On March 17, 2023, the board of directors of JL MAG RARE-EARTH CO., LTD. received the written resignation of Mr. Li Fei, a non-executive Director of the Company. Due to work adjustment, Mr. Li Fei has conveyed to the Board his
request to resign from the position of non-executive Director. The resignation took effect immediately. The Board further announced that due to the position adjustment in the Company, Mr. Su Quan is also the legal representative and general manager of JL MAG (Baotou) Technology Co., Ltd. (a wholly-owned subsidiary of the Company), he has tendered his resignation from the position of supervisor and chairman of the Supervisory Committee of the
Company (the "Supervisory Committee") on March 17, 2023. Mr. Su Quan will continue to act as the legal representative and general manager of JL MAG (Baotou) Technology Co., Ltd. (a wholly-owned subsidiary of the Company) after his resignation as the chairman of the Supervisory Committee and supervisor. Given that the departure of Mr. Su Quan will result in the number of members of the Supervisory Committee of the Company falling below the
minimum quorum, the resignation of Mr. Su Quan will take effect upon the election of a new supervisor of the Company. The Company will elect a new supervisor as soon as practicable in accordance with the relevant provisions of the Company Law of the People's Republic of China, the articles of association of the Company and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and will make further announcement as and when appropriate. Prior to the election of new supervisor, Mr. Su Quan shall continue performing his duties as supervisor and chairman of the Supervisory Committee.
Jl Mag Rare-Earth Co Ltd is a China-based company mainly engaged in the production of high-performance rare earth permanent magnet materials. The Company focuses on the research and development, production and sales of high-performance Nd-Fe-B permanent magnet materials used in the global new energy, energy saving and environmental protection fields. The Company's products are widely used in new energy vehicles and auto parts, permanent magnet wind generators, energy-saving inverter air conditioners and other industries. The Company sales its products in the domestic and foreign market.