Ban Loong Holdings Limited announced that Mr. Chow Wang ("Mr. Chow") has resigned as the chief executive officer of the Company (the "CEO") with effect from 15 April 2022 due to a redesignation of duties in the Group. Mr. Chow will remain as the executive director and the deputy chairman of the Board. The Board announced that Mr. Tang Ming ("Mr. Tang") has been appointed as the CEO with effect from 15 April 2022.

Mr. Tang, aged 48, has been appointed as the CEO with effect from 15 April 2022. Prior to joining the Company, he worked as a Vice President of Intelligent Automotive Solution Business Unit Europe Region, head of consulting services of Enterprise Business Group Europe Region, at (Huawei Technologies Co., Ltd) from July 2016 to January 2022. Mr. Tang obtained a bachelor's degree in electronic engineering from Tianjin University of Technology in 1997, and a master's degree in Business Administration from Cornell University in the USA in 2012.

Mr. Tang has entered into a service contract with the Company. Mr. Tang is not appointed as the CEO for any specific length or proposed length of service but his appointment as the CEO may be terminated by either party on not less than one month' notice to the other party in writing pursuant to the service contract. Pursuant to service contract between the Company and Mr. Tang, Mr. Tang will not receive any salary, performance-based discretionary bonus and such other benefits from the Company for his service as the CEO, but he will be entitled to medical insurance provided by the Company.