The board of directors of Huarong International Financial Holdings Limited announced that Mr. Yu Meng ("Mr. Yu") resigned as Chairman of the Board and an executive Director with effect from 24 August 2020 due to other work assignment by the parent company of the Company. Mr. Yu confirms that he has no disagreements with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company (the "Shareholders") or The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Board is pleased to announced that Mr. Yang Rungui is appointed to act as Chairman of the Board and an executive Director with effect from 24 August 2020. Mr. Yang's biographical details are set out below: Mr. Yang has rich experience in financial management, investment management, asset operation as well as operation and management of large-scale state-owned listed companies. He is currently the chairman of the board of directors and a director of China Huarong International Holdings Limited ("CHIH"), the indirect controlling shareholder of the Company, and is performing the duties of general manager of CHIH. Mr. Yang was the chairman of the board of directors of Guangdong Yuecai Investment Holdings Limited Company from January 2015 to July 2020; vice mayor of Maoming City, Guangdong Province of China from November 2011 to January 2015, during which he also acted consecutively as secretary of Party Working Committee of High-Tech Zone and Binhai New Area. The Board announces that, following the aforesaid change of Director and with effect from 24 August 2020: Mr. Yu ceases to act as 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. Yang is appointed to act as the chairman of the Executive Committee and a member of each of the Nomination Committee and the Risk Management Committee. Mr. Yu made outstanding contributions in the transformation and development of the Group, strengthening risk control, optimising internal management, facilitating team-building and reshaping corporate culture during his tenure.