The board of directors of Weigang Environmental Technology Holding Group Limited announced that Mr. Cai Zhuhua (Mr. Cai) has resigned as Chief Executive Officer ("CEO") of the Company due to work re-arrangements, but remains as the chairman of the Board and an executive Director of the Company, with effect from 17 November 2022. Saved for the resignation of Mr. Cai as the CEO of the Company, he will remain as the chairman of the Board and an executive Director of the Company and will continue to provide his services as to the strategic planning and business development of the Group. With the resignation of Mr. Cai, the Board further announced that with effect from 17 November 2022, Mr. Li Kaiyan (Mr. Li) who is an executive Director of the Company has been appointed as the CEO of the company.

The biographical details of Mr. Li are set out as follows: Mr. Li, aged 48, has over 25 years' experience in corporate operational management, internal control and internal audit in the industry the Company engaged in. Mr. Li possesses extensive experience in providing corporate operational management, internal control and internal audit to listed companies. Mr. Li first joined their Group in September 2022 as an executive director of Shenzhen Xinnengji Technology Limited ("Shenzhen Xinnengji"), an indirect 90% owned subsidiary of the Group.

Prior to joining the Group, Mr. Li served as a president assistant in Dongjiang Environmental Company Limited, from August 2004 to August 2020, the shares of which are listed on the Stock Exchange (stock code: 895) and the Shenzhen Stock Exchange (stock code: 2672). During such term of office, Mr. Li was mainly responsible for operational management, results assessment, internal control and risk management. In particular, Mr. Li had been designated as the principal of internal audit from October 2012 to October 2016 in such term of office.

From September 2020 to July 2022, Mr. Li served as vice president in Ningbo Nuoke Environmental Technology Co. Ltd. In July 1997, Mr. Li graduated from Wuhan Institute of Technology. Mr. Li also obtained a master degree in business administration from City University of Macau, previously named as Asia International Open University (Macau) in January 2010.