The board of directors of China ZhengTong Auto Services Holdings Limited announced that Mr. ZENG Tingyi has resigned as an executive director of the Company due to changes in work arrangement with effect from 31 July 2023. Board announced that Mr. HUANG Junfeng has been appointed as an executive director of the Company with effect from 31 July 2023. Mr. HUANG, aged 46, is currently the deputy general manager of Xiamen XINDECO Ltd. (``Xiamen Xindeco'', a company listed on the Shenzhen Stock Exchange and the chairman of the board of Xiamen XINDECO ITG Motors Group Co.

Ltd. (``Xindeco ITG Motors''). Both Xiamen Xindeco and Xiamen ITG Motors are subsidiaries of Xiamen ITG Holding Group Co. Ltd., the single shareholder of the Company holding 28.62% of the total number of issued shares of the Company as at the date of this announcement.

Mr. HUANG served as the deputy general manager and general manager of Xiamen ITG Motors Co. Ltd.* from June 2006 to December 2018. Mr. HUANG obtained a bachelor's degree in accounting and a master's degree in business management from Xiamen University in 2000 and 2006, respectively.

Mr. HUANG is an economist and has over 20 years of experience in operations management, investment and mergers and acquisitions, and business consolidation in the automobile dealership industry.