Weigang Environmental Technology Holding Group Limited announced that Mr. Zhang Weiyang has been appointed as an executive Director of the Company, with effect from 1 July 2022, with the recommendation of the nomination committee of the Board Mr. Zhang joined the Group in October 2020 and served as a strategy consultant until 30 June 2022. Mr. Zhang was responsible for providing advices on the business development and strategic investment to the Group. The Nomination Committee believes that the Company will be benefited from the background, knowledge and extensive experience from Mr. Zhang.

Having considered the recommendation of the Nomination Committee and Mr. Zhang's understanding and vision of the industry the Company engaged in, the Board is also of the view that the appointment of Mr. Zhang would optimize the long-term interest of the Group. Mr. Zhang, aged 57, had completed a high school education in the People's Republic of China. Mr. Zhang has over 30 years in the field of environmental protection, waste treatment and chemical technology.

Prior to joining the Group, Mr. Zhang was the chairman and an executive Director of Dongjiang Environmental Company Limited ("Dongjiang"), from 1999 to July 2016, the shares of which are listed on the Hong Kong Stock Exchange (stock code: 895) and Shenzhen Stock Exchange (stock code: 2672). Thereafter, Mr. Zhang remains involved in the waste treatment industry through his investment. Throughout the years, Mr. Zhang has also invested in or managed certain private companies and limited partnership (alongside with Dongjiang) which have business transaction with the Group in its ordinary course of business prior to his becoming of a substantial shareholder of the Company.

The Company has entered into a service agreement with Mr. Zhang for a term of three years commencing from 1 July 2022, which subject to re-election by shareholders of the Company, will continue thereafter unless and until terminated by not less than three months' notice in writing served by either party to the other. Mr. Zhang will hold office until the first annual general meeting of the Company after his appointment and be eligible for re- election in accordance with the articles of association of the Company (the "Articles"). Thereafter, Mr. Zhang shall retire and shall be eligible for re-election at least once every three years in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Articles.

Mr. Zhang shall be entitled to receive a director's fee of HKD 600,000 per annum for his services as an executive Director of the Company as determined by the Board with reference to his performance and responsibilities, performance of the Group and prevailing market practice. As at the date of this announcement, Mr. Zhang is a substantial shareholder of the Company and he is deemed to be interested 324,971,000 shares of the Company, held by DHW Holdings Limited (a company 100% owned by Mr. Zhang) ("DHW"), representing approximately 24.37% of the total issued share capital of the Company. Mr. Zhang is also interested in 46,710,000 shares in his own capacity.

DHW and Mr. Zhang in aggregate held 371,681,000 shares of the Company, representing approximately 27.88% of the total issued share capital of the Company, pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").