GCL New Energy Holdings Limited announced that the board of directors of the company has announced that Mr. Mo Jicai has tendered his resignation as an executive Director; the President; and a member for each of the corporate governance committee, the strategic planning committee and the investment committee of the Company with effect from 7 December 2020 due to changes in his personal career development. Mr. Mo has confirmed that there is no disagreement with the Board and that there is no matter relating to his Resignation that needs to be brought to the attention of the shareholders of the Company. The Board further announces that following the Resignation of Mr. Mo, Mr. Liu Genyu will be appointed as an executive Director and vice chairman of the Company with effect from 7 December 2020. Mr. Liu is currently the vice chairman of the board of directors and an executive director of China Nuclear Energy Technology Corporation Limited (a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and an independent non-executive director of China Boqi Environmental (Holding) Co. Ltd. Mr. Zhu Yufeng, the executive Director and Chairman of the Board will take up the role of the President with effect from 7 December 2020.