The board of directors of Fanhua Inc. announced that with immediate effect, Mr. Yinan Hu, founder and a director of the Company, has been appointed by the Company’s Board to be its chairman and chief executive officer, filling the vacancy left by the resignation of Mr. Chunlin Wang. Mr. Wang has informed the Board that his resignation is due to his personal reasons. As the founder of Fanhua, Mr. Yinan Hu is also the largest shareholder of the Company, currently beneficially owns approximately 18.6% of the Company’s outstanding ordinary shares. Mr. Hu served as chairman of the Board from 1998 to 2017, and chief executive officer from 1998 to 2011. Mr. Hu Yinan graduated from Southwestern University of Finance and Economics with a master's degree in finance.