Zhejiang Shibao Company Limited announces board changes. Mr. Shum Shing Kei has applied for resignation as he has served the Board for six years. As he has served the Board for six years as of 30 June 2021, according to the "Guidelines on the Establishment of Independent Directorship of Listed Companies'' issued by the CSRC, he cannot continue to serve as an independent Director of the Company. Therefore, he will retire from his position as independent non-executive Director and will not offer himself for re-election at the AGM.