The Board of China Environmental Technology Holdings Limited announced Mr. Shengbiao Zhang has ceased to serve as the Chief Executive Officer of the Company and the Group with effect from 1 June 2022, and as a transitional work arrangement, Mr. Xu Zhongping, the executive Director of theCompany, has been appointed as the Chief Executive Officer of the Company. Mr. Shengbiao Zhang will continue to serve as a director of the Target Group. Mr. Xu Zhongping, aged 59, brother of Mr. Xu Jingping (Chairman and executive Director of the Company), graduated from Nanjing University of Finance and Economics with a bachelor's degree.

Mr. Xu Zhongping has over 30 years of experience in corporate management, business investment and international economic strategic cooperation. He independently created the famous domestic fashion brand Yinmeng Fashion in the 1990s, and cooperated with China New Technology Venture Capital Corporation to establish the most famous department store Beijing Scitech Plaza after the reform and opening-up, serving as its first managing director. He led the introduction of the larger supermarket chain, Carrefour, in France into China, serving as vice chairman and vice president on behalf of the Chinese side, and set up nearly 100 Carrefour supermarkets in Beijing, Shanghai and other major capital cities.

He served as an executive director of the China International Economic and Cultural Promotion Association in Hong Kong, promoting hundreds of economic and cultural exchanges between Hong Kong and the Mainland.