The board of directors of IRICO Group New Energy Company Limited announced that 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; 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 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. The Board announced 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.

The Board announced that 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 announced 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. Mr. Tong Xiaofei joined the Group in August 2003. The Board announced 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. Huang Weihong 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.