The board of directors of Shandong Hi-Speed Holdings Group Limited announced that Mr. Tan Yuexin has resigned as an independent non-executive Director and a member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from 28 December 2023 as he would like to devote more time to pursue his other business engagements. The Board announced that with effect from 28 December 2023, Mr. Fang Ying has been appointed as an independent non-executive Director and a member of each of the Audit Committee, Remuneration Committee and Nomination Committee. Mr. Fang Ying, aged 49, had over 20 years' experience in management and human resources.

He had obtained a bachelor's degree in economics with a specialisation in international trade from the School of International Trade and Economics in Dongbei University of Finance and Economics in the People's Republic of China in July 1997. Since November 2019, Mr. Fang has been serving as a founder, an executive director and the general manager of Shanghai Guying Information Technology Co. Ltd., a company established in the PRC and a national high and new tech enterprise and principally engaged in information technology and network technology related business.

He is in charge of the business management and is familiar with all aspects of management such as finance, human resources, sales and risk control in Shanghai Guying. In addition, Mr. Fang has been serving as a part-time mentor for professional master's degree students at Dongbei University of Finance and Economics since June 2017, teaching the courses covering a wide range of topics, such as business management, career planning, human resources, trade economics, and industry development. Prior to the above, Mr. Fang served as the general manager of Shenzhen Fangneng International Management Consulting Co.

Ltd., a company established in the PRC and principally engaged in business consultation and human resources related business, from March 2018 to November 2019. Shenzhen Fangneng was voluntarily deregistered on 6 November 2019 as it ceased to carry on business. As confirmed by Mr. Fang, Shenzhen Fangneng was solvent and had no outstanding or potential claims or liabilities claim that has been or will be made against him as a result of such deregistration immediately prior to the deregistration, and that the deregistration did not result in any liability or obligation imposed on him.

From July 2017 to March 2018, he served as the officer of the president's office and director of the human resources management department in Dynavolt Renewable Power Technology (Henan) Co. Ltd., a company established in the PRC and principally engaged in energy storage, clean energy power engineering and new energy applications, A shares of which were previously listed on ChiNext of Shenzhen Stock Exchange. From August 1997 to July 2017, Mr. Fang held various positions including the deputy manager and manager of the human resources department and the manager of the marketing and sales department in the Dalian branch of China Southern Airlines Company Limited, a company established in the PRC and principally engaged in the operation of civil aviation, including the provision of passenger, cargo, mail delivery, and other extended transportation services, H shares and A shares of which are listed on the Main Board of the Stock Exchange and Shanghai Stock Exchange, respectively.