IRICO New Energy : RESIGNATION OF EXECUTIVE DIRECTOR AND GENERAL MANAGER; PROPOSED APPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF EXECUTIVE DEPUTY GENERAL MANAGER; AND CHANGE OF CHIEF FINANCIAL OFFICER

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彩 虹 集 團 新 能 源 股 份 有 限 公 司

IRICO GROUP NEW ENERGY COMPANY LIMITED*

RESIGNATION OF EXECUTIVE DIRECTOR AND

GENERAL MANAGER;

PROPOSED APPOINTMENT OF

EXECUTIVE DIRECTOR AND APPOINTMENT OF EXECUTIVE DEPUTY GENERAL MANAGER; AND CHANGE OF CHIEF FINANCIAL OFFICER

The board of directors (the "Board") of IRICO Group New Energy Company Limited* (the "Company") hereby announces that: (i) Mr. Chen Xiaoning ("Mr. Chen") ceased to serve as an executive director and the general manager of the Company due to changes in job arrangements; (ii) Mr. Tong Xiaofei ("Mr. Tong") was nominated as an executive director of the Company and appointed as an executive deputy general manager of the Company (preside over work); and (iii) Mr. Gu Qiang ("Mr. Gu") ceased to serve as the chief financial officer of the Company due to changes in job arrangements, and Mr. Huang Weihong ("Mr. Huang") was appointed as the chief financial officer of the Company.

RESIGNATION OF EXECUTIVE DIRECTOR AND GENERAL MANAGER

The Board announces that Mr. Chen will cease to serve as an executive director and the general manager of the Company due to changes in job arrangements, and meanwhile he will also cease to serve as a member of the nomination committee, the remuneration committee and the strategy committee of the Board. His resignation takes effect from 31 December 2019.

Mr. Chen has confirmed that he has no disagreement with the Board and there is no matter concerning his resignation that needs to be brought to the attention of the shareholders of the Company.

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The Board would like to take this opportunity to express its sincere gratitude to Mr. Chen for his contributions to the Company during his tenure.

In accordance with the relevant requirements of the articles of association of the Company, the Board shall be composed of seven directors. Due to the resignation of Mr. Chen, the number of incumbent members of the Board falls short of the quorum as prescribed in the articles of association of the Company. In order to fill the vacancy arising from the resignation of Mr. Chen as an executive director, the Board has considered and resolved to submit a resolution related to the election of Mr. Tong as an executive director of the Company, for the consideration and approval by way of an ordinary resolution by the shareholders of the Company at the extraordinary general meeting to be held on 20 January 2020.

P R O P O S E D A P P O I N T M E N T O F E X E C U T I V E D I R E C T O R A N D APPOINTMENT OF EXECUTIVE DEPUTY GENERAL MANAGER

The Board announces that IRICO Group Company Limited* ( 彩 虹 集 團 有 限 公 司) ("IRICO Group"), the controlling shareholder of the Company, has nominated Mr. Tong as an executive director. The proposed appointment is subject to the approval by shareholders at the extraordinary general meeting of the Company to be held on 20 January 2020. The term of office of Mr. Tong shall commence from the date of approval of the relevant resolution at the extraordinary general meeting of the Company until the expiry of the term of the fourth session of the Board. The Board also announces that Mr. Tong was appointed as the executive deputy general manager of the Company (preside over work), with a term of office commencing from 31 December 2019 until the expiry of the term of the fourth session of the Board.

The biographical details of Mr. Tong are set out as follows:

Mr. Tong Xiaofei, aged 42, joined the Group in August 2003. Mr. Tong graduated from Shaanxi University of Science & Technology with a bachelor's degree in inorganic non-metallic materials. He is a senior engineer and a member of the Chinese Communist Party. He is currently the head of the planning and technology department, the deputy head and office director of the science and technology committee, and the office director of the investment review committee of IRICO Group. He served as an melting technical engineer at the melting and assembling workshop of IRICO Glass Factory of IRICO Group, the head of the melting and assembling professional group of Photovoltaic Glass Project of IRICO Group, the head of the melting and assembling workshop of IRICO Photovoltaic Glass Factory, the assistant to the general manager and the deputy general manager of IRICO (Hefei) Photovoltaic Co., Ltd. ("Hefei Photovoltaic"), the executive deputy general manager of Hefei IRICO New Energy Co., Ltd., the executive deputy general manager of Hefei Photovoltaic and the assistant to the general manager of the Company, etc.

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Mr. Tong will not receive any remuneration from the Company in respect of his services rendered as an executive director.

As at the date of this announcement, saved as disclosed above, Mr. Tong confirms that:

1. he has not held any directorships in any public companies, the securities of which are listed on any securities market in Hong Kong and/or overseas in the past three years, nor held any other major appointment and professional qualification; (ii) he does not hold any other position with the Company or its subsidiaries; (iii) he does not have any interests in the shares or securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and

1. he does not have any relationship with other current directors, senior management or substantial or controlling shareholders of the Company.

Saved as disclosed in this announcement, there are no other matters in relation to the appointment of Mr. Tong that need to be brought to the attention of the shareholders of the Company, nor is there other matter in relation to the appointment of Mr. Tong that needs to be disclosed pursuant to the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

CHANGE OF CHIEF FINANCIAL OFFICER

The Board announces that Mr. Gu ceased to serve as the chief financial officer of the Company due to changes in job arrangements with effect from 31 December 2019. Mr. Gu has confirmed that he has no disagreement with the Company and is not aware of any matter relating to his resignation as chief financial officer of the Company that needs to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Gu for his valuable contributions to the Company during his term as the chief financial officer of the Company.

The Board also announces that Mr. Huang was appointed as the chief financial officer of the Company, with a term of office commencing from 31 December 2019 until the expiry of the term of the fourth session of the Board.

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The biographical details of Mr. Huang are set out as follows:

Mr. Huang Weihong, aged 36, graduated from Nanjing Audit University with a bachelor's degree in auditing. He is a member of the Chinese Communist Party, an auditor and an international certified internal auditor. He served as an auditor of the auditing bureau of the Bureau of Agriculture and Farming of Hainan Province, the audit manager of the China Aero-Polytechnology Establishment, the head of the audit department of Shaanxi Tourism Co. Ltd.* ( 陝 西 旅 遊 股 份 有 限 公 司), the manager and representative of securities affairs of securities affairs department of Shaanxi Tourism Culture Industry Holding Co. Ltd.* ( 陝 西 旅 遊 文 化 產 業 股 份 有 限 公 司), and the head of the audit department of IRICO Group.

By order of the Board

IRICO Group New Energy Company Limited*

Si Yuncong

Chairman

Shaanxi Province, the PRC

31 December 2019

As at the date of this announcement, the Board consists of Mr. Si Yuncong as executive director, Mr. Fan Laiying and Mr. Ni Huadong as non-executive directors, and Mr. Feng Bing, Mr. Wang Jialu and Mr. Wang Zhicheng as independent non-executive directors.

• For identification purpose only

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