The board of directors of Century Ginwa Retail Holdings Limited announced that with effect from 21 October 2019, Mr. Chan Wai Kwong, Peter has tendered his resignation as an executive Director and the vice-chairman of the Board to pursue his own career development; Mr. Chen Shuai has tendered his resignation as the vice-chairman of the Board to focus on his other commitment within the Company; Mr. Sha Yingjie has tendered his resignation as an executive Director to pursue his own career development; Mr. Cao Yonggang has tendered his resignation as a non-executive Director and a member of the nomination committee of the Company to pursue his own career development; and Mr. Qu Jiaqi has tendered his resignation as a non-executive Director to pursue his own career development. Mr. Chen will remain as a non-executive Director, and a member of the audit committee, remuneration committee and nomination committee of the company. The Board announced that, Mr. Qin Chuan ("Mr. Qin") has been appointed as an executive Director and the chief executive officer of the Company with effect from 21 October 2019.

Mr. Qin Chuan was an executive Director from November 2001 to March 2006. He ceased to be a Director since March 2006 to 20 October 2019. Following the resignation of Mr. Chan Wai Kwong, Peter as an executive Director, Mr. Chan also ceased to be the authorised representative of the Company.

The Board further announced that Mr. Qin Chuan, an executive Director with effect from 21 October 2019, has been appointed as the new Authorised Representative.