The board of directors of Weichai Power Co., Ltd. announces that with effect from 5 June 2023, Mr. Zhang Quan ("Mr. Zhang"), an existing executive Director, has been appointed as the vice chairman of the Board until the conclusion of the annual general meeting of the Company for the year ending 31 December 2023, which is the expiration of the term of the current session of the Board. Mr. Zhang Quan Chinese, aged 59, is an executive Director of the Company. Mr. Zhang joined Weifang Diesel Engine Factory in 1986 and had held various positions including the deputy secretary to the party branch of the engine research institute, the director of the quality control department, the procurement department and the marketing department, general manager of marketing and general manager of the sales and marketing company of Weifang Diesel Engine Factory, executive president and executive CEO of the Company, director of XCMG Construction Machinery Co., Ltd., and director of Shantui Construction Machinery Co., Ltd., a company listed on the Shenzhen Stock Exchange. Mr. Zhang is currently holding various positions including the director of Weichai Group Holdings Limited, Weichai Heavy-duty Machinery Co., Ltd., a company listed on the Shenzhen Stock Exchange, Beiqi Foton Motor Co., Ltd., a company listed on the Shanghai Stock Exchange, and Weichai Lovol Intelligent Agricultural Technology Co., Ltd. Mr. Zhang is a senior economist and holds a Bachelor's degree in Internal Combustion Engines from Shandong Poly technical University and a Master's degree in Business Administration from Fudan University. As at the date of this announcement, Mr. Zhang holds 13,684,324 A shares in the Company. The Board further announces that:
Mr. Xu Xinyu ("Mr. Xu") has tendered his resignation as an executive Director, an authorised representative of the Company pursuant to Rule 3.05 of the Rules Mr. Yan Jianbo ("Mr. Yan") has tendered his resignation as an executive Director and a member of the Strategic Development and Investment Committee with effect from 5 June 2023 due to changes in work arrangements; Mr. Jiang Kui ("Mr. Jiang") has tendered his resignation as a non-executive Director with effect from 5 June 2023 due to changes in work arrangements; Mr. Gordon Riske ("Mr. Riske") has tendered his resignation as a non-executive Director of the Company with effect from 5 June 2023 due to changes in work arrangements; Mr. Wen Daocai ("Mr. Wen") has tendered his resignation as an independent non-executive Director of the Company and a member of the audit committee of the Company ("Audit Committee") with effect from the date of appointment of the new independent non-executive Directors at the AGM due to changes in work arrangements;Ms. Zhao Huifang ("Ms. Zhao") has tendered her resignation as an independent non-executive Director of the Company, a member of the Nomination Committee, a member of the Audit Committee and the chairman of the remuneration committee of the Company ("Remuneration Committee") with effect from the date of appointment of the new independent non-executive Directors at the AGM due to changes in work arrangements; and in view of the forthcoming expiration of the current term of office of Mr. Li Hongwu ("Mr. Li") as an independent non-executive Director, whilst Mr. Li will holdover his directorship and positions in the relevant committees of the Board under the applicable laws and regulations and the Articles of the Company until the AGM, Mr. Li will retire as an independent non-executive Director, a member of the Audit Committee and the chairman of the Nomination Committee upon the appointment of the replacement new independent non-executive Directors at the AGM.