The board of directors of Green Economy Development Limited announced that Mr. Zhu Kai has tendered his resignation as an executive Director of the company with effect from 13 October 2023 due to his personal health reason. The Board announced that, with effect from 13 October 2023, Mr. Zhu Feng has been appointed as an executive Director, a member of the nomination committee, a member of the remuneration committee and a member of the risk management committee of the Company. Mr. Zhu Feng, aged 52, obtained his postgraduate degree in business administration from Central China Normal University in July 2004.

Prior to joining the Company, he joined Jiangsu Suzhou Steel Group Company Limited working in different roles for over 10 years from 2003 to 2016 including serving as the chief executive. Mr. Zhu Feng was then appointed in 2017, and continues to serve as, the chairman and the chief executive of Baize Group Co., Ltd, which is involved in businesses across various sectors including hospital management, import and export of goods and construction project management. Mr. Zhu Feng has entered into a service agreement with the Company pursuant to which he agreed to act as an executive Director for a term of 3 years commencing from 13 October 2023 unless terminated by one months' written notice or in certain circumstances as in accordance with the terms of the service agreement.