Puxing Energy : (1) APPOINTMENT OF EXECUTIVE DIRECTOR AND CHANGE OF CHAIRMAN, COMPOSITION OF BOARD COMMITTEES AND AUTHORISED REPRESENTATIVE; AND (2) RESIGNATION OF EXECUTIVE DIRECTOR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PUXING普 星ENERGY能 量 有 限LIMITED公 司

(Formerly known as "Puxing Clean Energy Limited 普星潔能有限公司" )

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 90)

1. APPOINTMENT OF EXECUTIVE DIRECTOR AND CHANGE OF CHAIRMAN, COMPOSITION OF BOARD COMMITTEES AND AUTHORISED REPRESENTATIVE;

AND

(2) RESIGNATION OF EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Puxing Energy Limited (the "Company", together with its subsidiaries, the "Group") announces the following changes:

1. A P P O I N T M E N T O F E X E C U T I V E D I R E C TO R A N D C H A N G E O F CHAIRMAN, COMPOSITION OF BOARD COMMITTEES AND AUTHORISED REPRESENTATIVE
   With effect from 28 April 2021, Mr. Xu Anliang ("Mr. Xu") has been appointed as an executive Director, the chairman of the Board (the "Chairman"), the chairman of the nomination committee of the Board (the "Nomination Committee"), a member of the remuneration committee of the Board (the "Remuneration Committee") and an
   authorised representative of the Company (the "Authorised Representative") under rule 3.05 of the Rules Governing the Listing Securities (the "Listing Rules" ）on The Stock Exchange of Hong Kong Limited (the "Stock Exchange" ）.

Following the appointment of Mr. Xu, Mr. Wei Junyong ("Mr. Wei") has ceased to be the Chairman, the chairman of the Nomination Committee, a member of the Remuneration Committee and the Authorised Representative with effect from 28 April 2021. Mr Wei will continue to act as an executive Director.

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The biographical details of Mr. Xu are as follows:

Mr. XU Anliang

Mr. Xu, aged 57, graduated from Jiangxi University of Finance and Economics *（江西 財經學院）in 1984 with a bachelor's degree in economics, majoring in trade economics. He graduated from the Central China Normal University*（華中師範大學）in 1999 with a master's degree in economics, majoring in regional economics. He also graduated from the Nankai University*（南開大學）in 2006 with a doctor's degree in economics, majoring in political economics. Mr. Xu is a non-practicing member of the Chinese

Institute of Certified Public Accountants and a qualified fund practitioner of the Asset Management Association of China.

Mr. Xu has over 30 years of experience working in government institutions. From July 1987 to August 1994, he served as a principal staff member of the Special Commissioner's Office of the National Audit Office in Guangzhou. From August 1994 to July 2016, he held various positions successively in the departments of Shenzhen

Municipal People's Government. He then worked as the chairman of the board of director and the president of China Insurance Investment Co., Ltd.*（中保投資有限責 任公司）from August 2016 to January 2019 before joining Wanxiang Group Corporation* （萬向集團公司）("Wanxiang Group") (a company controlled by Mr. Lu Weiding, being the ultimate controlling shareholder of the Company) in June 2019.

Mr. Xu currently holds various positions in Wanxiang Group and its subsidiaries,

namely the senior executive vice president of the Wanxiang Group, the chief dean of the Wanxiang Research Institute*（萬向研究院）, the chairman of the board of directors of Wanxiang Venture Capital Co., Ltd.*（萬向創業投資股份有限公司）, the chairman of the board of directors of Wanxiang Finance Co., Ltd.*（萬向財務有限公司）, the chairman of the board of directors of Shangwan Clean Intelligent Vehicle Co., Ltd.*（上 萬清源智動車有限公司）, the executive director of KARMA Automotive LLC, the executive director of Karma (China) Clean Intelligent Vehicle Co., Ltd.*（凱萊（中國） 潔能智動車有限公司）, the chairman of the board of supervisors of Wanxiang A123 Systems Corporation*（萬向一二三股份公司）, and the supervisor of Dading Petroleum Logistics Co., Ltd.*（大鼎油儲有限公司）.

Mr. Xu also acts as the director of China Wanxiang Holding Co., Ltd.*（中國萬向控 股有限公司）("China Wanxiang") and the chairman of the board of supervisors of Shanghai Pu-Xing Energy Limited*（普星聚能有限公司）. Both companies are the controlling shareholders (as defined under the Listing Rules) of the Company.

As at the date of this announcement, Mr. Xu owns approximately 0.72% equity interest in China Wanxiang.

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The Company has entered into a service agreement with Mr. Xu. According to the service agreement, Mr. Xu is appointed for an initial term of three years commencing from 28 April 2021 and his term of service shall continue unless and until terminated by either party by giving to the other not less than one month's prior notice in writing, subject to the earlier termination in accordance with the articles of association of the Company, Listing Rules or applicable laws and regulations. Pursuant to the service agreement, Mr. Xu is not entitled to any remuneration in his capacity as a Director from the Company. Mr. Xu's emolument is subject to review by the Remuneration Committee and the Board from time to time, and he is entitled to such remuneration and other benefits and allowances in his capacity as a Director as may be approved by the Board in accordance with the articles of association of the Company by reference to his experience, duties and responsibilities, the prevailing market conditions of the industry and the Group's remuneration policy, operating performance and profitability.

Save as disclosed above, as at the date of this announcement, Mr. Xu (i) does not hold any other directorships in other public companies the securites of which are listed on any securities market in Hong Kong or overseas in the past three years or other major appointments or professional qualifications; (ii) does not hold any position with the Company and other members of the Group; (iii) does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company; and (iv) does not have any interest in the shares, underlying shares or debentures of the Company or its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information that should be disclosed pursuant to rule 13.51(2)(h) to (v) of the Listing Rules and there are no other matters concerning the appointment of Mr. Xu that need to be brought to the attention of the shareholders of the Company (the "Shareholders").

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1. RESIGNATION OF EXECUTIVE DIRECTOR
   Mr. Gu Genyong ("Mr. Gu") has tendered his resignation as an executive Director with effect from 28 April 2021 in order to focus on the daily operations, management and business development of the Group. Mr. Gu will remain as the general manager of the Group.
   Mr. Gu has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation as an executive Director that need to be brought to the attention of the Shareholders and the Stock Exchange.
   The Board would like to express its warmest welcome to Mr. Xu and its sincere gratitude to Mr. Gu for his valuable contributions to the Board during his term of office.

By order of the Board

Puxing Energy Limited

XU Anliang

Chairman

Hong Kong, 28 April 2021

As at the date of this announcement, the Board comprises five directors, of whom two are executive directors, namely Mr. Xu Anliang and Mr. Wei Junyong; and three are independent non-executive directors, namely Mr. Tse Chi Man, Mr. Yao Xianguo and Mr. Yu Wayne W.

• For identification purpose only

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