The board of directors of CNQC International Holdings Limited announced that with effect from 24 February 2023: Mr. Cheng Wing On, Michael has resigned as an executive Director, the chairman of the Board and an authorized representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited due to reallocation of duties and responsibilities amongst the Group's management. He will remain as an honorary consultant of the Company; Mr. Zhang Yuqiang has resigned as an executive Director due to reallocation of duties and responsibilities amongst the Group's management; Mr. Chen Anhua has resigned as a non-executive Director due to his intention to focus on his other business commitments; Mr. Ching Kwok Hoo, Pedro has resigned as an independent non-executive Director due to his retirement. Simultaneously upon the resignation of Mr. Cheng, Mr. Zhang, Mr. Chen and Mr. Ching, Mr. Cheng will cease to be the chairman of the nomination committee of the Company, a member of the strategy and investment committee of the Company; Mr. Zhang will cease to be a member of each of the remuneration committee of the Company and the Strategy and Investment Committee; Mr. Chen will cease to be a member of the Strategy and Investment Committee; and Mr. Ching will cease to be a member of each of the audit committee of the Company and the Nomination Committee and the chairman of the Remuneration Committee.

Each of Mr. Cheng, Mr. Zhang, Mr. Chen and Mr. Ching has confirmed that: he has no disagreement with the Board; and there is no matter that relating to his resignation that needs to be brought to the attention of the shareholders of the Company or the Stock Exchange. The Board would like to take this opportunity to extend its gratitude to Mr. Cheng, Mr. Zhang, Mr. Chen and Mr. Ching for their efforts and valuable contributions to the Company during their tenure of services. APPOINTMENT OF THE CHAIRMAN The Board announced that with effect from 24 February 2023, Mr. Wang Congyuan, an executive Director, has been appointed as the Chairman and the chairman of the Nomination Committee.

Mr. Wang has also retired from his position as the chairman of the Strategy and Investment Committee and chief executive officer of the Company but will remain as a member of the Strategy and Investment Committee. Mr. Wang's position as executive Director remains unchanged. Biography of Mr. Wang is set out below.

Mr. Wang, aged 48, is an executive Director of the Company. Mr. Wang joined the Group in 2014. He was appointed as an executive Director and the Chief Executive Officer on 26 January 2016.

He was appointed as a member of the Remuneration Committee on 26 January 2016 and a member of the Strategy and Investment Committee on 22 March 2016. He was appointed as the chairman of the Strategy and Investment Committee on 31 March 2020. Mr. Wang is also a director of subsidiaries of the Company.

Mr. Wang holds a master's degree in business administration from PBC School of Finance of Tsinghua University in the People's Republic of China and holds a bachelor's degree in thermal engineering from The University of Science and Technology Beijing in PRC. He is a senior engineer and a member of the Chartered Institute of Building. Mr. Wang was accredited as the Entrepreneur with Highest Potential in Qingdao in December 2012, and was awarded the Award for Improvement of Living Standard in Shandong Province in April 2014, and accredited as an Excellent Entrepreneur in Shandong in 2021.

Mr. Wang has over 25 years of experience in the engineering and construction industry. From September 2007 to October 2015, Mr. Wang served as a secretary to the board of directors, assistant to the president, the vice president and the joint chairman of Qingjian Group Co. Ltd. From December 2012 to October 2015, he was the vice president and the executive vice president of Guotsing PRC.

From August 2012 to December 2013, he served as the president of Qingjian International Group Co. Ltd. He was also the chairman and the chief executive officer of Qingdao Qingjian Real Estate Group Co. Ltd. from July 2014 to August 2015.

He is currently a president of Guotsing PRC and Qingjian Group Finance LLC. He is also a director of Qingjian Group Co. Ltd., Qingdao Qingjian Holding Ltd., Jinan Zhonglu Holding Group Ltd. Haide Capital Investment (Shanghai) Co., Ltd, Hyday (South Pacific) Investment Pte.

Ltd, Guotsing Holdings (South Pacific) Investment Pte. Ltd, CNQC Development Limited, Guotsing Finance Holding Ltd. and Guotsing Asset Management Limited. Mr. Wang has entered into a director's service agreement with the Company as an executive Director for a term of three years commencing from 26 January 2022, which may be terminated by either the Company or Mr. Wang by giving three months' written notice or otherwise in accordance with the terms of the director's service agreement, and subject to retirement by rotation and re-election in accordance with the Articles of Association of the Company.

Under the service agreement entered into between the Company and Mr. Wang and as determined with the approval of the Board, Mr. Wang is entitled to an annual remuneration of HKD 3,650,000, which was determined having considered the experience, duties and responsibilities of Mr. Wang and the prevailing market rate of companies of comparable size and similar operation.