The board (the "Board") of directors (the "Directors") of the Radiance Holdings (Group) Company Limited announced that due to a reassignment of duties and responsibilities, Mr. Chen Chaorong "Mr. Chen")(has stepped down as an executive Director, a member of the remuneration committee (the " Remuneration Committee "), as well as an authorised representative of the Company pursuant to Rule 3.05 of the Listing Rules with effect from 25 March 2022. Following his step-down, Mr. Chen remains in the employment of the Group as general manager of a subsidiary of the Company, primarily responsible for the Group's projects in Changhsa, Hefei, Jingzhou and Wuhan in Central China region. The Board announced that Mr. Xu Xiaodong ("Mr. Xu") has been appointed as an executive Director and the authorised representative of the Company pursuant to Rule 3.05 of the Listing Rules with effect from 25 March 2022.

Mr. Xu aged 39, has over 15 years of experience in financial management, treasury, management, capital market financing, risk management and internal control management. Mr. Xu joined the Group in December 2016 and was promoted as assistant executive president of the Group in November 2020. In September 2021, Mr. Xu was appointed and is currently serving as a director of Radiance Group Co.

Ltd., an indirect non-wholly owned subsidiary of the Company. Mr. Xu is primarily responsible for the financial and treasury management of the Group. In connection with the change of Directors as disclosed in this announcement, the Board announces that with effect from 25 March 2022: Mr. Chen has ceased to be a member of the Remuneration Committee; and Mr. Lam Yu an executive Director, has been appointed as a member of the, Remuneration Committee.