Farnova Group Holdings Limited announced that at its AGM held on September 16, 2022, Mr. Guo Gelin, Mr. Deng Li, Mr. Kuang Quanzhuang, Mr. Wang Hanjing, Ms. Wu Hong and Mr. Li Jianxing retired as Directors at the conclusion of the AGM. Mr. Guo Gelin also ceased to be the Chairman of the Board at the conclusion of the AGM. After the conclusion of the AGM, Mr. Mou Zhongwei was appointed as the Chairman of the Board.

Following the retirement of Mr. Guo Gelin, the Board has resolved that Mr. Guo Gelin be removed from all positions and offices of all the Company's subsidiaries including but not limited to Farnova Vehicle (Changde) Manufacturing Co. Ltd. and be suspended from all duties related thereto with immediate effect.