The board of directors of Shanghai Prime Machinery Company Limited announced the change of the Director and Chief Executive of the Company. The Board announced that, on 27 March 2020, the Board received a letter from Dr.-Ing. Gou Jianhui tendering his resignation as the Chief Executive Officer and an Executive Director and a member of the strategy committee and risk management committee of the Company with effect from 1 April 2020.

Dr.-Ing Gou resigned of his own accord as he pursues new career development and other business opportunities. Dr.-Ing. Gou has agreed to remain as a supervisory board member of Koninklijke Nedschroef Holding B.V. and continue to provide professional advices on the Group's European operations.

The Board announced that, Mr. Zhou Zhiyan ("Mr. Zhou''), the Chairman and an Executive Director of the Company, has been appointed as the President of the company with effect from 1 April 2020. The Board is also announced that the nomination committee of the Board has resolved to nominate Mr. Xia Sicheng for election as an Executive Director at the upcoming annual general meeting ("AGM''), and the appointment will be subject to the approval of the Shareholders.