Shanghai Dongzheng Automotive Finance Co., Ltd. announced as disclosed in the Circular and the Announcements, following the conclusion of the EGM, the appointments of Ms. Xu, Mr. Wu, Dr. Zhou and Ms. Lin as Directors are subject to the receipt of the approval of the CBIRC on their qualifications and shall be conducted in accordance with the Articles of Association and the relevant PRC laws and regulations. In this regard, the Board hereby announces that the following appointments became effective from 14 February 2023 following the receipt of the relevant approval from the CBIRC: (i) the appointment of Ms. Xu as the chairlady of the Board and a non-executive Director; (ii) the appointment of Mr. Wu as an executive Director; (iii) the appointment of Dr. Zhou as a non-executive Director; and (iv) the appointment of Ms. Lin as a non-executive Director. The term of office of each of Ms. Xu, Mr. Wu, Dr. Zhou and Ms. Lin commences from the date of approval of the CBIRC and will end on the expiry of the second session of the Board.

Each of Ms. Xu, Mr. Wu, Dr. Zhou and Ms. Lin may be re-elected upon expiration of his or her term of office. Following the appointments of Ms. Xu, Mr. Wu, Dr. Zhou and Ms. Lin, the resignations of Mr. Lin, Mr. Shao, Mr. Koh and Mr. Li took effect from 14 February 2023. Each of Mr. Lin, Mr. Shao, Mr. Koh and Mr. Li has confirmed that he has no disagreement with the Board and the Company, and there are no other matters in relation to his resignation that need to be brought to the attention of the Shareholders or the Stock Exchange.

On 15 November 2022, the Board resolved to appoint Mr. Wu as the new General Manager subject to the approval of the CBIRC. The Board hereby announces that the appointment of Mr. Wu as the new General Manager became effective from 14 February 2023 following the receipt of the relevant approval from the CBIRC. As disclosed in the Announcements, following the conclusion of the EGM, the Company shall complete the appointments of Ms. Gu and Ms. Zhang as Supervisors in accordance with the Article of Association and the relevant PRC laws and regulations in due course.

The Board hereby announces that the term of office of each of Ms. Gu and Ms. Zhang commenced from 14 February 2023 and will end on the expiry of the second session of the Board of Supervisors. Following the appointments of Ms. Gu and Ms. Zhang, the resignations of Mr. Li Huihua and Ms. Wu took effect from 14 February 2023. Each of Mr. Li Huihua and Ms. Wu has confirmed that he or she has no disagreement with the Board, the Board of Supervisors and the Company, and there are no other matters in relation to his or her resignation that need to be brought to the attention of the Shareholders or the Stock Exchange.

Following the appointment of Directors as set out above, with effect from 14 February 2023, the composition of the Board committees has been changed as follows: (i) Mr. Lin ceases to act as the chairman of the Risk Management Committee; (ii) Mr. Shao ceases to act as a member of the Risk Management Committee; (iii) Mr. Koh ceases to act as a member of each of the Remuneration and Evaluation Committee and the Nomination Committee; (iv) Ms. Xu has been appointed as the chairlady of the Risk Management Committee, and a member of each of the Remuneration and Evaluation Committee and the Nomination Committee; (v) Ms. Lin has been appointed as a member of each of the Audit Committee and the Risk Management Committee; and (vi) Mr. Wu, Dr. Zhou, Ms. Liang Yanjun and Mr. Qin Zheng have been appointed as members of the Risk Management Committee.