CNQC International Holdings Limited announced that Wang Congyuan has retired from his position as Chief Executive Officer and appointed Li Jun has been appointed as Chief Executive Officer. Mr. Li, aged 46, is currently the vice president of the Group. Mr. Li joined the Group in December 2014 as vice president and has been in charge of the Group's finance and financial management.

He is also a director of Guotsing Finance Holding Company Limited and Guotsing Asset Management Limited. Mr. Li graduated from Qingdao University in the PRC with a bachelor's degree in accountancy and from Tianjin University of Finance and Economic in the PRC with a master's degree in accountancy. Mr. Li is a senior accountant and a certified accountant in the PRC.

Mr. Li has more than 20 years of experience in financial management and corporate finance. Prior to joining the Group, he worked at several companies as an audit manager from 1999 to 2007. He served as the deputy manager and general manager of the financial management department and deputy general manager of the capital operation department of Qingjian Group Co., Ltd* () from July 2007 to December 2014.

He also served as deputy chief accountant and assistant to the president and executive vice president of the financial division of Guotsing Holding Company Limited* () from December 2012 to December 2014. Mr. Li has entered into a director's service agreement with the Company as an executive Director for a term of three years commencing from 24 February 2023, which may be terminated by either the Company or Mr. Li by giving three months' written notice or otherwise in accordance with the terms of the Director's service agreement, and subject to retirement by rotation and re-election in accordance with the articles. Under the service agreement entered into between the Company and Mr. Li and as determined with the approval of the Board, Mr. Li is entitled to an annual remuneration of HKD 2,350,000 which was determined having considered the experience, duties and responsibilities of Mr. Li and the prevailing market rate of companies of comparable size and similar operation.

Mr. Li is also entitled to discretionary bonus based on the Company's performance. Mr. Li held 990,624 Shares of the Company, and was interested in 2,602,497 CPS pursuant to the management share scheme which became effective on 15 October 2015. Save as disclosed above, Mr. Li had no interests in any Shares, underlying shares or debentures of the Company or its associated corporations (as defined under Part XV of the SFO) required to be disclosed pursuant to the SFO as at the date of this announcement.

Save as disclosed above, Mr. Li does not (i) have any relationship with any other Directors, senior management, or substantial or controlling shareholders (as defined by the Listing Rules) of the Company; (ii) hold any other position with the Company or any of its subsidiaries; (iii) hold any other directorships in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the preceding three years; or (iv) hold any other major appointments or professional qualifications. Save as disclosed above, the Company considers that in relation to the appointment of Mr. Li as an executive Director and an Authorised Representative, there is no information which is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules, and there is no other matter which needs to be brought to the attention of the Shareholders.