The board of directors of Perennial Energy Holdings Limited announced that Mr. Yu Bangping will relinquish his role as the Chief Executive Officer of the Company with effect from 1 April 2023, while Mr. Yu Bangping will remain as the chairman of the Board and an executive Director of the Company and the chairman of the nomination committee of the Company. Although Mr. Yu Bangping will relinquish his role as the CEO, he will continue to dedicate his efforts and support the new CEO in fulfilling his duties. He will also lead the Group to prepare for the rapid change of society and business environment, stimulating and encouraging the management to create greater room for growth for the Group as well as creating greater value for the shareholders of the Company.

The Board further announced that Mr. Yu Zhilong, an executive Director, will be appointed as the new CEO with effect from 1 April 2023. Mr. Yu Zhilong, aged 35, was appointed as executive Director in September 2019. He is a director and the legal representative of Guizhou Fu Bangda Consultancy Services Co.

Ltd. He graduated from Guizhou University and holds a bachelor's degree in business management. He also obtained a bachelor's degree in mining engineering awarded by China University of Mining and Technology. Mr. Yu Zhilong is the son of Mr. Yu Bangping, the Chairman of the Board.

In addition to his director's service agreement, Mr. Yu Zhilong will also enter into a separate employment contract in respect of his position as CEO with the Group commencing on 1 April 2023.