Shengli Oil & Gas Pipe : (1) RESIGNATION OF EXECUTIVE DIRECTOR;(2) RESIGNATION OF NON-EXECUTIVE DIRECTOR; (3) APPOINTMENT OF EXECUTIVE DIRECTOR; AND (4) APPOINTMENT OF NON-EXECUTIVE DIRECTOR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SHENGLI OIL & GAS PIPE HOLDINGS LIMITED ௷лذं၍༸છٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1080)

(1) RESIGNATION OF EXECUTIVE DIRECTOR;

• (2) RESIGNATION OF NON-EXECUTIVE DIRECTOR;

• (3) APPOINTMENT OF EXECUTIVE DIRECTOR; AND

• (4) APPOINTMENT OF NON-EXECUTIVE DIRECTOR

(1) RESIGNATION OF EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Director(s)") of Shengli Oil & Gas Pipe Holdings Limited (the "Company") announces that with effect from 10 March 2021, Mr. Song Xichen ( ҂ఃЅ ) ("Mr. Song") resigned from his office of executive Director due to change of work arrangement. Mr. Song shall remain as the vice president of the Company.

Mr. Song has confirmed that (i) he has no disagreement with the Board; and (ii) there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") and The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its sincere appreciation for the valuable contribution of Mr. Song to the Company during his term of service.

• (2) RESIGNATION OF NON-EXECUTIVE DIRECTOR

  The Board announces that with effect from 10 March 2021, Mr. Jiang Yong ("Mr. Jiang") resigned from his office of non-executive Director due to his personal business development. Upon resignation, Mr. Jiang will no longer hold any office or position in the Company.

  Mr. Jiang has confirmed that (i) he has no disagreement with the Board; and (ii) there is no matter relating to his resignation that needs to be brought to the attention of the Shareholders and the Stock Exchange.

  The Board would like to take this opportunity to express its sincere appreciation for the valuable contribution of Mr. Jiang to the operation and development of the Company throughout the years.

• (3) APPOINTMENT OF EXECUTIVE DIRECTOR

  The Board announces that with effect from 10 March 2021, Mr. Zhang Bangcheng (ੵ ࿮ϓ ) ("Mr. Zhang") has been appointed as the executive Director.

  The biographical profile of Mr. Zhang is set out below:

  Mr. Zhang Bangcheng ( ੵ࿮ϓ ), aged 49, obtained a master's degree in agricultural economics management from China Agricultural University ( ʕ਷ุ༵ɽኪ ) in the PRC in June 2006 and obtained the fund practicing qualification from the Securities Association of China in July 2019.

  Mr. Zhang served as the risk control manager of Beijing X&H Investment Management Co., Ltd.* ( ̏ԯጽОҳ༟၍ଣϞࠢʮ̡ ) from July 2019 to January 2021, where he was mainly responsible for monitoring and controlling the risks of the investment projects of the company. He was the chairman of the board of directors of Hami Tianzhi New Energy Technology Co., Ltd.* ( ۞੗˂౽อঐ๕߅ҦϞࠢʮ̡ ), where he was mainly responsible for the overall management and operation of the company, from April 2017 to December 2018. From June 2013 to March 2017, he served as the managing director of Magic Group (HK) International Holdings Co., Limited ( ग़փණྠ ( ࠰ಥ) ਷ყછٰϞࠢʮ̡ ) ("Magic Group") and was mainly responsible for managing the investment and overseeing the operation of the company in the PRC. He was the vice president of Sino-Singapore Lion Investment Pte Ltd.* ( อ̋սʕ๸ҳ༟ӷɛϞࠢ ʮ̡), where he was mainly engaged in the listing of PRC corporations on the Stock Exchange and the Singapore Stock Exchange, as well as private equity financing of pre-IPO investment of PRC corporations, cross-border restructuring and asset and equity acquisition, from May 2008 to September 2010. From July 2005 to December 2007, Mr. Zhang served as the investment director of Beijing Beirong International Investment Co., Ltd.* ( ̏ԯ̏ፄ਷ყҳ༟Ϟࠢʮ̡ ) and was responsible for, among others, conducting industry research and due diligence for the target corporations and raising funds.

Save as disclosed in this announcement, Mr. Zhang (i) did not hold any directorship in the last three years in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas; (ii) does not hold any position in the Company or any of its subsidiaries; (iii) does not have any relationship with other Directors, senior management or substantial or controlling shareholders of the Company; and (iv) does not have other major appointments or professional qualifications.

Pursuant to the service agreement entered into between the Company and Mr. Zhang, he shall be an executive Director for a term of three years commencing from 10 March 2021, unless terminated by notice in writing served by the Company or Mr. Zhang of not less than three months or otherwise pursuant to the terms of the service agreement. In accordance with the articles of association of the Company, Mr. Zhang shall retire from office and be eligible for re-election at the next general meeting of the Company. Pursuant to the service agreement entered into between Mr. Zhang and the Company, Mr. Zhang is entitled to a service fee of HK$900,000 per annum, which is determined by the Board with reference to the experience, duties and responsibilities of Mr. Zhang, as well as the prevailing market rate of remuneration offered by companies of comparable size and similar operation, and shall be reviewed by the remuneration committee of the Company (the "Remuneration Committee") from time to time. Mr. Zhang is also entitled to discretionary bonus as determined by the Board.

As at the date of this announcement, LM Global Asset LP held 600,000,000 ordinary shares of the Company (the "Shares"), representing approximately 15.49% of the issued shares of the Company and LM Global Asset LP was managed by its general partner, namely LM Asset Management Corp, which was owned as to approximately 70% by Mr. Huang Guang ( රᄿ ) ("Mr. Huang") and 30% by Magic Group and Magic Group was wholly owned by Mr. Zhang. Save as disclosed herein, as at the date of this announcement, Mr. Zhang does not have, and/or is not deemed to have any interests or short positions in any shares, underlying shares or debentures of the Company or its associated corporations (as defined under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ("SFO")).

Save as disclosed above, there are no other matters concerning the appointment of Mr. Zhang as the executive Director that need to be brought to the attention of the Shareholders nor is there any information that is required to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange (the

"Listing Rules").

(4) APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board announces that with effect from 10 March 2021, Mr. Huang Guang ( රᄿ) has been appointed as the non-executive Director.

The biographical profile of Mr. Huang is set out below:

Mr. Huang Guang ( රᄿ ), aged 45, is the vice president of Shandong Private Joint Investment Holding Co., Ltd.* ( ʆ؇͏ᐄᑌΥҳ༟છٰٰ΅Ϟࠢʮ̡ ) and is mainly responsible for, among others, investment management and international business. Mr. Huang graduated from Concordia University in Canada with a bachelor's degree in computer science in October 2002. He then graduated from Dalhousie University in Canada with a master's degree in computer science in October 2004 and from Carnegie Mellon University in the United States with a master's degree in science in computational finance in December 2004. Mr. Huang is a licensed person to carry out type 9 (asset management) regulated activities under the SFO (Note).

Mr. Huang was responsible officer for type 9 (asset management) regulated activities in Hong Kong Broad Capital Limited from June 2018 to October 2020. From April 2016 to April 2018 and from August 2016 to April 2018, he was responsible officer for type 9 (asset management) regulated activities and type 4 (advising on securities) regulated activities, respectively, in P.B. Global Asset Management Limited. He was a member of the investment committee and the general manager of the quantitative investment department of Pacific Assets Management Co., Ltd.* ( ˄̻ݱ༟ପ၍ଣ Ϟࠢப΂ʮ̡ ), where he was mainly responsible for investment management from August 2013 to May 2017. During the period from August 2010 to April 2013, Mr. Huang served as the head of investment research of JT Capital Management Limited, where he was mainly responsible for investment management and investment strategy research, and was responsible officer for type 9 (asset management) regulated activities in the same company from October 2010 to April 2013. He was an investment manager in proprietary trading division and vice president in global wealth management division of the headquarters of JP Morgan Chase Co., a company whose shares are listed on the New York Stock Exchange (stock code: JPM), where he was mainly responsible for global allocation strategy and investment portfolio construction, from April 2007 to August 2010. From April 2006 to April 2007, Mr. Huang served as an investment analyst at GIC Private Limited (formerly known as Government of Singapore Investment Corporation) New York Office, where he was mainly responsible for investment analysis and investment strategy research.

Save as disclosed in this announcement, Mr. Huang (i) did not hold any directorship in the last three years in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas; (ii) does not hold any position in the Company or any of its subsidiaries; (iii) does not have any relationship with other Directors, senior management or substantial or controlling shareholders of the Company; and (iv) does not have other major appointments or professional qualifications.

Note: Mr. Huang currently has no principal and thus is not permitted to carry out the said regulated activities.

Pursuant to the letter of appointment entered into between the Company and Mr. Huang, he shall be a non-executive Director for a term of three years commencing from 10 March 2021, unless terminated by notice in writing served by Mr. Huang of not less than one month or notice in writing served by the Company with immediate effect or otherwise pursuant to the terms of the letter of appointment. In accordance with the articles of association of the Company, Mr. Huang shall retire from office and be eligible for re-election at the next general meeting of the Company. Pursuant to the letter of appointment entered into between Mr. Huang and the Company, Mr. Huang is entitled to a service fee of HK$300,000 per annum, which is determined by the Board with reference to the experience, duties and responsibilities of Mr. Huang, as well as the prevailing market rate of remuneration offered by companies of comparable size and similar operation, and shall be reviewed by the Remuneration Committee from time to time.

As disclosed above, LM Global Asset LP held 600,000,000 Shares as at the date of this announcement, representing approximately 15.49% of the issued shares of the Company and LM Global Asset LP was managed by its general partner, namely LM Asset Management Corp, which was owned as to approximately 70% by Mr. Huang and 30% by Magic Group. Therefore, Mr. Huang is deemed to be interested in the 600,000,000 Shares held by LM Global Asset LP, by virtue of Part XV of the SFO. Save as disclosed herein, as at the date of this announcement, Mr. Huang does not have, and/or is not deemed to have any interests or short positions in any shares, underlying shares or debentures of the Company or its associated corporations (as defined under Part XV of the SFO).

Save as disclosed above, there are no other matters concerning the appointment of Mr. Huang as the non-executive Director that need to be brought to the attention of the Shareholders nor is there any information that is required to be disclosed pursuant to Rule 13.51(2) of the Listing Rules.

The Board would like to extend a warm welcome to Mr. Zhang and Mr. Huang on their appointment.

By Order of the Board

Shengli Oil & Gas Pipe Holdings Limited

Zhang Bizhuang

Executive Director and Chief Executive Officer

Zibo, Shandong, 10 March 2021

As at the date of this announcement, the Directors of the Company are:Executive Directors:

Mr. Zhang Bizhuang, Mr. Wang Kunxian, Ms. Han Aizhi and Mr. Zhang BangchengNon-executive Director:

Mr. Wei Jun and Mr. Huang Guang

Independent non-executive Directors:

*for identification purposes only

Mr. Qiao Jianmin, Mr. Chen Junzhu and Mr. Wu Geng