China Carbon Neutral Development Group Limited announce that Mr. Zhong Guoxing ("Mr. Zhong") has been appointed as an executive Director and the Chief Executive Officer of the Company ("Chief Executive Officer") with effect from 6 October 2023. Mr. Zhong, aged 57, holds a Master's Degree. He has extensive experience in banking, financing and asset management.

Mr. Zhong is currently a partner of China Galaxy International Asset Management (Hong Kong) Co., Limited. He served as an executive director and co-president of China Orient Asset Management (International) Holding Limited from July 2012 to May 2017. During this period, he concurrently served as the executive director of Shanghai Zendai Property Limited, and the chairman of China Orient Summit Capital Co.

Ltd., leading the team to work with the world's three major rating agencies (Moody's, S&P, and Fitch) on China Orient Capital Co. Ltd. and Orient International Co. Ltd.conducted credit ratings, becoming the first of the four major domestic asset management companies to conduct such ratings.

Mr. Zhong was the executive director and chairman of the board of directors of New Provenance Everlasting Holdings Limited (stock code: 2326.HK) from May 2017 to March 2018. The company's main business is new energy. The Board further announces that Dr. Li Qun ("Dr. Li") has resigned as an independent non-executive Director due to the requirement of his employer (Institute of Quantitative & Technological Economics, Chinese Academy of Social Sciences) that he cannot concurrently serve outside China, with effect from 6 October 2023.

Dr. Li has confirmed that he has no disagreement 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 or the Stock Exchange. The Board would like to express its gratitude to Dr. Li for his contribution to the Company during his terms of service. The Board further announces that with effect from 6 October 2023: (1) Dr. Li has ceased to be the chairman and a member of the Remuneration Committee, a member of each of the audit committee of the Company and the nomination committee of the Company (the "Nomination Committee"); and (2) Mr. Wang Jiasi, an independent non-executive Director, has been appointed as the chairman of the Remuneration Committee and a member of the Nomination Committee.