Youzan Technology Limited — Board/Management Information 2012

May 31, 2012

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)

RESIGNATION OF NON-EXECUTIVE DIRECTOR

The board of directors (the “Board”) of China Innovationpay Group Limited (the “Company”) announces that Mr. Li Yuezhong (“Mr. Li”) has resigned as a non-executive Director with effect from 31 May 2012 due to other business engagement which requires more of his time and dedication. Mr. Li also resigned as a member of the audit committee, the remuneration committee and the nomination committee of the Company with effect from the same date.

Mr. Li has confirmed to the Company that he has no disagreements with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its appreciation to Mr. Li for his valuable contributions to the Company during his tenure of services.

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

Hong Kong, 31 May 2012

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Guan Guisen and Dr. Lei Chunxiong 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.