The board of directors of FDG Electric Vehicles Limited announced that with effect from 25 February 2020, Mr. Cao Zhong has ceased to be the Chairman of the company due to re-designation of each director's function and responsibility, but remains as an executive director of the company and Mr. Lo Wing Yat has been appointed as the Chairman of the company. Lo is also a director and the chief executive officer of CITIC International Assets Management Limited and a director and the chief executive officer of CITIC International Financial Holdings Limited.