The Board of Xinchen China Power Holdings Limited approved the appointment of Mr. Deng as the chief executive officer of the Company to fill the vacancy immediately upon the resignation of Mr. Wang Yunxian both with effect from 26 June 2023. Mr. Wang's resignation as the CEO is due to the cessation of his executive directorship upon the conclusion of the annual general meeting of the Company held on 19 June 2023. Mr. Wang has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or the Stock Exchange.

Mr. Deng Han, aged 47, has over 22 years of experience in the automotive industry. Mr. Deng has been serving as a director of Mianyang Xinchen Engine Co., Limited ("Mianyang Xinchen") since February 2023. He was the general manager of Mianyang Xinhua Internal Combustion Engine Joint Stock Company Limited ("Xinhua Combustion Engine") from August 2016 to June 2023, and the deputy general manager of Xinhua Combustion Engine from January 2012 to August 2016.

From January 2003 to January 2012, he held various positions in Mianyang Xinchen, including assistant to the general manager, general manager of sales company, factory manager, supervisor of assembly workshop, deputy supervisor of assembly workshop, and engaged in quality management work and administration management work. From September 2000 to January 2003, he was a workshop technician of Xinhua Combustion Engine. Mr. Deng obtained a bachelor's degree in metallic material and heat treatment from Xi ' an Technological Institute (now known as Xi ' an Technological University) in July 2000.