COSCO SHIPPING Development Co., Ltd. announced Change of General Manager. As Mr. Liu Chong (Mr. Liu) has been appointed as the Chairman, Mr. Liu resigned as the general manager of the Company with effect from 16 June 2022. Following the resignation of Mr. Liu as the general manager of the Company, Mr. Zhang Mingwen ("Mr. Zhang") was appointed as the general manager of the Company with effect from 16 June 2022.

Mr. Zhang Mingwen, aged 43, the general manager of the Company, has more than 20 years of working experience in the shipping industry and has extensive experience in areas including finance and capital management, shipping finance and capital operation. Mr. Zhang previously served as the deputy section chief and vice director of the capital centre of the planning and finance department of China Shipping (Group) Company (currently known as China Shipping Group Company Limited), the assistant general manager of the planning and finance department of China Shipping (Group) Company, the assistant general manager of the financial capital department of China Shipping (Group) Company, the deputy chief financial officer and the chief financial officer of China Shipping Container Lines Company Limited, the chief financial officer of the Company and the chief financial officer of COSCO SHIPPING Holdings Co., Ltd. (a company listed on the Stock Exchange and the Shanghai Stock Exchange. Mr. Zhang also served as the chief financial officer of Orient Overseas (International) Limited a company listed on the Stock Exchange and a director, the chief financial officer and member of the executive committee of Orient Overseas Container Line Ltd. Mr. Zhang graduated from the Faculty of Finance of Shanghai University of Finance and Economics majoring in investment economics and from the Antai College of Economics & Management of Shanghai Jiao Tong University majoring in business administration, and obtained a bachelor' s degree in economics and a master' s degree in business administration.

Mr. Zhang is a Chartered Financial Analyst (CFA) and a senior accountant.