The Board announces that as Mr. HOU Wailin has reached his retirement age, he has tendered his resignation as an Executive Director of the Company. Accordingly, he will cease to be the Chairman of the Board and the Chairman and a member of the Nomination Committee of the Company with effect from 26 October 2023; and Ms. BAI Tao is appointed as an Executive Director, the Chairman of the Board and the Chairman and a member of the Nomination Committee of the Company effective upon the conclusion of the relevant board meeting held on 26 October 2023. Ms. BAI Tao (), aged 56, holds a bachelor's degree in engineering from Lanzhou University of Technology (formerly known as Gansu University of Technology) and a Doctorate degree in economics from Jinan University.

She is a senior economist and a senior engineer. Ms. Bai was appointed the chairman of (Guangdong Holdings Limited*) ("Guangdong Holdings") and GDH Limited ("GDH") in September 2023. Prior to joining the Guangdong Holdings group, Ms. Bai had served for a number of large-scale enterprises which specialized in manufacturing, industrial construction and real estate industries.

She had been a director and general manager of (Guangdong Province Second Light Industry Group Corporation*), chairman of (Guangdong Province Guangqing Holdings Group Co. Ltd.*) and chairman of (Guangdong Guangxin Holdings Group Co. Ltd., being an enterprise of the 2023 Fortune Global 500).

Ms. Bai was awarded the in 2005, and an expert entitled to special grants of the State Council of the People's Republic of China in 2018. In addition, Ms. Bai actively involves in public services. She is currently serving as vice chairman of China Enterprise Reform and Development Society, and previously acted as vice chairman of the Guangdong Women's Federation and a director of the (Guangdong Provincial Urban Collective Enterprises Federation*) etc.

Guangdong Holdings and GDH are the ultimate controlling shareholder and the immediate controlling shareholder of the Company, respectively.