The board of directors of Guangdong Adway Construction (Group) Holdings Company Limited announces that with effect from 20 October 2023, Mr. Ye Yujing ("Mr. Ye"), the chairman of the Board, an executive Director and the chief executive officer of the Company, has ceased to be the chief executive officer of the Company but will remain as the chairman of the Board and an executive Director of the Company, as the Company is currently proceeding with projects such as share resumption, bankruptcy restructuring and debt restructuring, in order to achieve the goal of better division of work and collaboration. Mr. Ye has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation as the chief executive officer of the Company that needs to be brought to the attention of the shareholders of the Company (the "Shareholders"). The Board announced that Mr. Wu Jianzhang ("Mr. Wu") has been appointed as the chief executive officer of the Company with effect from 20 October 2023. The biographical details of Mr. Wu are set out below: Mr. Wu Jianzhang, aged 42, has been engaged in the real estate industry for 20 years, including over 12 years of senior management experience in large real estate companies. He is skilled in corporate management and marketing planning and is versed in the operation process of the real estate market. Mr. Wu was the regional sales director of Guangdong Hefu Real Estate Properties Limited from 2013 to 2016; the regional marketing director of Guangdong of Shenzhen Fangduoduo Network Technology Co. Ltd. from 2016 to 2018; and the regional general manager of Shaoguan and the regional general manager of Xuzhou of Guangdong Anshun Investment Co. Ltd. from 2018 to 2022. Mr. Wu graduated from Guangzhou University and
Sun Yat-sen University with a degree in law.