The board of directors of Carnival Group International Holdings Limited announced that with effect from 26 February 2020, Mr. Zhang Peng ("Mr. Zhang") has resigned as the chairman of the Board, the chief executive officer of the Company and an executive Director as he would like to spend more time pursuing his own business. Mr. Zhang also ceased to act as an authorised representative of the Company, Mr. Luo Jiaqi ("Mr. Luo") was appointed as an executive Director; and Mr. Bai Xuefei ("Mr. Bai"), an executive Director, was appointed as the chairman of the Board and the Authorised Representative. Mr. Bai was appointed as an executive Director and executive president on 17 July 2018.

Mr. Bai has been an executive director of Enterprise Development Holdings Limited since June 2018. He was an executive director and chief executive officer of Rentian Technology Holdings Limited from June 2018 to July 2018 and was an executive director and the co-chief executive officer of China Nuclear Energy Technology Corporation Limited from September 2016 to January 2018. Mr. Luo is the Chief Financial Officer of the Company and its subsidiaries (collectively, the "Group").

He is also a director of certain subsidiaries of the Group. Mr. Luo obtained a Master Degree of business administration from The Chinese University of Hong Kong on 7 November 2019. Prior to joining the Company, Mr. Luo had worked in several well-known enterprises.

He held multiple management positions at HNA Group Co. Ltd. and was the chief financial officer of Hong Kong Airlines and an assistant to the president of Unitop Group. Mr. Luo has extensive financial and investment and financing management experience.