The board of directors of Honghua Group Limited announced that, the following independent non-executive directors have resigned as directors of the Company with effect from 28 June 2024: Mr. Chen Guoming has resigned as an independent non-executive director and a member of the Audit Committee of the Company as he has been an independent non-executive director of the Company for more than nine years and needs to devote more time to other matters; Ms. Su Mei has resigned as an independent non-executive director, a member of the Audit Committee, the chairman of the Remuneration Committee and a member of the Remuneration Committee of the Company due to the need to devote more time to her personal matters; Mr. Chang Qing has resigned as an independent non-executive director, a member of each of the Audit Committee, the Nomination Committee and the Strategic Investment and Risk Control Committee of the Company due to the need to devote more time to his personal matters; Mr. Wei Bin has resigned as an independent non-executive director, the chairman of the Audit Committee, a member of the Audit Committee and the Remuneration Committee of the Company due to the need to devote more time to other matters. Appointment of Directors: Mr. Yang Yangzhuang ("Mr. Yang") has been appointed as a non-executive director, member of the Audit Committee and the Strategic Investment and Risk Control Committee of the Company, and the relevant appointment is effective from 28 June 2024; Mr. Liu Xinggui ("Mr. Liu") has been appointed as a non-executive director and member of the Strategic Investment and Risk Control Committee of the Company, and the relevant appointment is effective from 28 June 2024; Ms. Li Yuedong ("Ms. Li") has been appointed as an independent non-executive director, the chairman of the Audit Committee and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company, and the relevant appointment is effective from 28 June 2024. Mr. Yang, aged 58, a senior engineer, was a deputy director of the marketing department of Dongfang Electric Co.

Ltd., deputy manager of thermal power division, Party Secretary, chairman and general manager of Dongfang Electric (Sichuan) Supplies Co. Ltd. He is currently serving as a director of Sichuan Honghua Petroleum Equipment Co. Ltd. Mr. Yang has extensive experience in marketing, service and management.

Mr. Yang received his Bachelor of Engineering degree in water conservancy and hydropower power engineering from College of Water Resources and Hydropower, Shaanxi Institute of Mechanical Engineering in 1988. Mr. Yang has entered into a non-executive director service contract with the Company for a term of three years commencing from 28 June 2024, and is subject to retirement by rotation and re-election in accordance with the Company's articles of association. Mr. Yang does not receive director's remuneration from the Company.

Liu Xinggui, aged 59, a professorate senior engineer, has served as a deputy general manager of Dongfang Steam Turbine Co. Ltd., general manager of gas turbine division and nuclear power division of Dongfang Electric Co. Ltd., chairman and secretary of the Party Committee of Dongfang Electric Wind Power Co.

Ltd. He is currently a director of Sichuan Honghua Petroleum Equipment Co. Ltd. Mr. Liu has rich experience in business management. Mr. Liu received his Bachelor of Engineering degree in Thermal Turbine-machinery from the Department of Energy and Power Engineering of Xi `an Jiaotong University in 1987 and his Doctor of Management degree in Management Science and Engineering from the University of Electronic Science and Technology of China in 2009.

Mr. Liu has entered into a non-executive director service contract with the Company for a term of three years commencing from 28 June 2024, and is subject to retirement by rotation and re-election in accordance with the Company's articles of association. Mr. Liu does not receive director's remuneration from the Company. Li Yuedong, aged 47, is currently a director of the audit Department of the Accounting School of Southwestern University of Finance and Economics, doctoral supervisor, one of the first international high-end accounting talents of the Ministry of Finance, and CPA of the United States.

She served as an independent director of Chengdu Leejun Industrial Co. Ltd., Sichuan Kelun Pharmaceutical Co. Ltd., Chengdu High-Tech Development Group Co.

Ltd., Sichuan Fengsheng Paper Technology Co. Ltd. and Sichuan Neautus Traditional Chinese Medicine Co. Ltd. She currently served as Chengdu Sino Microelectronics Technology Co.

Ltd., Ya'an Bestry Performance Material Co. Ltd., Chengdu Zhimingda Electronics Co. Ltd., Chengdu Shengbang Seals Co.

Ltd. and Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. Ms. Li obtained her bachelor's degree in economics from Chongqing Technology and Business University in 2000, master's degree in Accounting (MAcc) from Georgia College & State University in 2004, and doctoral degree in Management (Accounting) from Southwestern University of Finance and Economics in 2011. Ms. Li has entered into an independent non-executive director service contract with the Company for a term of three years commencing from 28 June 2024, and is subject to retirement by rotation and re-election in accordance with the Company's articles of association.

Ms. Li will receive an annual director's remuneration of HK$150,000, which will be determined by the Board of the Company with reference to her qualifications, experience and responsibilities. Changes in the Composition of Board Committees: Yang Qiang, an executive director, has been appointed as a member of the Strategic Investment and Risk Control Committee of the Company with effect from 28 June 2024. Zhang Shiju, an independent non-executive director, has been appointed as the chairman of the Remuneration Committee of the Company with effect from 28 June 2024.