China ZhengTong Auto Services Holdings Limited announced that, with effect from 10 April 2024, there has been a change in membership of the Board and the role of some of its Directors. Following such Board changes: Mr. LI Zhihuang (``Mr. LI'') has resigned as an executive Director due to changes in work arrangement. Accordingly, Mr. LI will cease to be a member of the remuneration committee of the Company; Mr. WANG Mingcheng (``Mr. WANG'') has retired from his position as the chairman of the Board due to changes in work arrangement and ceased to be a member and the chairman of the nomination committee of the Company and an authorized representative of the Company for the purposes of Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong).

Mr. WANG will continue to serve as an executive Director and the chairman of the Environmental, Social and Governance Committee of the Company; Mr. HUANG Junfeng (``Mr. HUANG''), an existing executive Director, has been appointed as the new chairman of the Board, a member and the chairman of the Nomination Committee and an authorized representative of the Company for the purposes of Rule 3.05 of the Listing Rules and Part 16 of the Companies Ordinance; Mr. ZENG Tingyi (``Mr. ZENG''), who was previously an executive Director from 1 September 2021 to 31 July 2023, will now re-join the Board as an executive Director and a member of the Remuneration Committee; Mr. CHEN Hong (``Mr. CHEN''), the chief executive officer of the Company, has been appointed as an executive Director; and the independent non-executive Directors, comprising Dr. WONG Tin Yau Kelvin, Ms. YU Jianrong and Mr. SONG Tao, remain unchanged. Mr. HUANG Junfeng, aged 46, has served as an executive Director and a member of the ESG Committee since 31 July 2023. Mr. HUANG served as the chairman of the board of Xiamen Xindeco ITG Motors Group Co.

Ltd. from November 2018 to April 2024, and as the deputy general manager of Xiamen Xindeco Ltd. From February 2019 to April 2024. Both Xindeco ITG Motors and Xiamen Xindeco are subsidiaries of Xiamen ITG Holding Group Co. Ltd. Mr. HUANG served as the deputy general manager and general manager of Xindeco ITG Motors from June 2006 to December 2018.

Mr. HUANG obtained a master's degree in business management from Xiamen University in 2006. Mr. HUANG is an economist and has over 20 years of experience in operations management, investment and mergers and acquisitions, and business consolidation in the automobile dealership industry. Mr. ZENG Tingyi, aged 50, served as an executive Director from 1 September 2021 to 31 July 2023.

He is currently a deputy general manager ITG Holding, the chairman of the board of Xiamen CCRE Group Co. Ltd., the chairman of the board of Xiamen XGMA Machinery Company Limited, and the chairman of Xiamen ITG Industry Co. Ltd. Xiamen CCRE, Xiamen XGMA and Xiamen ITG Industry are subsidiaries of ITG Holding.

From October 2018 to January 2020, Mr. ZENG was a director of ITG Holding. From November 2013 to August 2018, Mr. ZENG was a vice president of Xiamen ITG Group Corp. Ltd. Mr. ZENG served as a director of Xiamen Xindeco and the chairman of the board of Xiamen Xindeco from August 2018 to April 2024 and from August 2018 to January 2022, respectively.

Mr. ZENG obtained a master's degree in business administration from Xiamen University in 2004. Mr. ZENG is a senior economist and has over 20 years of management experience in sales of automobiles, trade and logistics and investment. Mr. CHEN Hong, aged 41, has served as the CEO since 10 March 2022 to preside over the daily operation and management of the Company.

Mr. CHEN served successively as a representative of securities affairs and the general manager of the security affairs division of Xiamen ITG from July 2008 to November 2017. Mr. CHEN served successively as the secretary of the board and a deputy general manager of Xiamen Xindeco from December 2017 to March 2022, and concurrently served as an executive director of Xiamen Xindeco Investment Management Co. Ltd. Mr. CHEN obtained a master's degree in law from Xiamen University in 2008.

Mr. CHEN is an economist and has over 15 years of management experience in corporate governance, standardized operations, investment and mergers and acquisitions.