The board of directors (the board) of Pan Asia Environmental Protection Group Limited announced that Mr. Jiang Xin (Mr. Jiang) was resigned as an executive director of the company (executive director), chairman of the board (the chairman), a member of nomination committee (the nomination committee), a member of remuneration committee (the remuneration committee) and the authorized representative of the company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules) (the Authorized Representative), in each case with effect from 27 November 2023. The resignation of Mr. Jiang Xin was due to his intention to devote more time to other business commitment. Following the resignation of Mr. Jiang.

Ms. Pan Chang (Ms. Pan) has been appointed as an executive director with effect from 27 November 2023 (the Appointment). Ms. Pan, aged 41, obtained a bachelor's degree of business administration from Trent University in May 2014. She further obtained an executive master's degree of business administration from The Chinese University of Hong Kong in July 2022.

She obtained Shenzhen Stock Exchange's Board Secretary Qualification Certificate, Independent Director Certificate and Fund Practitioner Qualification Certificate in July 2020, November 2020 and October 2020 respectively. Ms. Pan is currently a partner of Guangzhou DSQ Capital Co. Ltd. Ms. Pan has years of experience in equity investment.

She has long been focused on the fields of new materials and semiconductors, big data artificial intelligence and super computing power. She has participated in investments in multiple IPOs, mergers and acquisitions of listed companies, and has rich investment management capabilities in equity investment, government guidance funds, S funds and cross-border investment and other aspects. Ms. Pan served as the budget and reconciliation manager of the Finance Department of Fleming College from April 2013 to May 2014.

From June 2014 to April 2023, Ms. Pan served successively as the assistant to the president of Guangdong Yihang Group Co. Ltd. and the director of the president office of Guangdong Aerocity Holding Co. Ltd. Following the resignation of Mr. Jiang Xin, Mr. Guo Jiannan (Mr. Guo), an Executive Director and Chief Executive Officer of the Company, has been appointed as the Chairman, a member of Nomination Committee, a member of Remuneration Committee and the Authorised Representative, in each case with effect from 27 November 2023.