Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A Sino-foreign joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 568)

PROPOSED AMENDMENTS TO ARTICLES OF ASSOCIATION

This announcement is made by Shandong Molong Petroleum Machinery Company Limited (the "Company") pursuant to Rule 13.51(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

In order to improve corporate governance of the Company, according to the relevant legal and regulatory requirements under the "Company Law of the People's Republic of China*" (中華人民共和國公司

法), the "Securities Law of the People's Republic of China*" (中華人民共和國證券法), the "Rules Governing Listing of Shares on Shenzhen Stock Exchange*" (深圳證券交易所股票上市規則) and the

"Guidelines of the Shenzhen Stock Exchange for Standardized Operation of Listed Companies*" (深圳 證券交易所上市公司規範運作指引), the Company proposes to make certain amendments to the articles

of association of the Company (the "Articles of Association"). Details of the proposed amendments ("Proposed Amendments") are as follows:

1

Article No.

The existing Articles of Association

Article 11

The business scope of the Company

shall cover the items as approved by the

Company registration authority.

The Company's main business scope

includes: pump, sucker rod, oil pumping

machine, oil machinery, textile machinery

manufacturing, sales; petroleum machinery

a n d r e l e v a n t p r o d u c t d e v e l o p m e n t;

commodity information services (excluding

intermediary).

......

Article 113 Without approval by way of special resolution is obtained in a general meeting, the Company shall not enter into any contract with any person other than the directors, general managers and other senior management members whereby the management and administration of the whole or any substantial part of the business of the Company is to be handed over to such person, save for special circumstances such as the Company is in a crisis.

The amended Articles of Association (showing changes to the existing Articles of Association)

The business scope of the Company shall cover the items as approved by the Company registration authority.

The Company's main business scope i n c l u d e s : p u m p , s u c k e r r o d , o i l p u m p i n g m a c h i n e , o i l m a c h i n e r y , textile machinery, steel rolling and processing, special equipment, gear and gearbox, oil drilling special equipment, valve and cock, metallurgy special equipment, mechanical parts p r o c e s s i n gm a n u f a c t u r i n g , s a l e s ; petroleum machinery and relevant product development; commodity information services (excluding intermediary); technology promotion services; energy- saving technology promotion services; technology imports and exports; goods imports and exports; inspection s e r v i c e s; m e a s u r e m e n t s e r v i c e s . (Project approved by law can only be carried out with the approval of the relevant department, and the validity period shall be subject to the license).

......

Without approval by way of special resolution is obtained in a general meeting, the Company shall not enter into any contract with any person other than the directors, general managers and other senior management members whereby the management and administration of the whole or any substantial part of the business of the Company is to be handed over to such person, save for special circumstances such as the Company is in a crisis.

2

Article No.

The existing Articles of Association

Article 145

......

(10) To appoint or dismiss the general

manager of the Company, secretary

to the board of directors; appoint

or dismiss members of the senior

management including the Company's

s e n i o r m a n a g e r i a l o f f i c e r s s u c h

as deputy managers and financial

c o n t r o l l e r a c c o r d i n g t o t h e

nomination of the general manager,

and determine matters in relation to

their remunerations and sanctions;

and to appoint, replace or nominate

s h a r e h o l d e r s ' r e p r e s e n t a t i v e s ,

directors and supervisors of controlled

subsidiaries and investee subsidiaries;

......

  1. To consider and review the working report and the work of the president of the Company;

......

Article 151 Special committees shall be set for the board of directors.

......

The amended Articles of Association (showing changes to the existing Articles of Association)

......

(10) To appoint or dismiss the general m a n a g e r o f t h e C o m p a n y , secretary to the board of directors; appoint or dismiss members of the senior management including the Company's senior managerial officers such as deputy managers and financial controller according to the nomination of the general manager, and determine matters in relation to their remunerations and sanctions; and to appoint, replace or nominate s h a r e h o l d e r s ' r e p r e s e n t a t i v e s , d i r e c t o r s a n d s u p e r v i s o r s o f controlled subsidiaries and investee subsidiaries;

......

  1. To consider and review the working report and the work of the general managerof the Company;

......

Special committees shall be set for the board of directors.Special committees, i n c l u d i n g t h e A u d i t C o m m i t t e e , t h e N o m i n a t i o n C o m m i t t e e , t h e Remuneration Committee and the Strategy Committee,shall be set for the board of directors.

......

3

The amended Articles of Association

(showing changes to the existing

Article No.

The existing Articles of Association

Articles of Association)

(IV)M a j o r r e s p o n s i b i l i t i e s a n d

a u t h o r i t i e s o f t h e S t r a t e g y

Committee:

1. Conduct research and make

proposals on the strategic

p l a n n i n g f o r l o n g - t e r m

development of the Company;

2. Conduct research and make

proposals on major investment

a n d f i n a n c i n g p l a n s t h a t

require approval from the

Board under the Articles of

Association;

3. C o n d u c t r e s e a r c h a n d

m a k e p r o p o s a l s o n m a j o r

capital operation and asset

management projects that

require approval from the

Board under the Articles of

Association;

4. C o n d u c t r e s e a r c h a n d

m a k e p r o p o s a l s o n o t h e r

m a j o r i s s u e s a f f e c t i n g

t h e d e v e l o p m e n t o f t h e

Company, including research

and development of major

products and technologies

o f t h e C o m p a n y , m a j o r

business programs or plans,

and key strategic cooperation

arrangements;

5. Review the implementation of

the above matters;

6. Other matters delegated by the

Board.

4

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Shandong Molong Petroleum Machinery Co. Ltd. published this content on 08 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2021 05:14:01 UTC.