The board of directors of Shanghai Prime Machinery, Company Limited announced that Mr. Zhou Zhiyan, currently having dual roles of Chairman of the Board and President of the Company, has resigned from the position of President with effect from 1 October 2020. Mr. Zhou will continue serving on the Board and Board committees. The board announced that Mr. Chen Xuewen has been appointed as the President of the Company with effect from 1 October 2020. Mr. Chen Xuewen has held various positions in Shanghai Electric Group Company Limited and its subsidiaries from July 1998. From December 2014 to September 2020, Mr. Chen was a vice president and was later promoted to senior vice president of Ansaldo Energia S.p.A. From September 2017 to September 2020, Mr. Chen was the vice chairman of Shanghai Electric Gas Turbine Co. Ltd. and the chairman of Shanghai Ansaldo Gas Turbine Technology Co. Ltd.