Zhejiang Shibao Company Limited announced that at the AGM held on 17 June, 2024 Ms. Liu Xiao Ping has not sought for re-election at the AGM due to work arrangements and has retired from her position as executive Director with effect from the conclusion of the AGM. After her retirement at the AGM, Ms. Liu remains as the Board secretary of the Company. As Mr. Lin Yi ("Ms. Lin") has served the Board for approximately six years as of 17 June 2024, according to the "Measures for the Administration of Independent Directors of Listed Companies" issued by the CSRC, he cannot continue to serve as an independent Director.

Therefore, Mr. Lin has not offered himself for re-election at the AGM and has retired from his position as independent non- executive Director with effect from the conclusion of the AGM. Upon the retirement of Mr. Lin at the AGM, Mr. Lin has ceased to be the chairman of the Nomination Committee, and a member of the Audit Committee and the Remuneration Committee. The appointment of Mr. Liu Gang as shareholder representative Supervisor was approved by the Shareholders at the AGM.

The term of service of Mr. Liu commences on 17 June 2024 to the expiration date of the 8th session of the Supervisory Committee. Mr. Liu Gang, aged 62, a Chinese national with no permanent residence abroad. He has a bachelor's degree and is an engineer.

Mr. Liu graduated from Anhui Polytechnic University majoring in mechanical manufacturing process and equipment. Mr. Liu is currently a consultant of Yibin Kaiyi Automobile Co. Ltd. Mr. Liu served as the technical director, department head, director and consultant of Chery Automobile Co.

Ltd.