The board of directors of Shanghai Prime Machinery Co., Ltd. announced that Mr. Zheng Yuanhu will resign as an executive director and the chairman of the board of the company to pursue his career development, with effect from the date of the extraordinary general meeting of the company on which the proposed change of director is to be approved by the shareholders of the company. Mr. Wang Qiang has been nominated as an executive director of the company, with effect from the EGM and until the expiration of the term of the current session of the board. Mr. Wang Qiang, aged 54, is a senior economist and senior political affair officer.

He currently serves as director, the deputy secretary of committee of Communist Party of China and executive vice president of Shanghai Electric (Group) Corporation, the deputy secretary of committee of Communist Party of China of Shanghai Electric Group Company Limited, and the secretary of committee of Communist Party of China of Shanghai Electric Assets Management Company Limited.