The board of directors of Dafeng Port Heshun Technology Company Limited announced that Mr. Yuan Qingfeng has resigned as an executive Director, chairman of the Board, compliance officer with effect from 27 May 2022 due to Mr. Yuan has taken seats in various management positions in other companies designated by the Company's controlling shareholder, and it has been recently decided that Mr. Yuan ought to focus on his other designated positions. Accordingly, Mr. Yuan requested to be released from his duties in the Group and, as nominated by the Nomination Committee of the Company, to be replaced by Mr. Zhao Liang. Upon his resignation, he ceased to act as an authorised representative of the Company under Rule 5.24 of the Rules Governing the Listing of Securities on the GEM of The Stock Exchange of Hong Kong Limited the chairman of the Legal Compliance Committee and Nomination Committee and a member to the Remuneration Committee of the Company.Mr. Yuan has confirmed that he has no disagreement with the Board and there is no other matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company and the Stock Exchange.

The Board expresses its sincere gratitude to Mr. Yuan for his valuable leadership and contributions to the Company during his tenure of service. In place of Mr. Yuan in respect to all the posts previously held, Mr. Zhao has been nominated and appointed as an executive Director, chairman of the Board, compliance officer, Authorised Representative, the chairman of the Legal Compliance Committee and Nomination Committee and a member of the Remuneration Committee of the Company with effect from 27 May 2022. The appointment of Mr. Zhao is subject to shareholders' approval, retirement by rotation and re-election at the annual general meeting of the Company in accordance with the GEM Listing Rules and the articles of association of the Company.

The biography of Mr. Zhao is set out below: Mr. Zhao Lian aged 34, has served as the assistant to general manager of a connected company which owns 40% equity interest of Dafeng Port Overseas Investment Holdings Limited, the immediate controlling shareholder of the Company which holds 57.46% of the issued shares of the Company, the general manager of a indirectly wholly-owned subsidiary of the Company since May 2022. He has also served as a director and deputy chairman of a connected company which is owned as to 30% by Jiangsu Yancheng, a connected company which wholly-owns Jiangsu Dafeng, since April 2022. Between January 2021 and May 2022, Mr. Zhao successively held various positions in the group of companies of Jiangsu Yancheng.

Mr. Zhao obtained a bachelor degree in Chinese language and literature at the Southwest University of Science of Technology in July 2017 and a bachelor degree in electrical engineering and automation at the Yancheng Institute of Technologyin June 2010. Mr. Zhao has entered into a service contract with the Company as an executive Director. Pursuant to the service contract entered into by Mr. Zhao, he is entitled to a monthly remuneration as salary of HKD 80,000 and discretionary bonus to be determined by the Board as appropriate.

The remuneration was with reference to Mr. Zhao's duty and roles to the Company and is subject to the Board's review Save as disclosed, Mr. Zhao has no other benefits and emoluments entitlement from the Company and its subsidiaries Mr. Zhao has voluntary undertook to the Company to forfeit any and all remuneration to be received in respect for his posts and services to the Company and its subsidiaries. It is proposed that Mr. Zhao will be appointed for a term of three years commencing from the date of his appointment and subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company. Mr. Zhao has also been appointed as the compliance officer and authorised representative of the Company in place of Mr. Yuan.

Mr. Zhao has been appointed as the chairman of the Legal Compliance Committee and the Nomination Committee and a member of the Remuneration Committee of the Company in place of Mr. Yuan.