The board of directors of China Zhongwang Holdings Limited announced that Mr. Lu Changqing resigned the position as the Company's executive director, and chairman of the Board, president, chairman of strategy and development committee, member of nomination and remuneration committee and authorised representative of the Company due to his intention to devote more time on his personal affairs. The resignation was effective from 20 September 2022, the date of Mr. Lu's resignation letter being delivered to the Board. Also the Board announced that, Mr. Wang Fei, the executive director of the Company, has been appointed as the Company's chairman of the Board, chairman of strategy and development committee, member of nomination and remuneration committee and authorised representative of the Company, with effect from 20 September 2022.