The board of directors of Central Wealth Group Holdings Limited announced that Mr. Lo Siu Kit has been appointed as an executive Director, the Chairman of the Board and the chairman of Executive Committee of the Company with effect from 29 April 2024. Mr. Lo, aged 63, is an entrepreneur with years of experiences and expertise. Since 2017, Mr. Lo is the chairman of the board of Shandong Xinchao Energy Co., Ltd, a company established in the People's Republic of China and is listed on the Shanghai Stock Exchange, and is the chairman of the board of Wanfu Group Company Limited since 2005.

Mr. Lo is also the chairman of risk committee of the board of Shanwei Rural Commercial Bank Co. Ltd. since 2013. Mr. Lo is a member of the National Committee of the Chinese People's Political Consultative Conference and is also a person appointed as Justices of Peace.

He has extensive experience in business, financial industry and investments in a wide range of businesses in the PRC. Following the appointment of Mr. Lo as the Chairman of the Board, Mr. Chen Xiaodong, the existing Chairman of the Board and an executive Director, will be redesignated as the Vice-Chairman of the Board and remain as an executive Director, the chairman of the Nomination Committee and a member of the Executive Committee and the Remuneration Committee of the Company. Mr. Chen confirms that he has no disagreement with the Board and is not aware of any matters relating to his redesignation that need to be brought to the attention of the shareholders of the Company and/or the Stock Exchange.