with effect from 23 December 2022 due to personal reasons, but will remain as an executive director of the Company and the agent for service of process in Hong Kong. Following the resignation of Ms. Wong, Mr. Wang Lun, (‘Mr. Wang'), an executive director and general manager of the Company, has been appointed as the chairman of the Board, chairman of the Nomination Committee of the Company and the Exchange authorised representative with effect from 23 December 2022. The Board further announced that Mr. Cheung Hiu Fung (‘Mr. Cheung') has been appointed as an independent non-executive Director and member of the Audit Committee of the Company with effect from 23 December 2022.

Mr. Cheung, aged 28, obtains his Master of Business Administration Degree from The University of Chichester, United Kingdom. Mr. Cheung started his career in writing financial analysis and holding financial seminar as a finance columnist on various social media and newspaper in Hong Kong since January 2015, and founded Bofung Company Limited in July 2017. His financial investment course had over thousand of students.

He is also a writer and published his own financial analysis book in Hong Kong and Taiwan, with more than 2,000 copies sold. Mr. Cheung was an executive director of Goldway Education Group Limited (Stock Code: 8160), a company listed on the GEM of the Stock Exchange, between April 2021 and September 2022 while he was also its chairman of the Board between January 2022 and September 2022. The Board further announced that Mr. Ng Kam Tsun (‘Mr. Ng') has resigned as an independent non-executive Director, chairman of the Audit Committee, chairman of the Remuneration Committee and member of the Nomination Committee of the Company with effect from 23 December 2022 as he would like to spend more time to pursue his own business.

Mr. Ng has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company. Following the resignation of Mr. Ng, Ms. Yuen Wai Man (‘Ms. Yuen'), an independent non- executive director of the Company, has been appointed as the chairman of Audit Committee and chairman of the Remuneration Committee of the Company with effect from 23 December 2022.