The board of directors of Productive Technologies Company Limited announced that Mr. Shong Hugo (Mr. Shong) has tendered his resignation as the non-executive Director and a member of the audit committee of the company (the Audit Committee) with effect from 21 October 2022 in order to focus his time and effort on other business commitments. The Board announced that Mr. Cao Xiaohui (Mr. Cao) has been appointed as a non-executive Director and a member of the Audit Committee with effect from 21 October 2022. Mr. Cao, aged 37, currently a partner at IDG Capital, has more than 15 years' working experience in industrial field, and is responsible for investment and mergers and acquisitions (M&A) in intelligent manufacturing, new energy and semi-conductor manufacturing industry chain at IDG Capital.

He has led various cross-border M&As, investments and divestments amounting to multi-billion US dollars. Prior to joining IDG Capital, he worked as the managing partner of Fosun Private Equity Business Unit, the executive president of Fosun Automation & Robotics Group and the executive president of Fosun Energy Industrial & Utility Group from 2016 to 2020, the president of Siasun Investment Co. Ltd. from 2015 to 2016, and director of the office of spacecraft overall design of the Research and Development Center of CASC (China Aerospace Science and Technology Corporation) from 2010 to 2015.

Mr. Cao obtained his bachelor's degree in Jet Propulsion at Beijing University of Aeronautics and Astronautics and master's degree in Aerodynamics at University of Bristol.