Kong Sun : CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND COMPOSITION OF THE BOARD COMMITTEES

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KONG SUN HOLDINGS LIMITED

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(Incorporated in Hong Kong with limited liability)

(Stock Code: 295)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND

COMPOSITION OF THE BOARD COMMITTEES

The Board announces that, with effect from 1 March 2021:

• (i) Ms. Wang Fang resigned as an independent non-executive director, the chairman of the remuneration committee, a member of the nomination committee and a member of the audit committee of the Company; and

• (ii) Mr. Xu Xiang has been appointed as an independent non-executive director, the chairman of the remuneration committee, a member of the nomination committee and a member of the audit committee of the Company.

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND MEMBER OF THE BOARD COMMITTEES

The board (the ''Board'') of directors of Kong Sun Holdings Limited (the ''Company'', together with its subsidiaries as the ''Group'') hereby announces that Ms. Wang Fang (''Ms. Wang'') has tendered her resignation as an independent non-executive director, the chairman of the remuneration committee, a member of the nomination committee and a member of the audit committee of the Company due to her desire to devote more time on her personal affairs with effect from 1 March 2021.

Ms. Wang has confirmed to the Company that she does not have any disagreement with the Board and that there is no other matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the ''Stock Exchange'').

The Board would like to take this opportunity to express its appreciation for the valuable contribution of Ms. Wang during her term of service.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND MEMBER OF THE BOARD COMMITTEES

The Board is pleased to announce that Mr. Xu Xiang (''Mr. Xu'') has been appointed as an independent non-executive director, the chairman of the remuneration committee, a member of the nomination committee and a member of the audit committee of the Company with effect from 1 March 2021.

The biographical details of Mr. Xu are set out as follows:

Mr. Xu, aged 29, obtained a bachelor's degree in accountancy in 2014 from the Inner Mongolia University of Finance and Economics in the People's Republic of China (the ''PRC''). Mr. Xu has extensive experience in financial management and investment. From 2018 to 2020, he worked as a financial consultant in Manpower Services (Hong Kong) Limited. He also worked as a finance manager in an information technology company in the PRC from 2014 to 2017.

Mr. Xu entered into a letter of appointment with the Company on 1 March 2021 and is subject to retirement by rotation and re-election and other related provisions in accordance with the articles of association of the Company and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules''). Pursuant to his letter of appointment, he is entitled to an annual director's fee of HK$240,000. Mr. Xu's remuneration is determined by the Board with reference to his duties and responsibilities as well as the prevailing market conditions. He will hold the office until the next general meeting of the Company.

As at the date of this announcement, Mr. Xu 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 (Cap. 571 of the laws of Hong Kong).

As at the date of this announcement, (i) Mr. Xu does not, nor did he in the past three years, hold any directorships in any other public companies the securities of which are listed in Hong Kong or overseas; (ii) he does not have any relationships with any directors or senior management or substantial or controlling shareholders (as defined in the Listing Rules) of the Company; and (iii) he does not hold other positions in the Company or its subsidiaries. Mr. Xu has confirmed that he has met the independence criteria as set out in Rule 3.13 of the Listing Rules.

Save as disclosed above, the Board is not aware of any information relating to Mr. Xu's appointment which is discloseable pursuant to any of the requirements under Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, or other matters that need to be brought to the attention of the shareholders of the Company or the Stock Exchange.

The Board would like to take this opportunity to express its warmest welcome to Mr. Xu for joining the Board.

By Order of the Board

Kong Sun Holdings Limited

Mr. Jin Yanbing Executive Director

Hong Kong, 1 March 2021

As of the date of this announcement, the Board comprises two executive Directors, Mr. Jin Yanbing and Mr. Qin Hongfu, one non-executive Director, Mr. Jiang Hengwen, and three independent non-executive Directors, Mr. Lang Wangkai, Ms. Wu Wennan and Mr. Xu Xiang.