Xinji Shaxi : CHANGE OF NON-EXECUTIVE DIRECTOR

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3603)

CHANGE OF NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Xinji Shaxi Group Co., Ltd (the "Company") hereby announces that Ms. Wang Yixue ("Ms. Wang") has been appointed as a non-executive Director of the Company with effect from 26 March 2021. The Board has also received the letter of resignation from Mr. Wu Jianxun ("Mr. Wu") to resign as a non-executive Director with effect from 26 March 2021.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board is pleased to announce that Ms. Wang has been appointed as a non-executive Director of the Company with effect from 26 March 2021.

Biography of Ms. Wang

Ms. Wang, aged 35, has solid experience in corporate financing and management in the People's Republic of China. During the period from February 2005 to May 2017, Ms. Wang was a regional general manager at Zhongmin Weishi Tea Co., Ltd.* (ʕსᕧˤ঩ٰุ΅ʮ̡), where she was primarily responsible for market development, staff recruitment and training and customer relations management. Since May 2017, she has been the senior investment and finance manager at Shanghai Shenglong Investment Group Co., Ltd.* (ɪऎʺᎲҳ༟ණྠ Ϟࠢʮ̡), where she has been primarily responsible for the day-to-day management of the financing division of the company. In January 2019, she obtained a college diploma in human resources from the University of Electronic Science and Technology of China through an online course.

The Company has entered into a letter of appointment with Ms. Wang in relation to her appointment as a non-executive Director on 26 March 2021. Ms. Wang will hold office from 26 March 2021 until the conclusion of the next annual general meeting of the Company, at which she will be eligible for re-election in accordance with and subject to the articles of association of the Company (the "Articles of Association"). Upon being re-elected thereof, her appointment shall continue for a period of three years and until the conclusion of the third annual general meeting of the Company after the re-election, or such earlier date pursuant to the Articles of Association. Ms. Wang will be entitled to receive an annual remuneration of HK$80,000 and may be entitled to receive discretionary bonuses and other benefits as may be determined by the remuneration committee of the Company having regard to the Company's and her performance, subject to review by the Company from time to time pursuant to the Articles of Association.

Save as disclosed above, there is no other information relating to Ms. Wang's appointment which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and there are no other matters that need to be brought to the attention of the shareholders of the Company.

The Board would like to extend its warmest welcome to Ms. Wang on her appointment.

RESIGNATION OF NON-EXECUTIVE DIRECTOR

The Board hereby announces that that Mr. Wu has tendered his resignation as a non-executive Director of the Company with effect from 26 March 2021 as he intends to focus and devote more time to his other work commitments.

Mr. Wu has confirmed to the Company that he has no disagreement with the Board and there are no other matters that need to be brought to the attention of the Stock Exchange and the shareholders of the Company in respect of his resignation.

The Board would like to take this opportunity to express its gratitude to Mr. Wu for his contribution to the Company during the tenure of his office.

By order of the Board

Xinji Shaxi Group Co., Ltd

Cheung Hon Chuen

Chairman

Hong Kong, 26 March 2021

As at the date of this announcement, the Board comprises Mr. Cheung Hon Chuen as chairman and executive Director; Mr. Mei Zuoting, Mr. Zhang Weixin and Ms. Jin Chunyan as executive Directors; Mr. Yu Xuecong, Mr. Lin Lie and Ms. Wang Yixue as non-executive Directors; and Dr. Liu Eping, Mr. Chen Tusheng, Mr. Tan Michael Zhen Shan and Mr. Zheng Decheng as independent non-executive Directors.

*

For identification purpose only