The board of directors of China Shuifa Singyes Energy Holdings Limited announced that Mr. Wang Dongwei has resigned as Vice Chairman, an executive Director and an authorized representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited due to his other business commitments with effect from 12 March 2024. He also ceased to be a member of each of the remuneration committee of the Board and the nomination committee of the Board with effect from 12 March 2024. The Board announced that Mr. Zhou Guangyan has been appointed as Vice Chairman, an executive Director and an Authorized Representative with effect from 12 March 2024.

He has also been appointed as a member of each of the Remuneration Committee and Nomination Committee with effect from 12 March 2024. Mr. Zhou, aged 52, joined Shuifa Energy Group Co. Ltd. since July 2020.

He was the deputy secretary to the Communist Party Committee, a director and general manager of Shuifa Energy Group Co. Ltd. from February 2023 to March 2024. He joined Shandong Linuo Group in 2007 and served as the chairman of Linuo Power Group Co.

Ltd. from July 2013 to July 2020. Mr. Zhou graduated from Harbin Institute of Technology with a bachelor's degree. He has over 10 years of senior management experience in the energy field.

Mr. Zhou has entered into appointment letter with the Company for a term of three years, which may be terminated by either party giving three months' written notice to the other party. He is subject to retirement by rotation and re-election at the annual general meetings of the Company in accordance with the Bye-laws of the Company and as required under the Listing Rules. Pursuant to the Bye-laws, Mr. Zhou is subject to re-election at the first annual general meeting of the Company after his appointment.

The remuneration of Mr. Zhou is determined by the Board with reference to his duties and responsibilities with the Company, remuneration policies of the Company and recommendation of the remuneration committee of the Company.