Youzan Technology Limited — Board/Management Information 2011

Oct 24, 2011

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

China Innovationpay Group Limited

中國創新支付集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 8083)

APPOINTMENT OF HONORABLE CHAIRMAN

The Board is pleased to announce that Mr. Liu Tinghuan has been appointed as Honorable Chairman of the Company effective from 23 October 2011.

The board of directors (the “Board”) of China Innovationpay Group Limited (the “Company”) is pleased to announce that Mr. Liu Tinghuan (“Mr. Liu”) has been appointed as Honorable Chairman of the Company effective from 23 October 2011.

Mr. Liu Tinghuan, a famous banker, was the former chairman of China Unionpay Co., Ltd. Mr. Liu began his profession in the banking sector of China from 1960s. Since 1985, Mr. Liu had served as deputy president, deputy Secretary of the Party, and then became the president and the Party Secretary of Industrial and Commercial Bank of China. In 2000, Mr. Liu was appointed to the deputy president and deputy Secretary of the Party Committee of The People’s Bank of China. Mr. Liu made remarkable contribution to China’s financial reform and development. And he laid solid foundation for Industrial and Commercial Bank of China to become one of the world’s largest commercial banks. Mr. Liu enjoys high prestige and command universal respect in the financial sector in China. Mr. Liu was a committee member of the Standing Committee of the 10[th] National Committee of the Chinese People’s Political Consultative Conference in 2003. He was deputy director of the Economic Commission, an alternate committee member of the 15[th] Central Committee of Communist Party of China and a representative of the 16[th] National Congress of Communist Party of China. Mr. Liu served as chairman of China Unionpay Co., Ltd from 2004 to 2010. During this time, Mr. Liu led China Unionpay Co., Ltd to develop a strong base in the domestic market of China, at the same time he also helped to promote and penetrate into the international market. His distinguished efforts enabled Unionpay Card to become one of the largest among the principal card payment brand list. Mr. Liu achieved extraordinary contribution to the development of China Unionpay and China’s payment industry.

The Broad would like to take this opportunity to express its warm welcome to Mr. Liu in joining the Company.

By Order of the Board China Innovationpay Group Limited Guan Guisen Chairman

Hong Kong, 23 October 2011

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Guan Guisen and Dr. Lei Chunxiong; one non-executive Director, namely Mr. Li Yuezhong and three independent non-executive Directors, namely Dr. Fong Chi Wah, Mr. Wang Zhongmin and Mr. Gu Jiawang.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the “Latest Company Announcements” page of the GEM website for at least 7 days from the date of its posting and on the Company’s website at www.innovationpay.com.hk.