The board of directors of Shengli Oil & Gas Pipe Holdings Limited announced that with effect from 13 January 2023, Mr. Zhang Danyu ("Mr. Zhang") has been appointed as the executive Director. Mr. Zhang Danyu, aged 55, was graduated from the Guangdong University of Foreign Studies (previously known as Guangzhou Institute of Foreign Trade in the People's Republic of China with a bachelor's degree in economics in June 1989. Mr. Zhang served as a member of the Economic Research Institute of Maritime Silk Road (Shenzhen) from June 2016 to October 2022, and was mainly responsible for the research of international economic and trade cooperation between Chinese businesses and enterprises along the Maritime Silk Road.

From May 2015 to May 2016, he served as the vice president of Crown International Corporation Limited, and was mainly responsible for the overall management and formulation and execution of strategies for corporate development and financing schemes of the company. He served as the legal representative and general manager of Shanghai Tianmu Import and Export Co. Ltd. from February 2007 to April 2021, and was responsible for formulation and implementation of overall strategies of the company, and import and export of bulk commodities domestically and abroad.

He served as the deputy general manager and the assistant to general manager of Hangzhou TianMuShan Pharmaceutical Enterprise Co. Ltd. from May 2002 to July 2006 and May 2001 to May 2002, respectively, and was successively responsible for overall operation and management, strategy planning and asset management of the company. He was the general manager of Shanghai Sanle Industrial Development Co.

Ltd. from May 1998 to May 2001 and was mainly responsible for production, operation and management of real economy. From May 1996 to May 1998, Mr. Zhang served as the general manager of Shanghai Danli International Trade Co. Ltd. and was responsible for strategy planning and international trade of the company.

Mr. Zhang was a cadre of Nam Kwong (Group) Company Limited in Macau from May 1989 to December 1995 and was mainly responsible for, among others, development of overseas business and import and export business of the company. 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 13 January 2023, unless terminated by notice in writing served by the Company or Mr. Zhang of not less than three months 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 HKD 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 from time to time. Mr. Zhang is also entitled to discretionary bonus as determined by the Board.