The board of directors of China Carbon Neutral Development Group Limited announced that Mr. Sha Tao has recently been newly elected as the chairman of the second council of the Hong Kong China Eco Development Association (HKCEDA). HKCEDA is a Hong Kong society initiated by the China Eco Development Association and registered with the Hong Kong Police. Accordingly, Mr. Sha resigned as an executive director of the Company, the chairman of the Board, the chairman of the nomination committee of the Company and a member of the remuneration committee of the Company with effect from 12 April 2024 as Mr. Sha needs to devote more of his energy to public welfare causes.

The Board also announced that Mr. Zhong Guoxing has been appointed as the chairman of the Board, the chairman of the Nomination Committee and a member of the Remuneration Committee with effect from 12 April 2024. Mr. Zhong, aged 57, holds a master's degree. Mr. Zhong has been an executive Director and the Chief Executive Officer of the Company since 6 October 2023 and is a member of the board of directors of the Company.

He has extensive experience in banking, finance and asset management. He was an executive director and co-president of China Orient Asset Management (International) Holdings Limited from July 2012 to May 2017. During that period, he was also an executive director of Shanghai Zendai Real Estate Company Limited and the chairman of China Orient Summit Capital Company Limited, and led the team to work with the world's three major rating agencies (Moody's, S&P and Fitch) to conduct credit ratings on China Orient Asset Capital Company Limited and Orient International Company Limited, which is the first of the four major asset management companies to conduct such ratings in the PRC.

During the period from May 2017 to March 2018, Mr. Zhong was an executive director and the chairman of the board of directors of New Provenance Everlasting Holdings Limited, which is principally engaged in new energy. Pursuant to the letter of appointment of Mr. Zhong as an executive Director entered into between Mr. Zhong and the Company, his appointment may be terminated by either party giving to the other not less than one month's prior notice in writing and his directorship is subject to retirement by rotation and re-election in accordance with the Articles of Association of the Company.