The board of directors of Honghua Group Limited announced: Mr. Jin Liliang ("Mr. Jin") has tendered his resignation as Executive Director, Chairman of the Board, member of Remuneration Committee, chairman of Strategic Investment and Risk Control Committee and chairman of Nomination Committee of the Company with effect from November 25, 2022, due to job adjustment. Mr. Wang Xu ("Mr. Wang") has been appointed as Executive Director, Chairman of the Board, member of Remuneration Committee, chairman of Strategic Investment and Risk Control Committee and chairman of Nomination Committee of the Company with effect from November 25, 2022. Mr. Wang, 49 aged, joined Dongfang Electric Corporation ("Dongfang Electric") in 1995 and is currently an employee director of Dongfang Electric.

Previously, he served as the head of the party-masses work department of Dongfang Electric and the head of the corporate culture department of Dongfang Electric Corporation Limited, the deputy secretary of the party committee and the secretary of the discipline inspection committee of Dongfang Electric Wind Power Co. Ltd. and the manager of the Coil Branch Factory of Dongfang Electric, as well as the secretary of the joint party branch of the production management department and the warehouse management center of DongFang Electric Machinery Corporation Limited, and deputy head of the production management department of DongFang Electric Machinery Corporation Limited. Mr. Wang has extensive experience in production management and enterprise management.

Mr. Wang received his Bachelor's degree in Engineering from Chongqing University in 1995. Mr. Wang is currently the secretary of the party committee of Honghua (China) Investment Co. Ltd., a subsidiary of the Company.