China Huarong Energy Company Limited announced that Mr. Chen Qiang ("Mr. Chen") has retired as chief executive officer and authorised representative pursuant to Rule 3.05 of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited of the Company and all positions, roles and duties within the Group as he has attained the age of retirement and his director service agreement would also come to an end on 23 October 2022. Mr. Chen has confirmed that he has no claims whatsoever against the Company for fees, severance payments, expenses, damages, remuneration or compensation for loss of office or otherwise and he has no disagreement with the Board and there are no other matters relating to his retirement that need to be brought to the attention of the shareholders of the Company and the Stock Exchange. Following the retirement of Mr. Chen, Mr. Hong Liang, who is currently an Executive Director and chief operation officer of the Company, was appointed as the Chief Executive Officer with effect from 23 October 2022.

Set out below are the biographical details of Mr. Hong: Mr. Hong, aged 50, is an Executive Director and chief operating officer of the Company. Mr. Hong joined the Group in 2006 and was appointed as an Executive Director on 24 October 2010. He is a member of the finance and investment committee of the Company.

He is also a director of certain subsidiaries of the Group. Mr. Hong is primarily responsible for investment and financing, capital as well as cost and budget management. Mr. Hong obtained his bachelor's degree in accounting from Shanghai University in 1994.

He obtained the Master of Executive Professional Accountancy from Shanghai National Accounting Institute and The Chinese University of Hong Kong in August 2010. He also completed the Rongsheng Global Leaders Program of the Wharton School of the University of Pennsylvania in October 2011. Mr. Hong has over 20 years of experience in corporate finance and strategic investment gained from his service at investment banks.

Mr. Hong worked at Shenyin and Wanguo Securities as an assistant manager of division two of the Shanghai investment banking department from 1994 to 1997, the deputy general manager of the Shanghai investment banking division of CITIC Securities Limited, the general manager of the investment banking division of United Securities Company Limited from 1998 to 1999, the deputy manager of the investment banking division of CITIC Securities Limited from 1999 to 2002, the general manager of the investment and development division of Shanghai Sun Glow Investment Co. Ltd. from 2002 to 2004, and the deputy general manager of the strategic investment division of Shanghai Dasheng Holdings Limited from 2004 to 2005. Mr. Hong entered into a director service agreement with the Company for a term of three years commencing from 24 October 2019.

Mr. Hong will receive an annual remuneration package of RMB 600,000 with a discretionary bonus. His remuneration package was determined by the Board on the recommendation of the Remuneration Committee and by reference to his experience, qualifications, duties and responsibilities in the Company as well as the current market conditions. Mr. Hong is subject to retirement by rotation and re-election at an annual general meeting of the Company in accordance with the Company's articles of association and the Listing Rules.