Huazhang Technology : APPOINTMENT OF EXECUTIVE DIRECTOR AND CHANGE OF COMPOSITION OF BOARD COMMITTEE

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HUAZHANG TECHNOLOGY HOLDING LIMITED

華章科技控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1673)

APPOINTMENT OF EXECUTIVE DIRECTOR

AND

CHANGE OF COMPOSITION OF BOARD COMMITTEE

The board (the "Board") of directors (the "Directors") of Huazhang Technology Holding Limited (the "Company", and together with its subsidiaries, the "Group") is pleased to announce the following changes of Directors with effect from 29 April 2021:

1. Mr. Fang Hui ("Mr. Fang") be appointed as an additional executive Director and a member of the nomination committee of the Company (the "Nomination Committee"); and
2. Mr. Zhu Gen Rong ("Mr. Zhu") ceased to be a member of the Nomination Committee but will continue to serve as the chairman of the Board and an executive Director.

APPOINTMENT OF EXECUTIVE DIRECTOR

The biographical details of Mr. Fang are as follows:

Mr. Fang (aged 33) has strong background in solid waste recycling and recovery, waste disposal and environmental protection. Between 2013 and 2014, he was a general manager assistant at Chiho- Tiande (HK) Limited, a subsidiary of Chiho Environmental Limited ("Chiho"). Chiho is a global leader in metal recycling and environmental protection and is listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 976). In 2015, Mr. Fang helped to found HeHe Resources Limited ("HeHe") where he became a director. HeHe is an investment holding company

based in Hong Kong which seeks to identify and invest in environmental projects throughout the world. In 2017, HeHe and Taizhou Hengshengtianyue Metal Co. Ltd.* (台州市恒晟天悅金屬有 限公司) founded Zhejiang HeHe Environmental Resources Co., Ltd.* (浙江和合環境資源有限

公司) ("Zhejiang HeHe") where Mr. Fang also became a director. Zhejiang HeHe is a PRC joint venture company based in Taizhou, China. It was established with a total investment amount of USD50 million with the aim to build a 500mu waste recycling and recovery park in Taizhou. The park is intended to use modern technologies and practices to transform and upgrade the solid waste

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recycling industry in Taizhou, to enhance their competitiveness and to help Taizhou create its own version of the circular economy. Through HeHe, Mr. Fang and his father, Mr. Fang AnKong helped the Company found Hua Zhang Environmental Resources Investment Limited ("Environmental Resources") which owns HeHe Resources FZE ("HeHe FTZ"). HeHe FTZ is a Dubai FTZ company and is the vehicle which Mr. Fang and his father Mr. Fang AnKong successfully secured the necessary licenses for the Group's recycling project in Dubai in 2019. Between 18 September 2019 and 1 September 2020, Mr. Fang was a director of Environmental Resources. It is intended

that Mr. Fang will be reappointed as director of Environmental Resources. Mr. Fang is the chairman of Hong Kong Lu Qiao Association Co. Ltd.* (香港路橋同鄉會有限公司) and Taizhou City Lu Qiao Lu Gang Real Estate Association Co. Ltd.* (台州市路橋旅港同鄉置業有限公司).

Mr. Fang is also a director of Dan Shui Investment Limited which is an investment company, and Creation Best International Limited ("Creation Best"), which is the holder of HK$100 million convertible bonds (the "Bonds") in the Company. For further information regarding the Bonds, please refer to the Company's announcements dated 1 December 2020 and 28 December 2020.

Mr. Fang obtained a Bachelor of Science degree in Economics from University of Bradford in England in 2010.

Mr. Fang has entered into a letter of appointment dated 29 April 2021 with the Company for an initial term commencing from 29 April 2021 to 28 April 2024, subject to retirement by rotation and re-election at the general meeting of the Company in accordance with the articles of association of the Company and no director's fee will be paid to Mr. Fang in respect of his appointment as an executive Director. Under his contract of employment with a subsidiary of the Company, Mr. Fang will receive a monthly salary of HK$100,000 and is eligible to receive a performance-related discretionary bonus.

As at the date of this announcement, Mr. Fang directly holds 7,440,000 shares of the Company (approximately 1.02% of the issued shares of the Company). He is the ultimate beneficial owner of Creation Best and Dao He Investment Limited ("Dao He"), which is the subscriber of 153,846,153 shares of the Company pursuant to the subscription agreement dated 2 March 2021 entered into between the Company and Dao He (the "Specific Placing"). In the event that the Specific Placing is completed, Mr. Fang will hold 161,286,153 shares of the Company approximately 18.19% of the issued shares of the Company). For further information regarding the Specific Placing, please refer to the Company's announcements dated 2 March 2021 and 13 April 2021.

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Save as disclosed above, to the best knowledge of the Directors, as at the date of this announcement, Mr. Fang does not:

1. hold any other 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);
2. have any relationship with any other directors, senior management, substantial shareholder or controlling shareholder of the Company;
3. hold any other positions with the Company or other members of the Group; and
4. hold any other directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years.

Save as disclosed above, there is no other matter relating to the appointment of Mr. Fang that needs to be brought to the attention of the shareholders of the Company and there is no other information which is required to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

CHANGE OF COMPOSITION OF BOARD COMMITTEE

The Board hereby further announces the following changes in the composition of board committees of the Company with effect from 29 April 2021:

1. Mr. Fang, an executive Director, be appointed as a member of the Nomination Committee; and
2. Mr. Zhu, an executive Director, ceased to be a member of the Nomination Committee.

The Board would like to take this opportunity to welcome Mr. Fang for joining the Board.

On behalf of the Board

Huazhang Technology Holding Limited

Zhu Gen Rong

Chairman

Hong Kong, 29 April 2021

As at the date of this announcement, the executive Directors are Mr. Zhu Gen Rong, Mr. Wang Ai Yan, Mr. Liu Chuan Jiang, Mr. Jin Hao and Mr. Fang Hui, the non-executive Director is Mr. Shi Chenghu, and the independent non-executive Directors are Mr. Kong Chi Mo, Mr. Heng, Keith Kai Neng and Mr. Yao Yang Yang.

• For identification purpose only

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