The board of directors Qingling Motors Co. Ltd. announced that Mr. XU Song and Mr. LI Xiaodong ceased to serve as the deputy general managers of the Company, both with effect from 25 February 2020. They shall continue to serve as executive Directors.

The Board also announces that Mr. LIU Jie ("Mr. LIU") and Mr. HU Xudong ("Mr. HU") have been appointed as the deputy general managers of the Company, both with effect from 25 February 2020. The Board also announces that Mr. ZOU Guanghua ("Mr. ZOU") has resigned as the chief financial officer of the Company, with effect from 25 February 2020. Mr. ZOU has confirmed that he has no claims against the Company whatsoever whether in respect of remuneration or compensation for loss of office.

He has further confirmed that he had no disagreement with the Board and there is no other matter with respect to his resignation which needs to be brought to the attention of the shareholders of the Company. The Board also announces that Mr. LEI Bin, the current company secretary of the Company responsible for the PRC affairs, has been appointed as the chief financial officer of the Company, with effect from 25 February 2020.