Puxing Energy Limited announced a broad board and management overhaul effective 30 June 2026.

Executive director exits • Executive directors Guan Dayuan, Wei Junyong and Yuan Feng resigned to focus on other business commitments. All confirmed no disagreement with the board.

New director appointments • Executive directors: Zhu Xianbin, Xu Jintao and Lu Zepu join the board. – Zhu Xianbin (age 38), an engineer with more than ten years’ experience in industrial development and investment, becomes Vice Chairman and joins the nomination and remuneration committees. – Xu Jintao (age 38), holding over thirteen years’ experience in capital operations and finance, is also named General Manager and one of the company’s authorised representatives. – Lu Zepu (age 25), currently a senior manager at China Wanxiang Holding, enters the board; he is the son of ultimate controlling shareholder Lu Weiding.

• Non-executive directors: Deng Chao, Zhang Xuji and Du Yu have been appointed. – Deng Chao (age 42), with 16 years’ experience in innovative business development, becomes Chairman of the Board and assumes leadership of the board’s strategic direction. – Zhang Xuji (age 30) and Du Yu (age 38) bring backgrounds in technology, corporate governance and blockchain applications.

Board committee realignments • Wu Ying, an independent non-executive director, is now chair of the Nomination Committee. • Zhu Xianbin joins both the Nomination and Remuneration Committees. • Upon these changes, former Chairman Guan Dayuan stepped down from all committee roles.

Authorised representatives • Zhu Xianbin and Xu Jintao replace Guan Dayuan and Wei Junyong as the company’s authorised representatives under Hong Kong Listing Rule 3.05.

Board composition post-change The board now comprises nine directors: three executive (Zhu Xianbin, Xu Jintao, Lu Zepu), three non-executive (Deng Chao, Zhang Xuji, Du Yu) and three independent non-executive (Wu Chongguo, Wu Ying, Yu Wayne W).

Service terms All newly appointed directors have entered three-year service agreements commencing 30 June 2026, subject to rotation and re-election in accordance with the company’s articles and Hong Kong listing rules. None receive fixed director’s fees; remuneration will be determined by the board and remuneration committee based on experience, duties and market conditions.

Puxing Energy thanked the departing executives for their contributions and welcomed the new leadership team as the Group embarks on its next phase of development.