Bao Shen Holdings Limited announced that As the Group is still unable to contact Mr. Fan as at the date of this announcement and the inability of Mr. Fan to discharge his duties as the chairman of the Board, the chief executive officer, the compliance officer and the authorised representative of the Group since about March 2023, the Board announced that with effect from 1 August 2023, Mr. Fan ceased to be chief executive officer, but Mr. Fan remains as an executive Director of the company; and Mr. Fan Zhijian, an executive Director, is appointed as chief executive officer. Mr. Fan Zhijian, aged 25, has been the legal representative, a director and the general manager of the major wholly owned operating subsidiary of the Group, Chuzhou Xiezhong Home Appliance Accessories Co. Ltd. in place of Mr. Fan Baocheng (Mr. Fan"), since June 2023.

Mr. Fan Zhijian has been primarily responsible for major decision making and overseeing the overall business development of Xiezhong Home Appliance since he took up the above positions in Xiezhong Home Appliance. Mr. Fan Zhijian obtained his master's degree in finance from University of Sydney in August 2021. After his graduation, he joined Huatai Securities Co., Limited in January 2022 where he was responsible for handling customer relations.

He took office as a general manager assistant of Xiezhong Home Appliance in about February 2023 immediately after he left Huatai Securities Co., Limited. Being a general manager assistant of Xiezhong Home Appliance, he was primarily responsible for assisting in the daily operations and the customers/suppliers relations of Xiezhong Home Appliance.