The board of directors of China Baoli Technologies Holdings Limited announced that Mr. Wang Bin (Mr. Wang) has been appointed as the chairman of the Board (the Chairman) (Mr. Wang's Appointment), and Mr. Zhang Yi (Mr. Zhang) has been re-designated from the chairman to the vice chairman of the board (the Vice Chairman) (Mr. Zhang's Re-designation), with effect from 29 November 2023. Mr. Wang Bin, aged 45, was appointed as an executive Director on 7 July 2023. Mr. Wang is also the legal person of a PRC subsidiary of the Group.

Mr. Wang obtained his associate degree in human resource management from Shenzhen University in the PRC in January 2021, and completed the advanced management programme of China Europe International Business School in the PRC in March 2019. Mr. Wang has over 10 years' corporate management experience including strategic planning and business development in the commercial concrete industry, and he has also engaged in various business relating to the commercial concrete industry including the production research and sales of commercial concrete, commercial concrete admixtures and associated chemicals such as polyether monomers in the PRC and Southeast Asia. Mr. Wang is also involved in the PRC real estate development and construction materials business.

Mr. Wang is the founder, the executive director and the chairman of Hong Fu (HF) Holdings Group Limited (Hong Fu), holder of the convertible bonds of the Company issued on 30 June 2023 (the Convertible Bonds). Mr. Zhang Yi, aged 50, was appointed as an executive Director and the Chairman on 5 September 2016. Mr. Zhang graduated from Zhejiang University in 1994 with a major in Finance.

Mr. Zhang has over 16 years of investment experience in the technology field, with the scope of investment spanning across various regions including Canada, the United States of America, Singapore, the Mainland China and Hong Kong. He is in particular familiar with the investment and operations of telecommunications and communications industries. Mr. Zhang has good relations with the telecommunications operators and has accumulated extensive local and overseas network in the industry.

Mr. Zhang has entered into a service agreement with the company as an executive Director commencing from 5 September 2016. Other than that, he has not entered into nor proposed to enter into any service contracts which fall within the meanings of Rule 13.68 of the Listing Rules. Mr. Zhang is subject to retirement by rotation and re-election at the annual general meetings of the company in accordance with the bye-laws of the company.

Mr. Zhang's annual emolument remains unchanged for his new role.