The board of directors of Shandong Molong Petroleum Machinery Company Limited announces that, Mr. Liu Yun Long (``Mr. Liu'') has resigned as an executive director and the chairman of the Board and a member of the relevant committees of the Board of the Company due to work adjustment; and Mr. Zhang Yu Zhi (``Mr. Zhang'') has resigned as an executive director and the deputy general manager of the Company due to reaching statutory retirement age. The resignations of Mr. Liu and Mr. Zhang shall take effect from 6 November 2020. The Board announced that, as nominated by Shandong Shouguang Jinxin Investment Development Holdings Group Limited (``Shouguang Jinxin''), the controlling shareholder of the Company, and by virtue of the recommendation of the nomination committee of the Company, it was resolved at the fourth special meeting of the sixth session of the Board convened on 6 November 2020 to propose Mr. Yang Yun Long and Mr. Yuan Rui to be elected as executive directors of the sixth session of the Board for a term commencing from the date on which they are elected at the extraordinary general meeting of the Company (``EGM'') and ending on the date when the service term of the sixth session of the Board expires.