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.

GRAND BAOXIN AUTO GROUP LIMITED

廣 匯 寶 信 汽 車 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1293)

CHANGE OF CHAIRMAN OF THE BOARD, EXECUTIVE DIRECTOR

AND AUTHORIZED REPRESENTATIVE

The board (the "Board") of directors (the "Director(s)") of Grand Baoxin Auto Group Limited (the "Company", together with its subsidiaries, the "Group") announces the following changes with effect from 28 August 2020:

  1. Mr. Li Jianping ("Mr. Li") has resigned as the chairman of the Board ("Chairman") and an executive Director due to the reach of the age of retirement. Mr. Li also ceased to act as an authorized representative of the Company (the "Authorized Representative") under Rule 3.05 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), a member of nomination committee of the Company (the "Nomination Committee") and remuneration committee of the Company (the "Remuneration Committee"); and
  2. Mr. Lu Wei ("Mr. Lu") was appointed as the Chairman, an executive Director, the Authorized Representative, a member of the Nomination Committee and the Remuneration Committee.

Mr. Li confirmed to the Board that he has no disagreement with the Board or the Company and there are no matter relating to his resignation that need to be brought to the attention of the shareholders of the Company (the "Shareholders") or the Stock Exchange.

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The biographical details of Mr. Lu is set out below:

Mr. Lu, aged 55, has over fifteen years of experience in senior management. He is currently serving as the director and vice president of Xinjiang Guanghui Industrial Investment (Group) Company Limited (新疆廣匯實業投資(集團)有限責任公司), and the director and secretary of the party committee of China Grand Automotive Services Group Company Limited (廣匯汽車服 務集團股份公司), a company listed on Shanghai Stock Exchange (SSE Stock Code: 600297).

From April 2001 to August 2005, he served as the deputy general manager, general manager and chairman of Xinjiang Yazhong Logistics Business Network Co., Ltd.* (新疆亞中物流商務網 絡有限責任公司). From May 2005 to December 2016, he served as the director and general manager of Guanghui Energy Co.,Ltd. (廣匯能源股份有限公司), a company listed on Shanghai Stock Exchange (SSE Stock Code: 600256). From August 2005 to October 2012, he served as the chairman of Xinjiang Guanghui Liquefied Natural Gas Development Co., Ltd.* (新疆廣匯液化 天然氣發展有限責任公司) and from August 2004 to October 2007, he served as the chairman of Xinjiang Guanghui Chemical Building Materials Company Limited* (新疆廣匯化工建材有限責 任公司).

Mr. Lu obtained a master degree in Executive Master of Business Administration (EMBA) from Tianjin University in 2007.

Mr. Lu has entered into a service contract with the Company on 28 August 2020 for a term of three years commencing 28 August 2020. He is subject to retirement and re-election at the next annual general meeting of the Company after his appointment and thereafter subject to retirement by rotation in accordance with the articles of association of the Company. Mr. Lu is entitled to a director's remuneration of RMB1,000,000 per annum, which is determined by the Remuneration Committee based on the financial position of the Company and the prevailing market conditions. Mr. Lu is also entitled to an annual discretionary performance bonus as may be determined by the Board with reference to the recommendation from the Remuneration Committee based on the financial performance of the Company and his performance.

Saved as disclosed above, Mr. Lu does not hold any directorship in any public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the last three years preceding the date of this announcement or any other position within the Company, nor does he have any relationship with any directors or senior management or substantial Shareholders or controlling Shareholders. As at the date of this announcement, he does not have any interests in the shares or underlying Shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

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Save as disclosed above, there is no other information which is discloseable pursuant to any of the requirements under Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, and there are no other matters relating to the appointment of Mr. Lu that need to be brought to the attention of the Shareholders or the Stock Exchange.

Mr. Li had devoted his energy and effort to the steady growth and healthy development of the Company during his tenure, the Board would like to extend its appreciation to Mr. Li for his contribution and welcome Mr. Lu for joining the Board and for taking up new positions.

By Order of the Board

Grand Baoxin Auto Group Limited

LU Wei

Chairman

Hong Kong, 28 August 2020

As at the date of this announcement, the Company's executive directors are Mr. LU Wei, Mr. WANG Xinming, Mr. LU Ao and Ms. XU Xing; and the independent non-executive directors are Mr. DIAO Jianshen, Ms. LIU Yangfang and Mr. CHAN Wan Tsun Adrian Alan.

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Grand Baoxin Auto Group Limited published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2020 10:53:00 UTC