The board of directors of Binhai Investment Company Limited announces that due to change in job positions, Mr. WANG Zhiyong ("Mr. Wang") has tendered his resignation as the Chairman of the Board and an executive director of the Company with effect from 23 December 2022. The Board is announce that Mr. HU Hao ("Mr. Hu") has been appointed as the Chairman of the Board and an executive director of the Company with effect from 23 December 2022. Mr. Hu, aged 45, graduated from the School of Business of Nankai University in Tianjin, the PRC with a master's degree in Business Management and undertook postgraduate studies specializing in business management.

He is a PRC Senior Engineer. Mr. Hu acted as the General Manager of Tianjin Metro Group Co. Ltd. and the Deputy General Manager of Tianjin Rail Transit Group Co.

Ltd. He was also the Deputy Head of Nankai District, Tianjin Municipality, the PRC and a Member of the Standing Committee of the Nankai District Committee. Mr. Hu is currently the General Manager of Tianjin TEDA Investment Holding Co. Ltd. Prior to being appointed as the Chairman of the Board and an executive director of the Company, Mr. Hu has not held any positions with the Company and its subsidiaries.

Mr. Hu has not held any directorships in the last three years in other public companies the securities of which are listed on any securities market in Hong Kong or overseas. Except for his post at Tianjin TEDA Investment Holding Co. Ltd., Mr. Hu is not connected with any directors, senior management or substantial or controlling shareholders of the Company.