The board of directors of Qingdao Port International Co., Ltd. announced that due to the adjustment of work arrangements, Mr. JIAO Guangjun (Mr. JIAO) tendered his resignation letter to the Board on 10 January 2020 to the effect that Mr. JIAO will resign as a non-executive director of the Company (the Director), vice chairman of the Board, a member of Strategy and Development Committee of the Board (the "Strategy Committee"), a member of the remuneration committee of the Board (the "Remuneration Committee"), and the authorised representative of the Company (the "Authorised Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules"). The resignation letter of Mr. JIAO took effect upon the delivery to the Board. Mr. JIAO will no longer hold any position in the Company after his resignation from the above positions.

The Board announced that due to the adjustment of work arrangements, Mr. ZHANG Jiangnan (Mr. ZHANG) tendered his resignation letter to the Board on 10 January 2020 to the effect that Mr. ZHANG will resign as the president of the Company (the "President"). The resignation letter of Mr. ZHANG took effect upon the delivery to the Board. Mr. Zhang will remain as a Director and a member of the Strategy Committee.

The Board is pleased to announcement that Mr. WANG Xinze (Mr. WANG) was appointed as the President with a term of office effecting from 10 January 2020 and ending on the date of the expiration of the Board of the third session after his resignation as the vice president of the Company on 10 January 2020. The Board announced that due to the adjustment of work arrangements, Mr. LI Fengli (Mr. LI), Mr. ZHANG and Ms. JIANG Chunfeng (Ms. JIANG), the executive Directors, were re-designated as non-executive Directors, all with a term of office effecting from 10 January 2020 and ending on the date of the expiration of the Board of the third session. The Board also announced that on 10 January 2020, Mr. LI was appointed as a member of the Remuneration Committee, with a term of office effecting from 10 January 2020 and ending on the date of the expiration of the Board of the third session.

Upon the appointment of Mr. LI, the Remuneration Committee will consist of three Directors, namely Mr. LAI Kwok Ho, Mr. LI and Ms. LI Yan. Mr. LAI Kwok Ho serves as the chairman of the Remuneration Committee. Following the resignation of Mr. JIAO as stated above with effect from 10 January 2020, Mr. JIAO will cease to act as the Authorised Representative.

Mr. LI, a Director, has been appointed in place of Mr. JIAO as the Authorised Representative, with effect from 10 January 2020.