The board of directors of China Qinfa Group Limited announced that Mr. TAN Yingzhong (‘Mr. TAN') has tendered his resignation as an executive director of the company, a member of the Environmental, Social and Governance Committee (the ‘ESG Committee') and any other positions of the company and the company's subsidiaries (the ‘Group') with effect from 1 March 2023 due to health reasons. The board announced that Mr. Zhai Yifeng (‘Mr. ZHAI') has been appointed as an executive director of the company and a member of the ESG Committee with effect from 1 March 2023. Mr. ZHAI, aged 39, joined the Group in 2008 and is currently the vice president of the Group and the chairman of the sales and logistics department of the Group, responsible for overseeing the logistics and sales of coal.

Mr. ZHAI is also a director of certain subsidiaries of the Company. Mr. ZHAI has over 14 years of experience in coal marketing and coal import-export business. Mr. ZHAI has entered into a service agreement with the company for a term of three years (the ‘Service Agreement') commencing from 1 March 2023.