The board (the "Board") of directors (the "Directors") of Renco Holdings Group Limited announced that Mr. Hung Yeung Alvin ("Mr. Hung") has been appointed as an executive Director and the chairman of the executive committee of the Board (the "Executive Committee"), both with effect from 11 August 2022. Mr. Hung, aged 42, obtained a degree of Bachelor of Arts from McMaster University in Canada in November 2004 and a master's degree in Business Administration from Shanghai Jiao Tong University in China in June 2012. Mr. Hung joined the Group in November 2021.

He is currently an executive director, the general manager, the legal representative and the fund vice president of Shenzhen Renco Private Equity Investment Fund Management Limited Mr. Hung has accumulated over 17 years of working experience in fund and investment management. Mr. Hung was the assistant to the chairman and the senior manager of the investment and financing division of Shenzhen Langju Industrial Group Co. Ltd. Mr. Hung obtained the AMAC Fund Practitioner Qualification Examination Certificate in fund laws and regulations, professional ethics and business practices and fundamental knowledge in private equity investment funds issued by Asset Management Association of China in April 2016 and September 2016, respectively.

Mr. Hung is currently a committee member of the henzhen Federation of Returned Overseas Chinese Youth Committee. Mr. Hung entered into a service agreement as an executive Director with the Company for an initial term of three years commencing from 11 August 2022, which is renewable automatically for successive terms of three years each on the same terms and conditions, unless it may be terminated by either party by giving to the other three months' prior notice in writing. Pursuant to the service agreement, Mr. Hung will not receive additional remuneration for serving as an executive Director, which is determined based on factors set out in the section headed "General matters relating to appointment of Director and Chief Executive Officer" below.

Mr. Hung remains to be entitled to emolument of RMB1,050,000 per annum (40% of which are discretionary bonus subject to the approval of the board of directors of Shenzhen Renco) for serving as an executive director of Shenzhen Renco.