The board of directors of Puxing Energy Limited announced the following changes: With effect from 4 March 2024, Mr. Guan Dayuan ("Mr. Guan") has been appointed as an executive Director, the chairman of the Board (the "Chairman"), the chairman of the nomination committee of the Board (the "Nomination Committee"), a member of the remuneration committee of the Board (the "Remuneration Committee") and an authorised representative of the Company (the "Authorised Representative") under rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). Following the appointment of Mr. Guan, Mr. Xu Anliang (" Mr. Xu ") has ceased to be the Chairman, the chairman of the Nomination Committee, a member of the Remuneration Committee and the Authorised Representative with effect from 4 March 2024. Mr. Guan, aged 60, graduated from Capital University of Economics and Trade in 1998 with a Master's degree in Enterprise Management.

Mr. Guan is currently a senior economist and a member of the Communist Party of China. Since March 1980, Mr. Guan held various positions in Wanxiang Group Corporation ("Wanxiang Group") (a company controlled by Mr. Lu Weiding, being the ultimate controlling shareholder of the Company) and its subsidiaries, including assistant to the general manager and director of general manager's office at Wanxiang Group, general manager of Shenzhen Wanxiang Investment Co. Ltd. chairman of the board of directors of SAIC Wanxiang, New Energy Coach Co.

Ltd. Dading Petroleum, Logistics Co. Ltd. Wanxiang Doneed Co. Ltd. and Shunfa Hengye, Corporation (Shunfa Hengye), chairman of the board of supervisors of Shanghai Pu-Xing Energy Limited senior executive vice president of the Wanxiang Group, chairman of the board of directors, executive director and financial officer of Wanxiang Qianchao Co.

Ltd. the general manager and legal representative of Wanxiang A123 Systems Corporation, and director of Wanxiang Group. Mr. Guan currently holds various positions, such as deputy secretary of the Party Committee of Wanxiang Group, vice chairman of the board of directors of Wanxiang A123, chairman of the board of directors, legal representative and general manager of Shangwan Clean Intelligent Vehicle Co. Ltd. general, manager of the branch company of Clean Intelligent Vehicle Co.

Ltd. party secretary of Hangzhou Wanxiang Polytechnic, chairman of the board of supervisors of Shunfa Hengye and Wanxiang Finance Co. Ltd.("Wanxiang Finance"), chairman of the board of directors of Wanxiang Resources Co. Ltd. supervisor of Shanghai, Advanced Traction Battery Systems Co.

Ltd. and Karma (China) Clean Intelligent Vehicle Co. Ltd. executive director of Karma Automotive LLC (KARMA, and, supervisor of Mingsheng Charity Foundation. With effect from 4 March 2024, Mr. Yuan Feng ("Mr. Yuan") has been appointed as a non-executive Director of the Company.

Mr. Yuan, aged 39, graduated from Hubei University of Technology in 2008 with a bachelor's degree in engineering, majoring in electronic information engineering. He also obtained a master's degree in engineering in 2011, majoring in control systems and control theory. He is currently a member of the Communist Party of China.

From July 2011 to November 2012, Mr. Yuan worked in the research and development department of the Technology Center of Wanxiang Group From November 2012 to January 2022, he worked in the chief and legal affairs office From April 2015 to March 2022, he worked as the assistant to the chairman of the board of directors of Minsheng Life Insurance Co. Ltd. Mr. Yuan currently holds various positions, such as the vice general manager of Wanxiang Finance, director of Zhejiang Property & Stock Exchange Co. Ltd. chairman of the board of directors, legal representative and, general manager of Xiang Sanchuang Co.

Ltd. Mr. Xu has tendered his resignation as an executive Director with effect from 4 March 2024 due to retirement.