The board (the "Board" or the "Board of Directors") of Directors of Fuyao Glass Industry Group Co., Ltd. announced the following changes to the positions of the Board members: (1) to facilitate the strategic optimization and sustainable development of the Company's governance structure, Mr. Cho Tak Wong has tendered his resignation as the chairman of the Company (the "Chairman"). However, he will continue to serve as a Director. The Board has appointed Mr. Cho Tak Wong as the honorary Chairman for life; and (2) the Board has
elected Mr. Tso Fai as the Chairman. To facilitate the strategic optimization and sustainable development of the Company's governance structure, Mr. Cho Tak Wong has tendered his resignation as the Chairman. However, he will continue to serve as a Director. Mr. Cho Tak Wong, as the Company's founder and leader, has consistently guided the Company from its inception to its current prominence through extraordinary strategic foresight and a spirit of continuous innovation. His leadership has propelled the Company from humble beginnings to becoming a global leader in the automotive glass industry, making irreplaceable contributions to the Company. The Board has appointed Mr. Cho Tak Wong as the Company's
honorary Chairman for life. Moving forward, he will continue to contribute his wisdom and strength to the Company's strategic planning and long-term development in his roles as honorary Chairman for life, Director, member of the strategy and development committee, and member of the remuneration and assessment committee. Mr. Cho Tak Wong, aged 79, has served as an executive Director and the Chairman of the Board of Directors since August 1999, and is also one of the major founders, core operators and important investors of the Company. Mr. Cho Tak Wong currently also serves as a director of a majority of subsidiaries of the Company and holds key positions in many organizations, including as a member
of the Advisory Committee of China Federation of Industry and Commerce, an honorary president of the China Federation of Overseas Chinese Entrepreneurs, a vice president of the China Enterprise Reform and Development Society and the honorary president of China Charity Federation. In addition, Mr. Cho Tak Wong also serves as a director of each of Sanyi Development Limited, Global Cosmos German Limited and Trade Commerce Limited, the first chairman of Heren Charitable Foundation and the chairman of Fuyao University of Science and Technology. Mr. Cho Tak Wong served as managing director of the Company from December 1994 to August 1999, vice chairman of the Board of Directors of
the Company from May 1988 to December 1994 and president of the Company from June 1987 to September 2003. Mr. Cho Tak Wong worked at Fuqing County Gaoshan Special Shaped Glass Factory, a company primarily engaged in glass manufacturing business, from 1976 to June 1987. Mr. Cho Tak Wong is the father of Mr. Tso Fai, a Director of the Company, and the father-in-law of Mr. Ye Shu, a Director of the Company, and Mr. He Shimeng, vice president of the Company, is his brother-in-law. The Board has elected Mr. Tso Fai as the Chairman. Pursuant to the provisions of the Articles of Association and the Terms of Reference of the Strategy and Development Committee, the Chairman shall serve as the legal representative of the Company and the chairman of its strategy and development committee. Mr. Tso Fai shall cease to hold the position of vice chairman with immediate effect. The term of office of Mr. Tso Fai shall commence from the date of approval by the Board and end on the expiration date of the term of the 11th session of the Board of the Company.
Mr. Tso Fai, aged 55, is a member of the China National Democratic Construction Association. He holds a master's degree in business administration and is a senior engineer and senior economist. Mr. Tso Fai founded Fujian Triplex Investment Group Co., Ltd. (holding multiple subsidiaries) in August 2018 and continues to serve as its chairman. He served as an executive Director of the Company since August 1998, the vice chairman of the Board of the Company since August 2015, the president of the Company from September 2006 to July 2015, the president of Fuyao North America Inc. from August 2001 to December 2009, the chief financial officer and president of Greenville Glass Industries Inc., a member of
the Company engaged in glass trading which has been deregistered, from July 1996 to December 2009, the president of Fuyao (Hong Kong) Co., Ltd. from March 1994 to June 1996 and the president of Sanyi Development Limited from June 1992 to February 1994. Mr. Tso Fai joined the Company in November 1989, starting from a grassroots position and laying a solid foundation through frontline practical experience. During his tenure in corporate management roles, he pioneered innovative governance approaches and actively explored pathways for development. His focus encompassed technological research and development, extending industrial chains, driving industrial upgrading, accelerating green
transformation, and refining global operations. These initiatives significantly enhanced the Company's core competitiveness and global influence, making substantial contributions to its high-quality development. Mr. Tso Fai also serves as a director of a majority of subsidiaries of the Company and holds key positions in many organizations, including as a member of the National Committee of the Chinese People's Political Consultative Conference, a member of the Central Committee of the China National Democratic Construction Association,
a standing committee member of the All-China Federation of Industry and Commerce, an honorary president of the Fujian Province Charity Federation, an honorary president of the Renshan Fortune Charity Association, a vice president of the Chamber of Commerce of the Fujian Industry and Commerce Association (General Chamber of Commerce), and the president of the Chamber of Commerce of the Fujian Private Enterprises. His outstanding achievements have earned him the second prize of National Technological Invention Award, recognition as an expert entitling to Government Special Allowance by the State Council, designation as a high-level talent at the Fujian provincial level, and honors including "Advanced Individual from Democratic Parties, the Federation of Industry and Commerce, and Non-Party Members for Contributions to Building a Moderately Prosperous Society in All Respects" and "National Advanced Intellectual Property Management Worker in Enterprises and Institutions". Mr. Tso Fai is the son of Mr. Cho Tak Wong, a Director and the de facto controller of the Company, the nephew of Mr. He Shimeng, a vice president of the Company, and Mr. Ye Shu, a Director of the Company, is his brother-in-law.