The board of directors of Shandong Molong Petroleum Machinery Company Limited announced that with effect from 24 February 2023, Mr. Yang Yun Long ("Mr. Yang") has resigned as the chairman of the Board and an executive Director due to his other work arrangements. Mr. Yang has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and/or the shareholders of the Company. The Board announced that with effect from 24 February 2023, Mr. Yuan Rui, an executive Director, has been appointed as the chairman of the Board.

Mr. Yuan Rui, male, Chinese, born in February 1987, aged 36, is a holder of a bachelor's degree and a member of the Communist Party of China. He worked successively as the deputy section head and section head of Shouguang People's Government Office and the deputy chairman of the Board. He is currently an executive director of Shouguang Financial Investment Group Co.

Ltd., an executive director of Shandong Shouguang Jinxin Investment Development Holdings Group Limited and a director of Shouguang Industrial Investment Holding Group Co. Ltd., He has successively served as a director and supervisor of Shandong Boyuan Pharmaceutical & Chemical Co. Ltd., a director and the chief supervisor of Shandong Longxing Plastic Film Technology Co.

Ltd., a supervisor of Kunpeng Qinghai Asset Management Co. Ltd. and a director of Shouguang Molong Holdings Co. Ltd. He is currently an executive Director and Chairman.

Following his resignation, Mr. Yang ceased to act as the chairman of the strategy committee of the Company (the "Strategy Committee") and a member of each of the nomination committee of the Company (the "Nomination Committee") and the remuneration committee of the Company (the "Remuneration Committee") with effect from 24 February 2023. Mr. Yuan has been appointed as the chairman of the Strategy Committee and a member of each of the Nomination Committee and Remuneration Committee with effect from 24 February 2023.