King International Investment Limited announced the redesignation of Co Chairman (the "Redesignation") of Mr. Wang Mengyao as Chairman. Under Article 115 in the articles of association of the Company, the Board may elect one or more chairman. Mr. Wang, the Chairman of the Board of the Company, will be the chairman in Board meetings and general/shareholders' meetings of the Company.

Mr. Liu, the Co Chairman of the Board of the Company, will only be the chairman when Mr. Wang is absent in such meetings.