VPower Group International Holdings Limited the Board announces resolutions have been passed by the Board to effect the following changes from 5 December 2023: Mr. Lee Chong Man Jason ("Mr. Lee") will resign as an ED and a co-chief executive officer of the Group ("co-CEO"). He will remain as an executive vice president of the Group and a director of various subsidiaries of the Company; Mr. Lo Siu Yuen ("Mr. Lo") will resign as an ED and cease to be an authorised representative of the Company under Rule 3.05 of the Listing Rules (the "LR Authorised Representative") and the authorised representative of the Company for accepting service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the "CO Authorised Representative"). He will remain as an executive vice president of the Group and a director of various subsidiaries of the Company; Ms. Chan Mei Wan ("Ms. Chan") will resign as a non-executive Director, and cease to be the vice chairwoman of the Board and a member of each of the audit committee (the "Audit Committee") and the remuneration committee (the "Remuneration Committee") of the Board.

She will remain as a director of various subsidiaries of the Company; Mr. Yeung Wai Fai Andrew ("Mr. Yeung") will resign as an INED, and cease to be the chairman of the Remuneration Committee and a member of the Audit Committee; and Mr. David Tsoi ("Mr. Tsoi") will resign as an INED, and cease to be the chairman of the Audit Committee and a member of the nomination committee (the "Nomination Committee") of the Board. The Board further announces that Mr. Lam Yee Chun ("Mr. Lam"), an ED, will cease to be the executive chairman of the Board and a member of the Nomination Committee; and he will be appointed as the CO Authorised Representative. He will also become the sole chief executive officer of the Group ("CEO") following the resignation of Mr. Lee as a co-CEO.

All changes will take effect from 5 December 2023. Mr. Lam has confirmed that he has no disagreement with the Board and there is no other matter relating to the changes of his positions set out above that needs to be brought to the attention of the Stock Exchange and/or the Shareholders. The Board further announces that resolutions were passed by the Board on 4 December 2023 to effect new appointments to the Board and Board committees as set below from 5 December 2023: Dr. Kang Hubiao ("Dr. Kang") will be appointed as an ED, the chairman of the Board and the chairman of the Nomination Committee; each of Mr. Lu Weijun ("Mr. Lu") and Mr. Li Haifeng ("Mr. Li") will be appointed as an ED; Mr. Jin Jiantang ("Mr. Jin") will be appointed as an ED and a LR Authorised Representative; Dr. Wang Zheng ("Dr. Wang") will be appointed as an INED, the chairman of each of the Audit Committee and the Remuneration Committee, and a member of the Nomination Committee; and Dr. Lin Tun ("Dr. Lin") will be appointed as an INED and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee.

The biographical details of each of Dr. Kang, Mr. Lu, Mr. Li, Mr. Jin, Dr. Wang and Dr. Lin are as follows: Dr. Kang Hubiao () Dr. Kang Hubiao, aged 51, possesses extensive experience in enterprise management, market development, large-scale overseas project contracting and overseas investment, construction and operation management. He joined China National Machinery Import and Export Corporation (()) ("CMC", a current subsidiary of China General Technology (Group) Holding Co. Ltd. (()) ("GT-PRC")) in July 1994.

Dr. Kang served as a general manager of China National Energy Engineering & Construction Co. Ltd. () (a subsidiary of GT-PRC) from August 2013 to October 2017; and served as a vice general manager from October 2017 to October 2020, a general manager from October 2020 to August 2021, a party secretary and the chairman from April 2021 to May 2022 of CMC. Since May 2022, he has been serving as the chairman of the board and party secretary of Genertec International Holding Co.

Ltd. () ("Genertec International", a subsidiary of GT-PRC). Dr. Kang received his Ph.D. in environmental economy and management from Chinese Academy of Sciences, the PRC in July 2010. He obtained a bachelor's degree in mining engineering from China University of Mining and Technology, the PRC in July 1994.

In December 2007, he was awarded as Certified Project Manager (IPMA Level C) by the Certification Body IPMA China Certification of the Project Management Research Committee with regulations as validated by the International Project Management Association. Dr. Kang will enter into a director's service agreement as an ED with the Company for a term commencing from 5 December 2023 to 31 December 2024 and will be subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the articles of association of the Company ("Articles"). Under the director's service agreement of Dr. Kang, he will waive to receive any remuneration from the Company during his term of office.

Mr. Lu Weijun () Mr. Lu Weijun, aged 52, possesses extensive experience in large-scale overseas engineering market development and project management. He joined the Subscriber in June 2003. He served as the general manager of China National Transportation Equipment & Engineering Co.

Ltd. (, a subsidiary of GT-PRC) from January 2019 to April 2021; a deputy general manager and member of the party committee of the Subscriber from April 2021 to April 2022. He has been serving as a deputy general manager and member of the party committee of Genertec International since April 2022 and has been the sole executive director of the Subscriber since September 2022. Mr. Lu graduated from China University of Mining and Technology, the PRC, majoring in mining machinery and electrical engineering with a bachelor's degree in engineering in July 1996.

Mr. Lu was a director of CNTIC (Tianjin) Import & Export Co. Ltd. (()) ("CNTIC Tianjin"), which was a subsidiary of the Subscriber incorporated in the PRC and was principally engaged in import and export of technology, goods and agency services prior to its dissolution in January 2023.