Re-designation of executive director and chief executive officer to non-executive director and appointment of chief executive officer

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

UNITED STRENGTH POWER HOLDINGS LIMITED

眾 誠 能 源 控 股 有 限 公 司

(Incorporated in the Cayman Islands with members' limited liability)

(Stock Code: 2337)

RE-DESIGNATION OF EXECUTIVE DIRECTOR AND

CHIEF EXECUTIVE OFFICER TO NON-EXECUTIVE DIRECTOR AND

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board announces that with effect from 31 December 2020:

1. Mr. Xu has been re-designated from executive Director and chief executive officer to non-executive Director; and
2. Mr. Zhao, chairman of the Board, has been appointed to act as chief executive officer of the Company concurrently.

RE-DESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER TO NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of United Strength Power Holdings Limited (the "Company", together with its subsidiaries, the "Group"), hereby announces that Mr. Xu Huilin ("Mr. Xu") has been re-designated from executive Director and chief executive officer to non-executive Director with effect from 31 December 2020 due to his other business commitments.

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Mr. Xu Huilin, aged 45, was appointed as a Director on 16 March 2017 and was re-designated as an executive Director on 21 March 2017. Mr. Xu has over 14 years of experience in the oil and gas industry and finance management, including over 12 years of experience in the Sinochem Group (中國中化集團公司), which is principally engaged in, among other businesses, trading, distribution, development of sale networks of oil and gas products. Mr. Xu had been serving in various subsidiaries of the Sinochem Group and joint ventures of the Sinochem Group and TOTAL S.A., a France-based oil and gas company under various management titles as assistant general manager, deputy general manager and general manager. He was generally responsible for general management and participation in the business operation and development. Mr. Xu obtained a Bachelor degree and a Master degree in the Department of Chemical Engineering (化學工程系) from Tsinghua University (清華大學), the PRC, in July 1999 and January 2002, respectively. Mr. Xu subsequently obtained an Executive Master of Business Administration (EMBA) degree at China Europe International Business School (中歐國際工商學院), the PRC, in June 2014.

Saved as disclosed above, Mr. Xu does not (i) hold any directorships in any listed companies in the past three years; (ii) hold other position with the Company or its subsidiaries nor have any relationship with any director, senior management, substantial shareholder of the Company; and (iii) have any other major appointments or professional qualifications.

As at the date of this announcement, Mr. Xu does not hold any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Mr. Xu is subject to retirement by rotation and re-election at annual general meeting in accordance with the bye-laws of the Company. His remuneration as non-executive Director shall be determined with reference to his duties and responsibilities with the Company. There is no other information which is required to be disclosed pursuant to Rule 13.51(2)(h) to Rule 13.51(2)(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter that needs to be brought to the attention of holders of securities of the Company in relation to the aforesaid re-designation of Mr. Xu.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board further announces that Mr. Zhao Jinmin ("Mr. Zhao"), chairman of the Board, has been appointed to act as the chief executive officer of the Company concurrently with effect from 31 December 2020. Mr. Zhao will continue to serve as an executive Director and the chairman of the Board.

CODE PROVISION A.2.1

The above code provision stipulates that the roles of the chairman and the chief executive officer should be separate and should not be performed by the same individual.

After the change of the chief executive officer with effect from 31 December 2020, Mr. Zhao will be both the chairman of the Board and the chief executive officer of the Company.

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The Board considers that having the same person to perform the roles of both the chairman and the chief executive officer provides the Company with strong and consistent leadership, and allows effective and efficient planning and implementation of business decisions and strategies. Such structure would not impair the balance of power and authority between the Board and the management of the Company. The balance of power and authority is ensured by the operations of the Board which comprises experienced and high calibre individuals and having meeting regularly to discuss issues affecting the operations of the Group.

By order of the Board

United Strength Power Holdings Limited

Mr. Zhao Jinmin

Chairman and chief executive officer

Hong Kong, 31 December 2020

As at the date of this announcement, the Board comprises four executive Directors, being Mr. Zhao Jinmin, Mr. Liu Yingwu, Mr. Yuan Limin and Mr. Ma Haidong, the non-executive Director, being Mr. Xu Huilin, and three independent non-executive Directors, being Ms. Su Dan, Mr. Lau Ying Kit and Mr. Zhang Zhifeng.

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