The board of directors of CIFI Holdings (Group) Co. Ltd. announced that Mr. CHEN Dongbiao (Mr. CHEN) has resigned from his position as an executive Director with effect from 29 November 2022 due to the adjustment of the division of responsibilities within the Group. The Board announced that Mr. RU Hailin (Mr. RU) was appointed as an executive Director with effect from 29 November 2022.

The biographical details of Mr. RU are as follows: Mr. RU, aged 48, is the president of the Group, and he is responsible for leading the daily operation and management of the Group. After joining the Group in July 2011, Mr. RU has been serving in several managerial positions in headquarters and regional companies of the Group. He is currently a director of certain subsidiaries of the Group.

Mr. RU has many years of experience in business management of real estate industry and had acted as the deputy chairman of Zhejiang Real Estate Association from July 2021 to June 2022. Mr. RU graduated from Jiangsu Institute of Petrochemical Technology with a bachelor's degree in polymer materials and engineering and further obtained a master of business administration degree from Tongji University in 2006 and an executive master of business administration degree from Zhejiang University in 2019. Mr. RU is also qualified as a constructor and a cost engineer, respectively, in the People's Republic of China.

The Board announced that Mr. JIANG Daqiang (Mr. JIANG), who was nominated by Ping An Life Insurance Company of China Ltd. (Ping An Investor), will resign and cease to act as a non-executive Director with effect from 29 November 2022, following the change of shareholding in the company held by Ping An Investor, Ping An of China Asset Management (Hong Kong) Company Limited and parties acting in concert with them (within the meaning of The Codes on Takeovers and Mergers and Share Buy-Backs). Pursuant to terms and conditions of the subscription agreement as disclosed in the announcement of the company dated 27 July 2017, Ping An Investor shall have the right to nominate for appointment of a person as a non- executive Director, subject to Ping An in aggregate beneficially holding 5% or more of the shares of the company in issue.