The board of directors of Coolpad Group Limited approved Mr. Jiang Chao be removed from all his duties in the Company and its subsidiaries, including but not limited to, his positions as executive director, vice-chairman, chief executive officer and all board committee roles of the Company and its subsidiaries. All of the relevant service contracts and employment contracts be terminated and Mr. Ma Fei (Mr. Ma) be appointed as the chief financial officer of the Company.