The board of directors (Directors) of Xiwang Special Steel Company Limited (the Company) announced that Mr. LEUNG Shu Sun, Sunny (Mr. Leung) has resigned as an independent non-executive Director, the chairman of the audit committee (the Audit Committee), a member of the remuneration committee (the Remuneration Committee) and a member of the nomination committee (Nomination Committee) of the Company with effect from 24 August 2023 in order to devote more time to his family commitments. Mr. Leung has confirmed that he has no claim against the Company and has no disagreementwith the Board. In addition, there are no matters that need to be brought to the attention of the Shareholders of the Company or The Stock Exchange of Hong Kong Limited (the Stock Exchange) in relation to his resignation as an independent non-executive Director.

Immediately after Mr. Leung's resignation, the composition of the Board committees is as follows: Audit Committee: Mr. LI Bangguang and Mr. YU Kou. Remuneration Committee: Mr. LI Bangguang (Chairman) and Mr. YU Kou. Nomination Committee: Mr. LI Bangguang (Chairman) and Mr. YU Kou.