The Board of Directors of China Yongda Automobiles Services Holdings Limited announced that Mr. Cai Yingjie, the chief executive officer, an executive Director and a vice-chairman of the Company, will cease to act as the chief executive officer of the Company with effect from December 21, 2021 due to the work re-allocation and the adjustment of the management team of the Company. Mr. Cai will continue to devote his endeavours in serving as an executive Director and a vice-chairman of the Company. The Board further announced that, upon Mr. Cai's cessation to act as the chief executive officer, Mr. Xu Yue has been appointed as the chief executive officer and will be responsible for the overall business strategies of the Group with effect from December 21, 2021. Mr. Xu is an existing executive Director, a vice-chairman and the president of the Company. He has been responsible for overseeing the operation and business strategies of the Company. Mr. Xu Yue, aged 46, was appointed as an executive Director on March 23, 2015 and was appointed as a vice-chairman of the Company on March 25, 2020. He is fully responsible for the operation and management of the Company. Mr. Xu was the president of the Company from March 2015 to February 2016 and has been re-appointed as the president on September 12, 2016. Currently, Mr. Xu is also the chairman of Yongda Automobile Group, which is an indirect wholly- owned subsidiary of the Company, and the chairman or a director of several of the subsidiaries of the Company.