Guangdong Yueyun Transportation Company Limited dated 29 December 2023 in relation to the resignation of Mr. Guo Junfa as an executive director, chairman of the Company and chairman of the Nomination Committee and Strategy Committee of the Company. The board of directors announced that, in order to ensure the normal operation of the Board and the subordinate committees of the Company, Mr. Zhu Fang has been appointed as the new chairman of the Board, chairman of the Nomination Committee and chairman of the Strategy Committee of the Company with effect from 21 March 2024. Mr. Zhu Fang will continue to serve as the general manager of the Company upon his appointment as the chairman of the Board of the Company.

However the Board considers such arrangement is temporary in nature. Despite deviating from code provision the Corporate Governance Code of the Listing Rules, Mr. Zhu Fang will provide solid and continuous leadership to the Group with his extensive experience and knowledge in management and the support of other members of the Board. Moreover, the Board is of the view that having the same person as the chairman and general manager can facilitate the execution of the Group's business strategies and enhance its operational efficiency before the Company identifies a suitable candidate for the position of general manager.

The Board also announced that Mr. Hu Xianhua, an executive Director of the Company, has been appointed as a member of the Strategy Committee of the Company with effect from 21 March 2024.