The board of directors of Yuanda China Holdings Limited announced that Mr. Liu Futao has resigned as the chief executive officer and one of the authorised representatives of the Company with effect from 4 July 2022 due to health reasons. Mr. Liu has confirmed that he has no disagreement with the Board and is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Zhao Zhongqiu an executive Director, was appointed as the CEO and one of the authorised representatives of the Company with effect from 4 July 2022.

The biographical details of Mr. Zhao are set out as follows: Mr. Zhao, aged 57, obtained his bachelor's degree in Engineering from Hunan University in 1987 with a major in internal combustion engineering. Mr. Zhao joined the Group in 1996 and has more than 26 years' experience in manufacturing and project management. From 1996 to 1998, Mr. Zhao managed production and technology works in the Shenyang subsidiary of the Group.

From 1999 to 2004, Mr. Zhao served as the deputy general manager and general manager, responsible for the production and project management work in China. In 2005, Mr. Zhao was assigned new duty to conduct project operations in America and Africa as a general manager. In 2017, Mr. Zhao was promoted to the president of the global operations of the Group, responsible for domestic and international businesses.

Since 2006 Mr. Zhao has managed more than 100 overseas landmark projects. Mr. Zhao was appointed as an executive Director since July 2020.