The Board of Panda Green Energy Group Limited announced that Mr. Lu Zhenwei has resigned as the chairman of the Board and he shall remain as an executive director of the Company. Ms. Zhong Hui has resigned as an executive director and the chief executive officer of the company. Mr. Chen Qinglong has resigned as an executive director of the Company and he shall remain as the executive president of the Company.

Mr. Wang Yang has resigned as the chief financial officer of the Company and he has been re-designated as the financial controller of the Company. Mr. Zhang Ping has been appointed as an executive director, the chairman of the Board and the chief executive officer of the Company. Mr. Huang Hui has been appointed as an executive director and the chief financial officer of the Company.

The above changes have taken place with effect from 21 February 2020. The board further announced the changes to the composition of committees of the Board with effect from 21 February 2020. Mr. Lu Zhenwei has ceased to be the chairman of each of the nomination committee and the risk control committee of the Board, and has been re-designated as a member of the risk control committee of the Board.

Mr. Zhang Ping has been appointed as the chairman of each of the nomination committee and the risk control committee of the Board. Following the resignation of Ms. Zhong Hui, she has ceased to be a member of the risk control committee and the strategy committee of the Board. Mr. Huang Hui has been appointed as a member of the risk control committee and the strategy committee of the Board.

Following the resignation of Mr. Chen Qinglong, he has ceased to be a member of the risk control committee of the Board.