Cheshi Technology Inc. announces that with effect from 26 March 2024, Mr. Li Ming has retired as an independent non-executive Director. Upon his retirement, Mr. Li will also cease to be a member of each of the audit committee of the Board and the nomination committee of the Board in order to pursue his personal business commitments. The Board further announces that, with effect from 26 March 2024, Mr. Sun Yong is appointed as an independent non-executive Director, and a member of each of the Audit Committee and the Nomination Committee.

The biographical details of Mr. Sun are set out below: Mr. Sun, aged 56, serves as a director of Zhongde Nuohao (Beijing) Education Technology Co. Ltd. and Dean of Zhongde Nuohao Automotive Education Institute. Concurrently, he is an expert at the China Automobile Dealers Association, and an expert at the China Auto Dealers Chamber of Commerce.

He is also an independent director of Avatr Technology (Chongqing) Co. Ltd. Mr. Sun has over 30 years of experience in the automotive industry from 1994. Among that, he has 11 years of experience working in automotive news editing, serving as director of the editorial department of Auto Weekly of Economic Information Daily, under Xinhua News Agency, and deputy chief editor of China Automotive News under People's Daily.

In addition, Mr. Sun has 10 years of experience working in car companies, where he held positions including the member of the management committee and general manager of sales at Chery Automobile Co., Ltd, deputy general manager and general manager of the business department at Nanjing Fiat Automobile Co., Ltd, and director and deputy general manager at Sinomach Automobile Co. Ltd. Apart from his automotive news editing and car company experience, Mr. Sun also has 9 years of experience in automotive education and training, and served as the president and chief executive officer of Zhongde Nuohao (Beijing) Education Technology Co. Ltd. During that time, he also served as an independent director of Chongqing Changan New Energy Technology Co.

Ltd. (now renamed as Deepal Technology Co., Ltd). Mr. Sun obtained his Bachelor's degree in Law from School of Government Peking University and a Master's degree in Business Administration from Guanghua School of Management Peking University in the PRC in July 1990 and July 2007, respectively.