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On May 18, 2023, Kailong High-Tech Co., Ltd. held the 2022 Annual General Meeting of Shareholders and the first meeting of the fourth Board of Directors. The company's chairman, Zang Zhicheng, independent directors Sun Xinwei and Yuan Yinnan, and director Pan Haifeng attended the on-site meeting. Independent director Hu Gairong, directors Ye Jun and Li Huaichao participated in the meeting by means of communication. The company's lawyers, supervisors and senior executives attended the meeting as observers.

The current shareholders' general meeting deliberated and approved the "Company's 2022 Annual Report and Its Abstract", the "2022 Annual Report of the Company's Board of Directors", the "Proposal on the Board of Directors' Re-election and Nomination of Candidates for Non-Independent Directors of the Fourth Board of Directors", the "Proposal on the Board of Directors' Re-election and Nomination of Candidates for Independent Directors of the Fourth Board of Directors", and other contents.

The meeting agreed to elect Mr. Zang Zhicheng, Mr. Pan Haifeng, Mr. Yuan Yinnan, Mr. Zhu Lin, Mr. Xu Yanqing, Mr. Ye Jun and Mr. Li Huaichao, a total of seven people, as members of the company's fourth board of directors for a term of three years, effective from the approval of the 2022 Annual General Meeting of Shareholders. Among them, Mr. Yuan Yinnan, Mr. Zhu Lin and Mr. Xu Yanqing will be independent directors of the company's fourth Board of directors.

At the meeting, the company's management team reported to the directors on the development and operation of the company's main business over the past year and made prospects for the company's future development layout. The attending directors listened to the management's report. Despite the decline in the company's performance in 2022, the directors expressed confidence in the operation and development of the current niche industry in which the company is located and offered suggestions for the future transformation plan: The company should seize the development of new energy, new materials and new technologies, continuously enhance its competitiveness, maintain its competitive edge and leading position in the industry, actively expand its thinking and accelerate the transformation and upgrading of its existing business. The new board of directors will be diligent and responsible, forge ahead with determination, and work hand in hand with Kailong Hi-Tech to repay all shareholders with good performance.

Mr. Zang Zhicheng, the chairman of the board, expressed his gratitude to all the directors for their suggestions and efforts for the company's development. Kailong Hi-Tech has a solid foundation for development and research and development. Under the care and guidance of leaders at all levels, with the joint support of shareholders and the correct leadership of the company's board of directors, Kailong Hi-Tech has made very significant progress and development. It is hoped that the new board of directors can lead Kailong Hi-Tech to brave the wind and waves and forge ahead bravely.

Mr. Zang Zhicheng, the chairman of the board, said with pride that Kailong Hi-Tech has been deeply engaged in the industry for 22 years, always at the forefront of research and industrialization in China's air pollution prevention and control. It has successively established the first national-level enterprise technology center in the field of internal combustion engine emission control in China, a national accredited laboratory (CNAS) platform, and an international first-class comprehensive performance test and research base for internal combustion engine exhaust systems, etc. It has formed the only complete industrial chain for emission control in China, making outstanding contributions to the upgrading of environmental protection emission standards for internal combustion engines and the control of air pollution in our country. He also mentioned that 2022 was a year of great significance. Although the industry's prosperity was not good in the past year, with the recovery and revival of the Chinese economy, all of Kailong's businesses have been gradually improving. The automotive after-treatment industry is an important part of the country's dual-carbon policy, and the industry outlook is positive. Meanwhile, the improvement of the economy has also prompted us to transform rapidly, seek new development opportunities, renew ourselves and embrace brand-new development.

By now, the new board of directors, board of supervisors and management team of Kailong High-Tech have been established, laying a solid foundation for the organic connection, scientific governance and harmonious operation of the company's board of directors, board of supervisors and management team. In the future, Kailong Hi-Tech will seize new development opportunities with a broader vision, a more pragmatic style and more proactive actions, and jointly create a new chapter of development.