Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility 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.

SHENGLI OIL & GAS PIPE HOLDINGS LIMITED

勝 利 油 氣 管 道 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1080)

RE-DESIGNATION OF DIRECTOR

The board (the ''Board'') of directors (the ''Director(s)'') of Shengli Oil & Gas Pipe Holdings Limited (the ''Company'') announces that, due to the personal business development of Mr. Jiang Yong (''Mr. Jiang''), Mr. Jiang will be re-designated from an executive Director to a non-executive Director, and will cease to be a vice president of the Company with effect from 1 January 2020.

The biographical profile of Mr. Jiang is set out below:

Mr. Jiang Yong, aged 52, was appointed as our executive Director and vice president of the Company in August 2012, responsible for the finance management of the Company and its subsidiaries and a mining project in Vietnam. Prior to 2012, he was a director and chief executive of the China region of Times Fashion Technology Company Limited* (天 時服飾科技有限公司) for over three years. From January to June 2012, he served as a director of Shandong Demian Incorporated Company* (山東德棉股份有限公司), a company listed on the Shenzhen Stock Exchange. Mr. Jiang Yong graduated from Jinan University (暨南大學) in June 1989 with a bachelor's degree in economics. He also received a master's degree in banking from Massey University in New Zealand in November 2003.

Save as disclosed above, Mr. Jiang (i) did not hold any directorship in the last three years in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas; (ii) does not hold any position in the Company or any of its

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subsidiaries; (iii) does not have any relationship with other Directors, senior management or substantial or controlling shareholders of the Company; and (iv) does not have other major appointments or professional qualifications.

As at the date of this announcement, Mr. Jiang held 2,400,000 ordinary shares of the Company, representing approximately 0.073% of the total issued shares of the Company. Save as disclosed herein, as at the date of this announcement, Mr. Jiang does not have, and/or is not deemed to have any interests or short positions in any shares, underlying shares or debentures of the Company or its associated corporations (as defined under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)).

A new letter of appointment with a term of three years commencing from 1 January 2020 has been entered into between the Company and Mr. Jiang. According to the articles of association of the Company, Mr. Jiang shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election.

Mr. Jiang shall be entitled to an annual director's fee of HK$300,000, which is determined by the Board with reference to the experience, duties and responsibilities of Mr. Jiang, as well as the prevailing market rate of remuneration offered by companies of comparable size and similar operation, and shall be reviewed by the remuneration committee of the Company from time to time.

Save as disclosed above, Mr. Jiang has confirmed that there are no other matters that need to be brought to the attention of the shareholders of the Company in connection with his re-designation as non-executive Director and his resignation as vice president of the Company and there is no information that should be disclosed pursuant to Rule 13.51(2)(i) to (v) of the Listing Rules.

By order of the Board

Shengli Oil & Gas Pipe Holdings Limited

Zhang Bizhuang

Executive Director and Chief Executive Officer

Zibo, Shandong, 31 December 2019

As at the date of this announcement, the Directors of the Company are:

Executive Directors:

Mr. Zhang Bizhuang, Mr. Jiang Yong,

Mr. Wang Kunxian, Ms. Han Aizhi and Mr. Song Xichen

Non-executive Director:

Mr. Wei Jun

Independent non-executive

Mr. Chen Junzhu, Mr. Wu Geng and Mr. Qiao Jianmin

Directors:

  • for identification purposes only

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Shengli Oil & Gas Pipe Holdings Ltd. published this content on 31 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2019 09:01:10 UTC