The board of directors of Huarong International Financial Holdings Limited announced that due to work rearrangement, Mr. Lai Jinyu has resigned as an executive Director and the Chief Executive Officer, with effect from 11 April 2018. The Board also announced that Mr. Xu Yong has been appointed as an executive Director and the Chief Executive Officer with effect from 11 April 2018. Xu Yong, aged 37, has accumulated years of experience in financial industry and has extensive experience in the business development of banking and securities industries.

He worked at several banks and large state-owned securities firms. Mr. Xu joined China Huarong Asset Management Co. Ltd. in 2015. Since August 2016, he successively served as Assistant to General Manager, Director and Deputy General Manager of China Huarong International Holdings Limited.

He is currently the legal representative and chairman of Huarong Construction and Investment Asset Management Co. Ltd. Apart from this, he has resigned all his positions in China Huarong and China Huarong International or their respective subsidiaries prior to joining the company. The Board announced that, following the change of Directors and with effect from 11 April 2018, Mr. Lai has ceased to be a member of each of the Executive Committee and the Risk Management Committee; and Mr. Xu has been appointed as a member of each of the Executive Committee and the Risk Management Committee.