The board of directors of Weiye Holdings Limited announced that Mr. Zhang Wei (Mr. Zhang) has resigned as an executive Director, the chairman of the Board (Chairman), an authorised representative (Authorised Representative) of the Company under Rule 3.05 of the Rules (Listing Rules) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Stock Exchange) and legal representative and director (as the case may be) of the subsidiaries of the Company with effect from 15 November 2022 as Mr. Zhang has engaged in other business commitment. Following the resignation of Mr. Zhang, Mr. Chen Zhiyong (Mr. Chen), an executive Director, has been appointed as the Chairman and an Authorised Representative with effect from 15 November 2022. Mr. Chen Zhiyong, aged 52, has over 27 years of experience in the real estate industry.

He joined Henan Weiye Construction Development Group Co. Ltd. (Henan Weiye) an indirect wholly-owned subsidiary of the Company, in July 2000, responsible for property development management, and was later promoted to the position of chief executive officer of Henan Weiye in 2010. He was appointed as an executive Director and the CEO during the Reverse Takeover in August 2011, and re-designated from the office of the CEO to the chief operating officer of the Company on 27 February 2014.

Mr. Chen is currently the legal representative of certain subsidiaries of the Company in the People's Republic of China (the "PRC") and a director of certain subsidiaries of the Company. From 1993 to 1998, Mr. Chen was the manager of the project management department in the No. 2 engineering department of the Zhongjian No.

7 Bureau No. 4 Construction Engineering Company, a company principally engaged in the business of construction where he was responsible for the management of the construction of the property. Mr. Chen graduated from Naval University of Engineering, PLA in Wuhan City, Hubei Province, the PRC, with a degree in project management in June 2006.

Mr. Chen is the brother-in-law of Mr. Zhang, the controlling Shareholder.