The board of directors of Chongqing Machinery & Electric Co., Ltd. received a resignation letter from Mr. Yang Quan, an executive director and the deputy general Manager, on 20 June 2024. Due to attainment of the statutory retirement age, Mr. Yang Quan has applied to resign from the positions as an executive director of the sixth session of the Board, the deputy general manager, and a member of the strategic committee of the Company. As the resignation of Mr. Yang Quan would neither lead to the number of members of the sixth session of the Board of the Company falling below the requirement of the statutory minimum number of members, nor affect the normal operation of the Board of the Company, the resignation of Mr. Yang Quan shall take immediate effect upon the delivery of his resignation letter to the Board.