The board of directors of Feiyang International Holdings Group Limited announced that Chen Xiaodong has tendered his resignation as an executive Director of the Company with effect from 11 May 2022 and also announced that Shen Yang has been appointed as a non-executive Director with effect from 11 May 2022. Shen, has over 20 years of experience in investment and extensive experience in investment and management in the pan-cultural entertainment industry. He is currently a member of the Chinese People's Political Consultative Conference of Shanghai Pudong New Area a council member of the Jiangsu Youth Chamber of Commerce and a vice-chairman of the Nanjing Youth Chamber of Commerce.

Mr. Shen has entered into a letter of appointment with the Company on 11 May 2022 for a term of three years, subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company.