China Singyes Solar Technologies Holdings announced that The Subscription Agreement have been fulfilled or waived and completion of the subscription took place on November 28, 2019. The Board announced that with immediate effect from Completion that Mr. Xie Wen, Mr. Xiong Shi resigned as an executive Director; Dr. Li Hong, Mr. Zhuo Jianming as a non-executive Director; Mr. Zheng Qingtao has been appointed as an executive Director and the chairman of the Board; Mr. Zheng Qingtao has been the assistant to general manager of Shuifa Group Co. Ltd. and general secretary of party branch, chairman and general manager of Shuifa Energy Group Limited since March 2017.

Mr. Wang Dongwei has been appointed as an executive Director, Mr. Wang Dongwei has been a deputy general manager of Shuifa Energy Group Limited since June 2018. Mr. Chen Fushan has been appointed as an executive Director, Mr. Chen Fushan has been a deputy general manager of Shuifa Energy Group Limited since 2019. Ms. Wang Suhui has been appointed as a non-executive Director, Ms. Wang Suhui has been a deputy general manager of the energy business department of Shuifa Group Co.

Ltd. since March 2019. Mr. Zhang Jianyuan has been appointed as a non-executive Director, Mr. Zhang Jianyuan has been a manager of the investment department at Shuifa Energy Group Limited since April 2017 and is the chairman of the board of Shandong Shuifa Combustion Gas Co., Limited. Mr. Liu Hongwei has resigned as the chairman of the Board and has been re-designated as the vice chairman of the Board with effect from Completion.

Mr. Liu Hongwei has also resigned as the chief executive officer of the Company while he remains as an executive Director and his other positions within the Group. Mr. Zheng Qingtao has been appointed as the new chairman of the Board with effect from Completion. As a result of the appointment of the new Directors, effective from Completion Mr. Liu Hongwei has been re-designated from the chairman of the nomination committee of the Company to a member of such committee and remains as a member of the remuneration committee of the company.

Mr. Xie Wen ceased to be a member of the Nomination Committee and Mr. Xiong Shi ceased to be a member of the Remuneration Committee upon their respective resignation. The Board announces that Mr. Zheng Qingtao has been appointed as the chairman of the Nomination Committee and a member of the Remuneration Committee, effective from Completion.