The board of directors of Grand Baoxin Auto Group Limited announced the following changes with effect from 25 August 2023: Mr. Lu Ao ("Mr. Lu") has resigned as an executive Director of the Company due to his career development needs and adjustment of job responsibilities; and Mr. Ding Yu ("Mr. Ding") has been appointed as an executive Director, vice president of the Company. Mr. Ding, aged 48, has over 20 years of experience in commercial and financial market. He has excellent ability in capital management, with extensive interdisciplinary working experience and business acumen.

He currently serves as the vice president and the chief financial officer of China Grand Automotive Services Group Co. Ltd., a company listed on the Shanghai Stock Exchange and a controlling Shareholder of the Company. From May 2019 to December 2019, he was the vice president of the China Zheng Tong Auto Services Holdings Limited.

From April 2018 to April 2019, he was the chief financial officer of China New Higher Education Group Limited, and from July 2018 to April 2019, he was also as an executive director of such company. From July 2005 to January 2011, he was head of finance department and senior management of Guo Sheng Pawn Co., Ltd, Meihao Holdings Group Co. Ltd., and Sinar Mas Paper (China) Investment Company Limited.

Mr. Ding worked in two commercial banks, China Merchants Bank and Industrial Bank Co. Ltd., for ten years from July 1995 to June 2005. He graduated from East China Normal University in July 1995, majored in International Accounting under the International Finance Faculty, and obtained a master degree in business administration from the University of Canberra, Australia, in November 2006.

He is a fellow member of the Chartered Institute of Management Accountants and a member of the Association of International Accountants.