Shanghai Industrial Holdings Limited announced that due to the reason of age, Mr. Xu Bo ("Mr. Xu") has resigned as an Executive Director and a Deputy CEO of the Company and a member of the Executive Committee of the Company with effect from 24 July 2023. Mr. Xu has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. Mr. Zhang Qian ("Mr. Zhang") has been appointed as an Executive Director and a Deputy CEO of the Company and a member of the Executive Committee of the Company with effect from 24 July 2023.

Mr. Zhang, aged 49, is a vice president and the chief financial controller of Shanghai Industrial Investment (Holdings) Company Limited, a vice president of SIIC Shanghai (Holdings) Ltd. and the chairman of SIIC Shanghai Holdings Finance Limited, and will be appointed as a director of certain other subsidiaries of the Group. He graduated with a bachelor's degree majoring in International Corporate Management from Shanghai International Studies University, and obtained a master's degree in Business Administration from Shanghai University of Finance and Economics - Webster University in the United States and holds the designation of a senior economist. Mr. Zhang was a deputy general manager of Shenergy (Group) Co.

Ltd. and the deputy general manager and general manager of Shenergy Group Finance Co. Ltd. Mr. Zhang is currently the vice chairman of Shanghai Young Entrepreneurs Association and Shanghai Enterprise Federation. He has extensive experience in finance and corporate management.