Dafy Holdings Limited announced that with effect from 20 February 2020, Mr. Wang Jing (Mr. Wang) has been appointed as an executive Director. The chairman of the Board and the chairman of the company's nomination committee has been changed from Mr. Gao to Mr. Wang. Mr. Gao Yunhong (Mr. Gao) has been re-designated as a non-executive Director. Mr. Wang has extensive experience in bank credit and financing business and risk management in the PRC. He worked at the credit department of Lanxi Branch of Jinhua Trust Co. Ltd. from September 1995 to July 1998. Between October 1998 and June 2004, he worked at the credit department of China Investment Bank, Hangzhou Qingchun Road Sub-branch, (now known as China Everbright Bank, Hangzhou Qingchun Road Sub-branch. He joined Shanghai Pudong Development Bank, Hangzhou Branch in July 2004 and was the manager of the sixth department of corporate business until September 2011. Subsequently, he took up the position of manager of the third department of corporate business of China Minsheng Bank, Hangzhou Branch from October 2011 to July 2012 and the eighth department of Bank of Shanghai, Hangzhou Branch from August 2012 to December 2013, respectively. Mr. Wang was the chief executive officer of Hangshang Asset Management (Hangzhou) Co. Ltd. from January 2014 to July 2015. Since August 2015, he has been a vice president of Shenzhen Dafy Technology Holdings Co. Ltd., where he participated in the construction of cloud computer platform. Mr. Gao has been, before the re-designation, an executive Director and chairman of the Board since January 2018. After the re-designation, he is a non-executive Director. He is an experienced business entrepreneur and is the founder of Dafy Group, which comprises Shenzhen Dafy Technology Holding Co. Ltd. and its subsidiaries. Mr. Gao also has experience in properties investment and development in the PRC. The chairman of the Board has been changed from Mr. Gao to Mr. Wang. Following the change of the chairman of the Board, the chairman of the company's nomination committee has also been changed from Mr. Gao to Mr. Wang pursuant to the Corporate Governance Code set out in Appendix 14 to the Listing Rules. Mr. Gao has also ceased to be a member of the company's nomination committee.