CRRC : ELECTION OF THE CHAIRMAN

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ʕ਷ʕԓٰ΅Ϟࠢʮ̡

CRRC CORPORATION LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1766)

ELECTION OF THE CHAIRMAN

The board of directors (the "Board") of CRRC Corporation Limited (the "Company") announced that at the 27th meeting of the second session of the Board held on 30 March 2021, the Board agreed to elect Mr. Sun Yongcai ("Mr. Sun"), the executive director of the Company, as the chairman of the second session of the Board of the Company, and the term of office shall commence from the date of approval by the Board meeting and end on the date of expiry of the term of office of the second session of the Board of the Company. According to the rules and regulations of the Company such as the Articles of Association of CRRC Corporation Limited, Mr. Sun will also serve as the legal representative of the Company and the chairman of the Strategy Committee of the Board of the Company.

The biographical details of Mr. Sun are as follows:

Mr. Sun Yongcai, born in 1964, a Chinese national with no right of abode overseas, is a holder of doctoral degree and is a professorate senior engineer. He currently serves as the Party Secretary of the Party Committee, an executive Director and the President of the Company, and also serves as the Party Secretary of the Party Committee, the chairman and the general manager of CRRC GROUP Co., Ltd. Mr. Sun once served as a director and deputy general manager, the Party secretary, vice chairman and deputy general manager of Dalian Railway Transportation Equipment Company Limited and the chief engineer of China CNR Corporation Limited, as well as a standing member of the Party Committee of China Northern Locomotive & Rolling Stock Industry (Group) Corporation. From December 2010 to May 2015, he served as a standing member ofthe Party Committee and vice president of China CNR Corporation Limited. He has served as a standing member of the Party Committee of the Company from May 2015 to September 2017, a Vice President of the Company from June 2015 to June 2017, an executive Director of the Company since June 2017, the President of the Company and the general manager of CRRC GROUP Co., Ltd. since September 2017, the deputy secretary of the Party Committee of the Company, deputy secretary of the Party Committee and director of CRRC GROUP Co., Ltd. from September 2017 to March 2021. He has served as the secretary of the Party Committee of the Company, secretary of the Party Committee and chairman of CRRC GROUP Co., Ltd. since March 2021. Mr. Sun is entitled to special government allowance granted by the State Council, was awarded the First Prize for State Scientific Technology Advancement (਷࢕߅ኪҦஔආ Ӊɓഃᆤ), the National Innovation Award (Ό਷௴อن΋ᆤ) and the special prize and the first prize from China Railway Society. He has been awarded the title of "Reform Pioneer" of the 40th Anniversary of Reform and Opening Up by the Central Committee of the Communist Party of China and the State Council and awarded as the host of the research and development of "Fuxing" high-speed train in 2018, and has been awarded the title of "most beautiful struggler" of the 70th Anniversary of the Founding of the People's Republic of China by nine departments such as the Publicity Department and the Organization Department of the Communist Party of China in 2019.

Currently, the remuneration of executive directors of the Company is determined according to the relevant measures and regulations promulgated by the SASAC. The Remuneration and Appraisal Committee of the Board makes recommendations to the Board on the remuneration policy and structure of the executive directors of the Company and the remuneration packages of independent non-executive directors of the Company. Annual salary of executive directors of the Company includes basic salary and performance bonus. The amount of the performance bonus is based on the annual assessment results of the Company.

As at the date of this announcement, Mr. Sun held 111,650 A shares of the Company as a beneficial owner. As far as the directors of the Company are aware, save as disclosed above, Mr. Sun did not hold any other positions in the Company or any of its subsidiaries and held no directorship in other public companies the shares of which are listed on the securities market of Hong Kong or any overseas securities market for the past three years. As at the date of this announcement, he had no relationship with any directors, senior management officer, substantial shareholders or controlling shareholders of the Company and had no interest in any shares of the Company as defined in Part XV of the Securities and Futures Ordinance.

As at the date of this announcement, as far as the directors of the Company are aware and save as disclosed in this announcement, there is no information required to be disclosed pursuant to provisions of Rules 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no matter relating to Mr. Sun that is required to be brought to the attention of shareholders of the Company.

By order of the Board CRRC Corporation Limited

Sun Yongcai

Chairman

Beijing, the PRC

30 March 2021

As at the date of this announcement, the executive directors of the Company are Mr. Sun Yongcai and Mr. Lou Qiliang; and the independent non-executive directors are Mr. Li Guo'an, Mr. Sun Patrick, Mr. Shi Jianzhong and Mr. Zhu Yuanchao.