China Risun Group Limited announces that with effect from April 1, 2024, Mr. Wang Fengshan ceased to act as an executive Director of the Company and vice president of the Group due to retirement; and Mr. Zhang Yingwei ceased to act as an executive Director due to re-designation of duties. To fill the vacancies for Directors arising from the resignations of Mr. Wang Fengshan and Mr. Zhang Yingwei, the Board has resolved to appoint Mr. Li Qinghua and Ms. Lu Xiaomei as executive Directors of the Company, and to promote Mr. Li from vice president to the executive president of the Group. All the aforementioned appointments have taken effect on April 1, 2024.

Mr. Li Qinghua, aged 60, joined the Group in November 2004 and has been vice president of the Group since June 2015. He is primarily responsible for the overall management of the Dingzhou, Xingtai and Sulawesi Production Bases. In addition to these management duties, Mr. Li will also be responsible for the overall management of the other developed production bases of the Group in Hohhot, Cangzhou, Tangshan, Dongming and Yuncheng as well as the management of the Group's procurement and sale since the date of this announcement.

As Mr. Li will be responsible for the daily operation of the Group and the management of all the Group's production bases, the Board has also appointed Mr. Li as the executive president of the Group to oversee the Group's administration and management, assist the Board and the chairman of the Board in making operational decisions, and he will report to the Board. Mr. Li has approximately 29 years of corporate management experience. Prior to joining the Group, he undertook several positions at Hebei Changzheng Automobile Manufacturing Co.

Ltd., an automobile manufacturer, from July 1983 to October 2004, including director of the special cars factory from May 1993 to June 1998, deputy director and director of the general factory from June 1998 to September 2002 and deputy general manager of Hebei Changzheng Automobile Manufacturing Co. Ltd. from September 2002 to October 2004. He graduated from the Anhui Economic Management Cadre Institute (currently known as the Party School of Anhui Provincial Committee of C.P.C. (Anhui Academy of Governance)) in Hefei, the PRC in July 1987 with a diploma in industrial enterprise management and obtained a master's degree in economics from the Party School of the Central Committee of the CPC in Beijing, the PRC in July 2001.

He obtained a senior economist qualification from the Title Reform Leading Group Office of Hebei Province in November 1999. Ms. Lu Xiaomei, aged 60, was appointed as a non-executive director of the Group from November 2007 to September 2018. In addition to her duties on the group-level, Ms. Lu also served in the management of various subsidiaries of the Group, including being appointed as a director of Hebei Risun Coking Limited (currently known as Hebei Risun Energy Limited) and Xingtai Risun Coking Limited(currently known as Xingtai Risun Trading Limited) in 2004.

She was also appointed as a director of Xingtai Risun Coal Chemicals Limited in 2006. She resigned from her directorships in these three subsidiaries in 2007. Ms. Lu has approximately 20 years of corporate management experience.

Prior to joining the Group, she graduated with a bachelor's degree in medicine from North China Coal Medical University (currently known as the Department of Medicine of North China University of Science and Technology) in 1988. In 2001, she completed the master-level training course in medicine at Hebei Medical University. From 1988 to 2002, Ms. Lu had been a gynecologist, a physician-in-charge and a deputy chief physician at the Hospital of Xingtai Mining Group In 2022, she obtained the deputy chief physician qualification from the Title Reform Leading Group Office of Hebei Province Between October 2012 and March 2021, Ms. Lu was a director of Beijing Automic Technology Co.

Ltd. ("Beijing Automic"), a company listed on the National Equities Exchange and Quotations (stock code: 430245) between 2013 to 2019 and principally engaged in the planning of water conservancy information projects, consultation and assessment, as well as software and hardware product development and services. Ms. Lu is familiar with the businesses of the Group by virtue of her relevant management experience in the past, including the management of various subsidiaries of the Group. In addition, Ms. Lu will contribute to the diversification of the Board as a female Director.

The Board believes that the appointment of Ms. Lu as executive Director will provide benefits to the Group's operation and management. Ms. Lu is the spouse of Mr. Yang Xuegang, who is the chairman, executive Director and chief executive officer of the Company, as well as the mother of Mr. Yang Lu, who is also an executive Director.