Huarong International Financial Holdings Limited announced that Mr. Wang Qiang has tendered his resignation as an executive Director and the Chairman of the company due to health reasons, with effect from 1 November 2018. The Board also announced that Mr. Bai Junjie has been appointed as an executive Director and the Chairman of the company with effect from 1 November 2018. Mr. Bai has entered into an appointment letter with the company on 1 November 2018 for an initial term of three years commencing from 1 November 2018 which is automatically renewable for a successive term of three years upon the expiry of the said term. Furthermore, Mr. Wang has ceased to be a member and the chairman of the executive committee of the company and a member of the nomination committee of the company and Mr. Bai has been appointed as the chairman of the Executive Committee and a member of the Nomination Committee.