The board of directors of Shandong Hi-Speed New Energy Group Limited announced that with effect from 20 July 2023: Mr. Wang Meng (Mr. Wang) has been appointed as an executive Director; and Professor Qin Si Zhao (Professor Qin) has been appointed as an independent non-executive Director and a member of the nomination committee of the Company (the Nomination Committee). Mr. Wang Meng, aged 52, had obtained bachelor 's degree from Beijing University of Technology in 1994. Mr. Wang worked at (BEIJING HENGWAN CONSTRUCTION COMPANY) during the years from 1994 to 2000 and (Beijing Zedu Law Firm) during the years from 2001 to 2018.

Mr. Wang joined (Zhejiang Qiqiao Ice and Snow Business Management Co. Ltd.) since 2018 and is currently serving as chairman and is also serving as senior vice president and director of law department of Tus-Holdings Co. Ltd. Professor Qin Si Zhao, aged 59, received his bachelor 's degree and master 's degree in Automation and Automatic Control from Tsinghua University in 1984 and 1987 respectively and then the doctor of Philosophy (PhD) in Chemical Engineering from University of Maryland at College Park in the United States of America in 1992.

He has been serving as dean of the School of Data Science and chair professor of Data Science at the City University of Hong Kong from January 2020 to June 2023, the research areas including data analytics, machine learning and model predictive control. Since July 2023, he has been the Acting President of Lingnan University in Hong Kong and the chair professor of Wai Kee Kau Data Science. During the three years from 2014 to 2016, Professor Qin served as vice president of The Chinese University of Hong Kong, Shenzhen.

During 2011 to 2013, he served as associate dean of Chemical Engineering and Materials Science at the University of Southern California in the United States of America. Professor Qin served as first president of North America Federation of Tsinghua Alumni Associations and founding president of Tsinghua Alumni Academia Club. He obtained the academic honour including the election to the rank of fellow of the National Academy of Inventors, the U.S. National Science Foundation CAREER award, American Institute of Chemical Engineers ("AIChE") CAST Computing in Chemical Engineering award, the Institute of Electrical and Electronics Engineers (" IEEE ") CSS Transition to Practice award and he has been elected to the rank of the fellow of AIChE, IEEE and International Federation of Automatic Control and Cheung Kong Scholars of the Ministry of Education of the People's Republic of China, etc.

Reference is made to the announcements of the Company dated 22 May 2023 and 20 June 2023 in relation to the retirement of Professor Shen Zuojun as an independent non-executive Director and cessation to be a member of the Nomination Committee at the conclusion of the annual general meeting of the Company held on 20 June 2023 (the "Retirement"). As a result of the Retirement, the Company is non-compliance with the requirements under the Rule 3.10A and Rule 3.27A of the Listing Rules. Following the appointment of Mr. Wang as executive Director and Professor Qin as an independent non-executive Director and a member of Nomination Committee with effect from 20 July 2023, the Board comprises twelve Directors, four of whom are independent non-executive Directors, representing one-third of the Board as required under Rule 3.10A of the Listing Rules and the Nomination Committee shall comprise a majority members of independent non-executive Directors as required under Rule 3.27A of the Listing Rules.

Accordingly, the Company is in compliance with the requirements under the Rules 3.10A and Rule 3.27A of the Listing Rules respectively.