Zhejiang Expressway Co., Ltd. announced that Mr. Yu Zhihong has proposed to resign as the chairman of the Company and the chairman of the nomination committee and the strategic committee of the Board due to work adjustment, with effect from August 23, 2023. Mr. Yu will remain to serve as a non-executive Director and an authorized representative of the Company after his resignation from the above positions. The company announced that Mr. Yuan Yingjie, being an executive Director of the Company, has been appointed as the chairman of the Company, as approved at the meeting of the Board on August 23, 2023 in accordance with the requirements of the Company Law of the People's Republic of China and the articles of association of the Company, with effect from the same day.

Mr. Yuan, born in 1976, is a senior engineer. He obtained a Bachelor's degree of Engineering in Highways and Urban Roads from Xi'an University of Highway Traffics, and both Master and doctorate degrees of Engineering in Roads and Railways Engineering from Chang'an University. Since 2004, Mr. Yuan has worked in Zhejiang Highway Management Bureau and Zhejiang Department of Transportation.

Since 2014, he was deputy director of Construction Management Office of Zhejiang Department of Transportation. From 2017, he was deputy director of chief engineer office of Zhejiang Communications Investment Group Co., Ltd. From 2018, he was deputy general manager of the expressway construction department, deputy general manager and general manager of the expressway management department of Zhejiang Communications Investment Group Co., Ltd. Since May 2022, he was a deputy general manager and a member of the Party Committee of Zhejiang Communications Investment Group Co., Ltd.