Vision Fame International : RESIGNATION AND APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF COMPOSITION OF COMMITTEES OF THE BOARD

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Vision Fame International Holding Limited

允 升 國 際 控 股 有 限 公 司

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 1315)

RESIGNATION AND APPOINTMENT OF

INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGE OF COMPOSITION OF COMMITTEES OF THE BOARD

The Board announces that with effect from 7 May 2021:

1. Mr. Wong Kai Tung Simon has resigned as an independent non-executive director of the Company and ceased to be the chairman of the remuneration committee, and a member of each of the audit committee and nomination committee of the Company;
2. Dr. Wong Lee Ping has been appointed as an independent non-executive director of the Company and a member of each of the audit committee, nomination committee and remuneration committee of the Company;
3. Mr. Tam Tak Kei Raymond has been redesignated as a member of the audit committee of the Company and the chairman of the remuneration committee of the Company; and
4. Mr. Wong Wai Kwan has been redesignated as the chairman of the audit committee of the Company.

This announcement is made pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'').

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Reference is made to the announcement of Vision Fame International Holding Limited (the ''Company'', together with its subsidiaries, the ''Group'') dated 2 February 2021 (the ''Resignation Announcement'') regarding, among others, the resignation of Mr. Wong Kai Tung Simon (''Mr. Simon Wong'') as an independent non-executive director of the Company.

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The board (the ''Board'') of directors (the ''Directors'') of the Company announces that the resignation of Mr. Simon Wong takes effect on 7 May 2021 (instead of 18 July 2021 as disclosed in the Resignation Announcement) due to his other business engagement which requires his immediate attention and dedication.

In accordance with the requirements of Rule 13.51(2) of the Listing Rules, Mr. Simon Wong has confirmed to the Board that he has no disagreement with the Board and that he is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board would also like to announce that Dr. Wong Lee Ping (''Dr. Wong'') has been appointed as an independent non-executive Director, with effect from 7 May 2021 (the ''Appointment''). The biographical details and other information of Dr. Wong are set out below.

Dr. Wong, aged 56, has over 30 years of experience in the fields of corporate finance, financial management and investment. He worked at KPMG Peat Marwick from August 1987 to August 1990. Subsequently, he held various management positions in Hong Kong listed companies, including serving as Chief Financial Officer and Vice President (M & A) of Loto Interactive Limited (formerly known as Wafer Systems Limited) (Stock Code: 8198 HK) from April 2001 to October 2002 and November 2002 to January 2003, respectively, the chief executive officer and company secretary of Century Entertainment International Holdings Limited (formerly known as A-Max Holdings Limited or Amax Entertainment Holdings Limited) (Stock Code: 00959 HK) from June 2010 to August 2011 and February 2009 to November 2009, respectively, and Group Chief Financial Officer of China Geothermal Industry Development Group Limited (formerly known as IIN International Limited) (Stock Code: 08128 HK) from November 1999 to March 2001 (prior to its listing). Since July 2015, Dr. Wong has been working as General Manager of a private equity fund registered in the Cayman Islands.

Dr. Wong obtained a master's degree in business administration from the University of Portsmouth in the United Kingdom in June 2002, and a doctorate's degree in corporate management from Jinan University in the People's Republic of China in December 2012. Dr. Wong was admitted as a fellow member of The Chartered Association of Certified Accountants in October 1995. He is a certified public accountant (non-practising) of Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants).

Dr. Wong has entered into a letter of appointment with the Company pursuant to which he agreed to act as an independent non-executive Director for a term of 3 years commencing from 7 May 2021 unless terminated by 1 month's written notice or in certain circumstances as in accordance with the terms of the letter of appointment. Dr. Wong will hold office until the first general meeting of the Company after his appointment and will then be eligible for re-election in accordance with the articles of association of the Company.

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Pursuant to the letter of appointment, Dr. Wong will receive an annual remuneration of HK$228,000 and such other benefits as may be determined by, and at the discretion of, the Board from time to time. Dr. Wong's emolument was determined by the Board with reference to his qualifications, experience, duties and responsibilities with the Company, as well as the Group's performance and the prevailing market conditions.

As at the date of this announcement and save as disclosed above, Dr. Wong (i) did not hold any other positions with the Company or other members of the Group and did not hold any other directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years or did not hold any other major appointments and qualifications; (ii) did not have any relationship with any Directors, senior management, substantial or controlling shareholders of the Company, or any of their respective associates (as respectively defined in the Listing Rules); and (iii) did not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

As at the date of this announcement, save as disclosed above, to the best knowledge of the Board, there is no other information relating to the Appointment which is required to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Listing Rules and there are no other matters in relation to the Appointment that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to extend its warmest welcome to Dr. Wong for joining the Company.

CHANGE IN COMPOSITION OF BOARD COMMITTEES

Following his resignation, Mr. Simon Wong ceases to be the chairman of the remuneration committee, and a member of each of the audit committee and nomination committee of the Company with effect from 7 May 2021.

With effect from 7 May 2021, (1) Dr. Wong has been appointed as a member of each of the audit committee, nomination committee and remuneration committee of the Company; (2) Mr. Tam Tak Kei Raymond has been redesignated as a member of the audit committee of the Company and the chairman of the remuneration committee of the Company; and (3) Mr. Wong Wai Kwan has been redesignated as the chairman of the audit committee of the Company.

By Order of the Board

Vision Fame International Holding Limited

Chau Chit

Chairman and Chief Executive Officer

Hong Kong, 7 May 2021

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Chau Chit and Mr. Zhu Xiaodong; and three independent non-executive Directors, namely Mr. Tam Tak Kei Raymond, Dr. Wong Lee Ping and Mr. Wong Wai Kwan.

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