The board of directors of Global Bio-chem Technology Group Company Limited announced that with effect from 10 August 2023, Mr. Gao Dongsheng has resigned as a non-executive Director, and each of Ms. Dong Hongxia and Mr. Yeung Kit Lam has resigned as an independent non-executive Director, due to his/her wish to focus on other business commitments. Each of Mr. Gao, Ms. Dong and Mr. Yeung has confirmed that he/she has no disagreement with the Board and there are no other matters relating to his/her resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. The Board announced that Mr. Li Yuewen has been appointed as a non-executive Director, and each of Ms. Jiang Fangfang and Ms. Xie Liangqiu has been appointed as an independent non-executive Director with effect from 10 August 2023.

Mr. Li Yuewen, aged 44, graduated from Southwestern University of Finance and Economics, majoring in economic information management, in June 2002. Mr. Li has over 20 years' experience in finance and wealth management in various securities trading firms and wealth management firms in the People's Republic of China (the "PRC"). Mr. Li joined (Changchun Emerging Industry Equity Investment Fund Co.

Ltd.) (one of the beneficial owners of (Jilin Province Modern Agricultural Industry Investment Fund (LLP)) which in turn wholly owns Modern Agricultural Industry Investment Limited, the controlling Shareholder) since October 2012 initially as an investment manager and is currently serving in the capacity of deputy general manager. Mr. Li also holds a fund practitioner qualification in the PRC. Ms. Jiang Fangfang, aged 43, obtained a bachelor's degree from (Changchun Tax College*) (now known as the Jilin University of Finance and Economics), majoring in accountancy in December 2004.

Ms. Jiang has accumulated over 20 years' experience in accounting in various private enterprises in the PRC. Ms. Jiang joined (Jilin Tongchang Signage Co. Ltd.*) (formerly known as (Jilin Tongchang Service Center*)) in March 2007 as an accountant and is currently the head of the financial department.

Ms. Xie Liangqiu, aged 54, graduated from (Jilin College of Finance and Trade*) (now known as the Jilin University of Finance and Economics), majoring in accountancy in July 1992. Ms. Xie attained a master's degree in Business Administration and a doctoral degree in Econometrics from Business School of Jilin University in December 2002 and in December 2008, respectively. Since July 1992, Ms. Xie has been teaching in (Changchun Institute of Technology*), focusing in the education and researches in accounting and finance areas.

The Board further announces that following the resignation of each of Mr. Gao, Ms. Dong and Mr. Yeung and the appointment of each of Mr. Li, Ms. Jiang and Ms. Xie as a Director as announced above, (i) Ms. Dong has ceased to be, and Ms. Jiang has been appointed as, a member of each of the audit committee (the "Audit Committee") of the Company, the nomination committee (the "Nomination Committee") of the Company, the remuneration committee (the "Remuneration Committee") of the Company and the corporate governance committee (the "Corporate Governance Committee") of the Company; and (ii) Mr. Yeung has ceased to be, and Ms. Xie has been appointed as, a member of the Audit Committee, with effect from 10 August 2023.