The board of directors of CIFI Holdings (Group) Co. Ltd. announced that Mr. LIN Feng has resigned from his position as the chief executive officer of the Company and an authorised representative of the Company. The Board also like to announced that Mr. RU Hailin has been appointed as the Chief Executive Officer and the Authorised Representative, with effect from 30 November 2023.

Such appointment reflected the Board's recognition of Mr. RU's outstanding performance in operation and management of the Group and ensuring delivery of completed units since being promoted as the president of the Group, and the Board is confident that Mr. RU's leadership and extensive experience will continue to drive and lead the Group forward. The biographical details of Mr. RU are as follows: Mr. RU Hailin, aged 49, is currently an executive Director and the president of the Group, 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, and was appointed as an executive Director on 29 November 2022.

He is also 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.