The board of directors of Central Development Holdings Limited announced that Mr. Zhang Bing has been appointed as an executive director of the Company with effect from 10 February 2023. Mr. Zhang, aged 51, obtained a Master of Business Administration degree from the Asia Metropolitan University in 2017 and admitted to the CEO program of Cheung Kong Graduate School of Business in 2020. Mr. Zhang has engaged in the energy business for over 25 years and has held management positions in a number of Chinese companies in the oil and gas industry.

He has extensive experience in business development, sales and marketing and business operation in the industry. He is currently a director of Chengdu Kaibangyuan Trading Co., Limited. Mr. Zhang has entered into a service contract with the Company for an initial term of one year commencing from 10 February 2023 and shall be renewed automatically unless terminated in accordance with the said service contract.