The board of directors of Great Wall Pan Asia Holdings Limited announced that Mr. Huang Hu ("Mr. Huang") has tendered his resignation as an executive director, chairman of the Board and chairman of the Nomination Committee of the Company as Mr. Huang needs to devote more time to his other business engagements, in each case, with effect from 20 August 2021. Mr. Huang has confirmed that he has no disagreement with the Board, and there are no matters in relation to his resignation from the above positions that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Wang Hai ("Mr. Wang") has been appointed as an executive director, the chairman of the Board and the chairman of the Nomination Committee of the Company to succeed Mr. Huang, in each case, with effect from 20 August 2021. Mr. Wang Hai has engaged in finance-related work since July 1992 and has 29 years of experience in finance field. Since June 2021, Mr. Wang has served as general manager and director of China Great Wall AMC (International) Holdings Company Limited. The board announced that Ms. Lv Jia (" Ms. Lv ") has tendered her resignation as a non-executive director and a member of the Audit Committee of the Company as Ms. Lv needs to devote more time to her other business engagements, in each case, with effect from 20 August 2021. Ms. Lv has confirmed that she has no disagreement with the Board, and there are no matters in relation to her resignation from the above positions that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Yu Xianqing ("Mr. Yu") has been appointed as a non- executive director and a member of the Audit Committee of the Company to succeed Ms. Lv, in each case, with effect from 20 August 2021. Mr. Yu Xianqing has engaged in finance-related work since July 1997 and has 24 years of experience in finance field. Since February 2018, Mr. Yu has served as senior manager of division II of subsidiaries management department of GWAMCC.