The board of directors of China U-Ton Future Space Industrial Group Holdings Ltd. announced that Mr. Jiang Changqing has tendered his resignation as the Chairman of the Board, an executive Director and director of all members of the Group with effect from 31 January 2023. Upon the resignation of Mr. Jiang, he would also cease to act as an authorised representative of the Company as required under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; Mr. Zhao Feng has tendered his resignation as an executive Director and director of all members of the Group with effect from 31 January 2023. Upon the resignation of Mr. Zhao, he would also cease to act as the Authorised Representative of the Company as required under Rule 3.05 of the Listing Rules; Ms. Liu Jianzhou has tendered her resignation as an executive Director with effect from 31 January 2023; Mr. Chen Qizheng has tendered his resignation as an executive Director with effect from 31 January 2023; Mr. Liu Zhen has tendered his resignation as an executive Director with effect from 31 January 2023; and Mr. Wang Haiyu has tendered his resignation as an independent non- executive Director, the Chairman of the Remuneration Committee, and member of the Audit Committee and the Nomination Committee respectively with effect from 31 January 2023.

Dr. Yu Chin Pang, also known as Yu Chin Pang, Rawlinson, ("Dr. Yu"), aged 47, will be appointed as an executive Director with effect from 31 January 2023. Dr. Yu possesses over 25 years of experience in project management and real estates management. Dr. Yu holds a Bachelor Degree of Science, Bachelor Degree (Hons) in Construction Management, Master Degree in Science, Postgraduate Diploma in Professional Accounting, and has obtained his Honorary Doctorate (Honorary Doctor of Law) since 2018.

Dr. Yu is a professional member of the Royal Institution of Chartered Surveyors, a member of the Engineering New Zealand and a member of the Hong Kong Institute of Real Estate Administrators. Dr. Yu is also active in the industry and the community services by having served as a member of the Vocational Training Council Real Estates Training Board, Honorary Treasurer and the Construction Chairman of the Hong Kong Institute of Real Estate Administrators and the 2nd Vice-President of the Lions Club of New Territories. Dr. Yu is currently the Executive board member of the Federation of Hong Kong Guangdong Community Organizations and the Executive Vice President of the Federation of Hong Kong Guangdong Shanwei Associations Dr. Yu holds several directorship with other private companies.

Mr. Chan Justin Sano ("Mr. Chan"), aged 49, will be appointed as an independent non- executive Director, the Chairman of the Remuneration Committee, and a member of each of the Audit Committee and the Nomination Committee with effect from 31 January 2023. Mr. Chan has over 25 years of experience in corporate finance matters. Mr. Chan is currently a director of Hua Liang Capital Limited, where he oversees the Corporate Finance Department.

Mr. Chan had held senior positions for various listed companies, and licensed corporations conducting Type 1, Type 4 and Type 6 regulated activities. He is vastly experienced in direct investment, and advising on matters involving compliance with the Listing Rules. Mr. Chan holds a Bachelor of Arts degree from University of Toronto.

He also serves as an Independent Manager of Po On Commercial Association Wong Siu Ching Secondary School since 2020. The Board has elected Mr. Mok Kwan Leong as the Chairman of the Board with effect from 31 January 2023. Mr. Mok Kwan Leong, an executive Director of the Company, and Mr. Ho Man Kit, the Joint and Several Liquidator of the Company, have been appointed as the authorized representatives of the Company under the Listing Rules in place of Mr. Jiang and Mr. Zhao.