The board of directors of Dafeng Port Heshun Technology Company Limited announced that with effect from 11 January 2023; Mr. Miao Zhibin has resigned as a non-executive Director; and Mr. Zhang Fangmao has resigned as an independent non-executive Director. Following the resignation of Mr. FM Zhang, he also resigned as a member of each of the audit committee of the Company (the "Audit Committee") and the nomination committee of the Company (the "Nomination Committee"). The resignation of Mr. Miao and Mr. FM Zhang was due to their intention to devote more time on their respective other business commitments.

Each of Mr. Miao and Mr. FM Zhang has confirmed that he has no disagreement with the Board and there is no other matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company and the Stock Exchange. The Board also announces that with effect from 11 January 2023, Mr. Zhang Shukai has been appointed as non-executive Director. Mr. Zhang, aged 25, has served as the deputy general manager of (Jiangsu Yancheng Port Dafeng Port Development Group Co., Ltd) (formerly known as (Jiangsu Dafeng Harbour Holdings Limited)).

Between January 2021 and September 2022, Mr. Zhang worked at (Jiangsu Yancheng Port Holding Group Co., Ltd) ("Jiangsu Yancheng"), a controlling shareholder of the Company, with his last position as an assistant minister of the investment and financing department. Mr. Zhang obtained a master degree in international finance from the University of Glasgow in December 2020. In July 2019, Mr. Zhang obtained a bachelor degree in computer technology and network from the University of Hertfordshire.

Following Mr. FM Zhang's resignation from his positions above, the Board further announced that Mr. Yu Xugang, an independent non-executive Director, has been appointed as a member of each of the Audit Committee and the Nomination Committee in place of Mr. FM Zhang with effect from 11 January 2023. The Board further announces that with effect from 11 January 2023, each of Mr. Chen, Ms. Xu Qi and Mr. Gu Hao has been appointed as a deputy chief executive officer of the Company. Ms. Xu, aged 30, joined the Group in June 2017 and is currently the assistant to the company secretary, a manager of the legal compliance department and a member of the Legal Compliance Committee.

Prior to joining the Group, Ms. Xu worked as a human resources and administrative manager of (Dafeng Gangxin Copper Industry Co. Ltd.), an indirectly wholly-owned subsidiary of (the People's Government of Yancheng City), a controlling shareholder of the Company, from May 2015 to June 2017. Ms. Xu obtained a bachelor degree in business English from the Yangzhou University in June 2014.

Mr. Gu, aged 36, is currently the manager of the general department of (Yancheng City Dafeng Port Refined Oil Co. Ltd.), an indirectly wholly-owned subsidiary of (the People's Government of Yancheng City), a controlling shareholder of the Company. Between October 2010 and May 2016, he worked as a clerk at Jiangsu Dafeng, a controlling shareholder of the Company.

Mr. Gu obtained a bachelor degree in law from the YanCheng Teachers University in July 2017.