Yanchang Petroleum International : RESIGNATION AND APPOINTMENT OF THE CHAIRMAN OF THE BOARD AND EXECUTIVE DIRECTORS AND CHANGE OF MEMBER OF THE REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock Code: 00346)

RESIGNATION AND APPOINTMENT OF

THE CHAIRMAN OF THE BOARD AND EXECUTIVE DIRECTORS

AND

CHANGE OF MEMBER OF THE REMUNERATION COMMITTEE

AND NOMINATION COMMITTEE

The Board announces that, with effect from 1 April 2021:

1. Mr. Li Yi has resigned as the chairman of the Board and executive Director; and Mr. Li Yi has also ceased to be the member of each of the remuneration committee and the nomination committee;
2. Ms. Sha Chunzhi and Mr. Li Jun have resigned as executive Directors;
3. Mr. Feng Yinguo has been appointed as the chairman of the Board and the member of each of the remuneration committee and the nomination committee; and
4. Mr. Zhang Jianmin and Mr. Ding Jiasheng have been appointed as executive Directors.

RESIGNATION OF THE CHAIRMAN OF THE BOARD AND EXECUTIVE DIRECTORS

The board (the "Board") of directors (the "Directors") of Yanchang Petroleum International Limited (the "Company") announces that with effect from 1 April 2021, Mr. Li Yi, Ms. Sha Chunzhi and Mr. Li Jun have resigned as executive Directors, and Mr. Li Yi has also resigned as the chairman of the Board as they need to devote more time on the new business and other arrangements.

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Mr. Li Yi, Ms. Sha Chunzhi and Mr. Li Jun have confirmed that they have no disagreement with the Board and there is no matter in relation to their resignations that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to express its appreciation to Mr. Li Yi, Ms. Sha Chunzhi and Mr. Li Jun for their valuable contributions during their tenure of office in the Company.

APPOINTMENT OF THE CHAIRMAN OF THE BOARD AND EXECUTIVE DIRECTORS

The Board further announces that following the resignation of Mr. Li Yi as an executive Director and the chairman of the Board, Mr. Feng Yinguo, an existing executive Director, has been appointed as the chairman of the Board, Mr. Zhang Jianmin and Mr. Ding Jiasheng have been appointed as executive Directors; and Mr. Ding Jiasheng has also been appointed as the vice president of the Company, with effect from 1 April 2021.

Mr. Zhang Jianmin ("Mr. Zhang"), aged 55, is currently the deputy chief accountant, deputy supervisor of the finance center and a member of the Party Committee of Yanchang Petroleum Group. At the same time, he is also the director and general manager of Yanchang Petroleum Group (Hong Kong) Co., Limited. Mr. Zhang joined the finance department of Yanchang Petroleum Management Bureau under Yanchang Petroleum Group in July 1987. Since August 2011, he has served as the deputy supervisor of the finance center of Yanchang Petroleum Group, and is mainly responsible for the financial control and accounting and formulating of the Company's financial works. He obtained a master's degree in economic management from the Party School of the Shaanxi Provincial Party Committee of the Communist Party of China, and is a semi-senior accountant. Mr. Zhang has been engaged in financial management in the petroleum industry for a long period of time and has many years of solid experience in finance and financial management, as well as petroleum operation governance.

Save as aforesaid, Mr. Zhang did not hold any directorship in other listed companies in Hong Kong or overseas during the past three years nor has he held any other positions in the Company and other members of the Group. Mr. Zhang does not have any other major appointments and professional qualifications.

Mr. Zhang has entered into a service contract with the Company for a term of three years commencing from 1 April 2021. He is subject to retirement at the following annual general meeting after his appointment and thereafter subject to retirement by rotation at least once in every three years in accordance with the Bye-laws of the Company. Mr. Zhang is entitled to an annual remuneration of HK$249,600, which is determined with reference to his duties and responsibilities, the prevailing market conditions and the recommendation from the remuneration committee of the Company.

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Save as disclosed above, Mr. Zhang has no relationship and is not connected with any Director, senior management, substantial shareholder or controlling shareholder (as defined in the Rules Governing the Listing of Securities on the Stock Exchange ("the Listing Rules")) of the Company and he does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as at the date of this announcement.

Mr. Ding Jiasheng ("Mr. Ding"), aged 33, is currently the vice president of Novus Energy Inc. ("Novus"), an indirect wholly-owned subsidiary of the Company in Canada. Mr. Ding joined Novus in May 2014 and has served as the production engineer, exploration and development engineer and vice president of Novus. He has extensive technical and management experience. He holds a bachelor's degree in petroleum engineering from the University of Alberta in Canada and a master's degree in Earth and Environment from the Columbia University in U.S.A., and is a registered professional engineer in Canada.

Save as aforesaid, Mr. Ding did not hold any directorship in other listed companies in Hong Kong or overseas during the past three years nor has he held any other positions in the Company and other members of the Group. Mr. Ding does not have any other major appointments and professional qualifications.

Mr. Ding has entered into a service contract with the Company for a term of three years commencing from 1 April 2021. He is subject to retirement at the following annual general meeting after his appointment and thereafter subject to retirement by rotation at least once in every three years in accordance with the Bye-laws of the Company. Mr. Ding is entitled to an annual remuneration of HK$249,600, which is determined with reference to his duties and responsibilities, the prevailing market conditions and the recommendation from the remuneration committee of the Company.

Save as disclosed above, Mr. Ding has no relationship and is not connected with any Director, senior management, substantial shareholder or controlling shareholder (as defined in the Listing Rules) of the Company and he does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as at the date of this announcement.

Save as disclosed above, there is neither any further information required to be disclosed pursuant to the requirements under Rule 13.51(2)(h) to (v) of the Listing Rules nor there is any other matter relating to the appointments of Mr. Zhang and Mr. Ding that needs to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to welcome Mr. Zhang and Mr. Ding in joining the Company.

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CHANGE OF MEMBER OF THE REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

The Board also announces that with effect from 1 April 2021 following the resignation of Mr. Li Yi as an executive Director, Mr. Li Yi has ceased to be a member of each of the remuneration committee and the nomination committee of the Company, and Mr. Feng Yinguo has been appointed as a member of each of the remuneration committee and the nomination committee of the Company.

	By Order of the Board
	Yanchang Petroleum International Limited
	Feng Yinguo
	Chairman
Hong Kong, 1 April 2021
Executive Directors:	Independent Non-Executive Directors:
Mr. Feng Yinguo (Chairman)	Mr. Ng Wing Ka
Mr. Zhang Jianmin	Mr. Leung Ting Yuk
Mr. Ding Jiasheng	Mr. Sun Liming
	Dr. Mu Guodon

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