The board of directors of Xiwang Special Steel Company Limited announced that Mr. Wang Di has resigned as the chairman of the company (the chairman), a non-executive director, a member of the remuneration committee of the company (the remuneration committee) and a member of the nomination committee of the company (the nomination committee) with effect from 14 February 2023 in order to devote more time to other work arrangements. Mr. Wang Di has confirmed that he has no disagreement with the Board and there are no matters in respect of his resignation that need to be brought to the attention of the shareholders of the company or The Stock Exchange of Hong Kong Limited. The board announced that Mr. Zhang Jian (Mr. Zhang), an executive Director and the chief executive officer of the company (the chief executive officer), has been appointed as the chairman with effect from 14 February 2023.

Mr. Zhang, aged 41, was appointed as an executive Director and the Chief Executive Officer on 14 October 2015. He was appointed as an authorised representative of the company with effect from 1 April 2022. He obtained his Bachelor of Engineering from Yanbian University in 2004 and Master of Engineering from Qilu University of Technology in 2013.

He worked at the production department of Shandong Xiwang Sugar Industry Company Limited from February 2004 to August 2004. From August 2004 to October 2014, he held several managerial positions including director of general manager office, manager of supply department, project manager, deputy managers and general managers within Xiwang Group Company Limited and its subsidiaries, including Shandong Xiwang Steel Co. Ltd., Shandong Xiwang Biochemical Technology Co.

Ltd., Xiwang Sugar, Shandong Youhuo Fructose Co. Ltd. and Xiwang Pharmaceutical Company Limited. Since October 2014, he has been the general manager of Xiwang Metal Science & Technology Company Limited (previously named Shandong Xiwang Special Steel Company Limited.

Mr. Zhang has been the general manager of Zhongke Xiwang Special Steel Company Limited (Zhongke Xiwang) since June 2020. The board also announced that Mr. Wang Chaoqun (Mr. Wang) has been appointed as an executive Director with effect from 14 February 2023. Mr. Wang, aged 38, graduated from Qingdao Open University (previously named Qingdao Radio and Television University) in 2007, majoring in business administration.

Since May 2007, he has worked in Xiwang Metal Science. From November 2014 to August 2022, he has been a factory manager of Xiwang Metal Science. Since August 2022, he has been the deputy general manager of Xiwang Metal Science.

Since January 2023, he has held directorship in several subsidiaries of the Company, including Xiwang Metal Science, Xiwang Special Steel Company Limited, Shandong Xiwang Recycling Resources Company Limited and Zhongke Xiwang. The Board further announces that following the resignation of Mr. Wang Di, Mr. Leung Shu Sun Sunny (Mr. Leung), an independent non-executive Director, has been appointed as a member of the Remuneration Committee and a member of the Nomination Committee with effect from 14 February 2023, respectively, to replace the resigned Director, Mr. Wang Di. Mr. Leung is currently the Chairman of the audit committee of the Company.