The board of directors of Chong Sing Holdings FinTech Group Limited announced that Mr. Hu Xiuren ("Mr. Hu") will be appointed as an executive director of the Company to take effect from 23 March 2020. It is also resolved by the Board that Mr. Hu will be appointed as vice chairman and chief executive officer of the Company in replacement of Mr. Phang Yew Kiat ("Mr. Phang") upon his stepping down to take effect from 30 April 2020. Mr. Hu, aged 48, has over 20 years of experience of serving in senior management positions at various institutions.

Mr. Hu is the Senior Vice President of Hong Da Financial Hong Kong Co., Ltd, from August 2019 to present. The Board is also pleased to announce that Ms. Zhou Zhan ("Ms. Zhou") will be appointed as an independent non-executive director of the Company as well as member of each of the Company's Audit committee (the "Audit Committee"), Nomination committee (the "Nomination Committee") and the Remuneration Committee to take effect from 23 March 2020. It is also resolved by the Board that Ms. Zhou will be appointed as chairperson of the Audit Committee in replacement of Mr. Ge Ming ("Mr. Ge") upon his resignation to take effect from 30 April 2020.

From May 2014 to present, Ms. Zhou has been an independent non-executive director of China Huarong Energy Company Limited. The Board announced that the Board is recently notified by Mr. Phang of his stepping down after over five years of employment as vice chairman, chief executive officer, executive director of the Company due to his other business engagement and commitment, all of which shall take effect from 30 April 2020. Upon his resignation with effect from 30 April 2020, Mr. Phang shall cease to be an authorised representative of the Company under Rule 5.24 of the Listing Rules and the compliance officer of the Company (the "Compliance Officer") under Rule 5.19 of the Listing Rules.

The Board further announced that the Board is recently notified by (i) Mr. Ge of his resignation as independent non-executive director of the Company, chairperson of the Audit Committee as well as member of the Remuneration Committee and the Nomination Committee; (ii) Dr. Ou Minggang ("Dr. Ou") of his resignation as independent non-executive director of the Company, chairperson of the Nomination Committee as well as member of the Audit Committee and the Remuneration Committee; and (iii) Dr. Wang Songqi ("Dr. Wang") has tendered his resignation as independent non-executive director of the Company, chairperson of the Remuneration Committee as well as member of the Audit Committee and the Nomination Committee. The Board further announced the following changes: 1. Mr. Ge Ming will cease to act as chairperson of the Audit Committee as well as member of the Remuneration Committee and the Nomination Committee, all of which shall take effect from 30 April 2020; 2. Dr. Ou Minggang will cease to act as chairperson of the Nomination Committee as well as member of the Audit Committee and the Remuneration Committee, all of which shall take effect from 30 April 2020; 3. Dr. Wang Songqi will cease to act as chairperson of the Remuneration Committee as well as member of the Audit Committee and the Nomination Committee, all of which shall take effect from 30 April 2020; 4. Ms. Zhou will be appointed as the member of Nomination Committee and Remuneration Committee to take effect from 23 March 2020; and 5. Ms. Zhou will be appointed as chairperson of the Audit Committee to take effect from 30 April 2020.