The board of directors of Huarong International Financial Holdings Limited announced that Mr. Yang Rungui ("Mr. Yang") resigned as Chairman of the Board and an executive Director with effect from 4 January 2021 to devote more time to his work at China Huarong International Holdings Limited ("CHIH"). The Board announced that Mr. Xu Xiaowu has been appointed as Chairman of the Board and an executive Director with effect from 4 January 2021. The Board announced that, following the aforesaid change of Director and with effect from 4 January 2021: Mr. Yang ceases to be the chairman of the executive committee ("Executive Committee") and a member of each of the nomination committee ("Nomination Committee") and the risk management committee ("Risk Management Committee") under the Board; and Mr. Xu is appointed as the chairman of the Executive Committee and a member of each of the Nomination Committee and the Risk Management Committee.