The Board of Yongsheng Advanced Materials Company Limited announced that Mr. Zhao Jidong ("Mr. Zhao") has tendered his resignation as an executive Director, the chief executive officer of the Company and a member of the remuneration committee of the Board with effect from 29 November 2019, as he requires more time to pursue his commitments in the Target Companies. Mr. Zhao has been redesignated as the senior consultant of the Company with effect from 29 November 2019. The Board hereby further announced that Mr. Xu Wensheng (Mr. Xu) has been appointed as an executive Director and a member of the remuneration committee of the Board with effect from 29 November 2019.

Mr. Xu, has over 30 years of experience in the construction industry. He has joined the Group since 2016 and was the vice general manager of the construction project of Yongsheng Plaza, a building which is located at Xiaoshan Economic and Technological Development Zone, Hangzhou City, Zhejiang Province, the PRC. Prior to joining the Group, he was the general manager of each of Jiangsu Zhongkai Properties Development Limited and Dalian Xinkongjian Properties Development Limited, which were companies established in the PRC and were principally engaged in property development.

Mr. Xu obtained a bachelor's degree from the Nanjing Institute of Architectural Engineering in 1992. The Board announced that Ms. Yeung Wing Kwan has been appointed as an authorised representative of the Company with effect from 29 November 2019.