The board of directors of Xinyi Electric Storage Holdings Limited announced that Mr. WANG Mohan ('Mr. WANG') has been appointed as the chief executive officer of the Group effective from 4 August 2022 following the resignation of Mr. ZHA Xue Song ('Mr. ZHA') effective from the same date. Mr. ZHA wishes to devote more time on his other business ventures. Mr. WANG, aged 37, is currently the president of Polaron Energy Corp.

Mr. WANG also interests in 6.0% of the issued share capital of PEC. Mr. WANG is currently overseeing the business operation and management of PEC for the provision of EPC (engineering, procurement and construction) and financing services of solar energy systems in Canada. Mr. WANG is graduated from Goodman School of Business of Brock University with a bachelor's degree of accounting in 2009 and a master's degree of accountancy in 2011.

Mr. WANG is a non-practising certified public accountant and certified management accountant in Canada. Mr. WANG has approximately 10 years of experience in the solar photovoltaic industry operations focusing on the sales and production, project management and financial management.