The board of directors of Sany Heavy Equipment International Holdings Company Limited announced that Mr. Liang Zaizhong has been appointed as an executive Director, the chairman of the Board, the chairman of the nomination committee of the Company and the strategic investment committee of the Company with effect from 21 October 2019. Mr. Qi Jian was re-designated as the vice chairman of the Board and remained as the chief executive officer. In March 2016, Mr. Liang took the lead to establish Long Property & Casualty Insurance Co. Ltd. and Hunan Sanxiang Bank Co. Ltd. and acted as a director, the vice chairman of the board of Long Insurance during the period from March 2016 to June 2019, while serving as the chairman of the board of Sanxiang Bank from December 2016 to June 2019. Mr. Qi Jian ceased to be the chairman of the Nomination Committee and the Strategic Investment Committee but remained as a member of the Strategic Investment Committee. Mr. Mao Zhongwu ("Mr. Mao") has resigned as a non-executive Director, a member of the Strategic Investment Committee and one of the authorized representatives with effect from 21 October 2019 due to other business arrangement. The Board and Mr. Mao confirm that they have no disagreement with each other and that there is no matter relating to Mr. Mao's resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Since Mr. Mao Zhongwu resigned as one of the authorized representatives, Mr. Qi Jian, the executive Director of the Company, will be appointed as the authorized representative with effect from 21 October 2019.