The board of directors of Far East Horizon Limited announced that Mr. KONG Fanxing (Mr. Kong), the vice chairman of the board, an executive Director and the chief executive officer of the company, has been appointed as the chairman of the board with effect from 14 December 2022. Following appointment of Mr. Kong, Mr. NING Gaoning (Mr. Ning) has ceased to be the chairman of the board. Mr. Ning will continue to serve as a non-executive Director.

Mr. Ning has confirmed that he has no disagreement with the Board and there is no other matter relating to his cessation as the chairman of the Board that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.