The board of directors of Grand Baoxin Auto Group Limited announced the following changes with effect from 27 December 2023: Mr. Bao Xiangyi ("Mr. Bao") has resigned as an executive Director of the Company due to the adjustment on his work; and Mr. Wang Sheng ("Mr. Wang") has been appointed as an executive Director of the Company. Mr. Wang, aged 49, has over ten years of experience in automobile operation and senior management. He currently serves as the president of China Grand Automotive Services Group Co.

Ltd. ("CGA"), a company listed on the Shanghai Stock Exchange (SSE Stock Code: 600297). From December 2015 to October 2022, he served as the deputy general manager and general manager of the Northwest Region Operations of CGA as well as the general manager of the Audi Brand Business Unit of CGA. From October 2022 to December 2023, he has served as the vice president and general manager of the Operations and Management Department of CGA.