The board of directors of Chen Xing Development Holdings Limited announced that Mr. Gu Jiong has resigned as an independent non- executive Director, the chairman of the Audit Committee, the member of each of the remuneration committee (the "Remuneration Committee") and nomination committee (the "Nomination Committee") of the Company with effect from 30 November 2020 due to his other business commitments. Mr. Gu confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company.