The board of directors of China ZhengTong Auto Services Holdings Limited announced that Mr. Wang Mingcheng has resigned as the chief executive officer ('CEO') of the Company in order to focus on the performance of his responsibilities as the chairman of the Board and executive director of the Company, with effect from 10 March 2022. Mr. Wang Mingcheng will continue to serve as the chairman of the Board, an executive director and the chairman of the nomination committee of the Company. The Board announced that Mr. Chen Hong has been appointed as the CEO, with effect from 10 March 2022.

Mr. Chen Hong joined the Company in March 2022 to preside over the daily operation and management of the Company. Mr. Chen Hong served successively as a representative of securities affairs and the general manager of the security affairs division of Xiamen ITG Group Corp. Ltd. from July 2008 to November 2017.

Mr. Chen Hong served successively as the secretary of the board and a deputy general manager of Xiamen Xindeco Ltd.