The board of directors of Grand Baoxin Auto Group Limited (the "Company", together with its subsidiaries, the "Group") announced the following changes with effect from 6 September 2022: Mr. Wang Xinming ("Mr. Wang") has resigned as an executive Director and the president of the Company as he wishes to devote more time to his personal commitments; and Mr. Bao Xiangyi ("Mr. Bao") was appointed as an executive Director and the president of the Company. Mr. Wang confirmed to the Board that he has no disagreement with the Board or the Company and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company (the "Shareholders") or The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The biographical details of Mr. Bao are set out below: Mr. Bao, aged 41, has over ten years of experience in senior management and automobile operation.

He currently serves as the director of Guanghui Logistics Co. Ltd., a company listed on the Shanghai Stock Exchange, and the vice president of China Grand Automotive Services Group Co. Ltd. From October 2011 to October 2021, he served as the general manager of the operation and brand management department of China Grand Automotive Services Group Co.

Ltd. From October 2021 to June 2022, he served as the vice president of Xinjiang Guanghui Industrial Investment (Group) Company Limited. Mr. Bao graduated from Sichuan University in November 1999 with a bachelor's degree in marketing.