The board of directors of Shanghai Dongzheng Automotive Finance Co., Ltd. announced resignation of Directors on 21 October 2022: Mr. Lin Fan (Mr. Lin) has tendered his resignation as an executive Director with effect from the effective date of appointment of Ms. Xu, as he intends to focus on the development of his other business commitments. Following his resignation, Mr. Lin will cease to act as the chairman of the Board; Mr. Shao Yongjun (Mr. Shao) has tendered his resignation as an executive Director with effect from the effective date of appointment of Mr. Wu, as he intends to focus on the development of his other business commitments; Mr. Koh Tee Choong (Mr. Koh) has tendered his resignation as a non-executive Director with effect from the effective date of appointment of Dr. Zhou, as he intends to focus on the development of his other business commitments; and Mr. Li Guozhou (Mr. Li) has tendered his resignation as a non-executive Director with effect from the effective date of appointment of Ms. Lin, as he intends to focus on the development of his other business commitments. Each of Mr. Lin, Mr. Shao, Mr. Koh and Mr. Li has confirmed to the Board 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.

Resignation of Supervisors on 21 October 2022: Mr. Li Huihua has tendered his resignation as a Supervisor with effect from the effective date of appointment of Ms. Gu, as he intends to focus on the development of his other business commitments. Following his resignation, Mr. Li Huihua will also cease to be the chairman of the Board of Supervisors; and Ms. Wu Liyue (Ms. Wu) has tendered her resignation as a Supervisor with effect from the effective date of appointment of Ms. Zhang, as she intends to focus on the development of her other business commitments. Following her resignation as a Supervisor, Ms. Wu will continue to act as the managing director of the compliance department of the Company.

Each of Mr. Li Huihua and Ms. Wu has confirmed to the Board that he/she has no disagreement with the Board, the Board of Supervisors and the Company, and there are no other matters in relation to his/her resignation that need to be brought to the attention of the Shareholders or the Stock Exchange.