Legend Holdings Corporation announced that Mr. LIU Chuanzhi, the Chairman of the Board, has submitted a written resignation to resign as the Chairman of the second session of the Board, the Executive Director and the Chairman of the Nomination Committee in accordance with the pre-designated plan of the Company with effect from the end of December 31, 2019. The Board is pleased to honor Mr. LIU with the title of "Honorary Chairman of the Board" of the Company, and has entered into a consultancy agreement with Mr. LIU to engage Mr. LIU as a senior advisor of the Company; The Board has elected Mr. NING Min, an Executive Director, as the successor of the Chairman of the second session of the Board and the Chairman of the Nomination Committee with effect from January 1, 2020; The following resolutions regarding the appointment of Directors of the second session of the Board has been approved by the Board to be proposed at the EGM for the Shareholders to consider: To appoint Mr. LI Peng as an Executive Director of the Company; To appoint Mr. WANG Yusuo as a Non-executive Director of the Company; and To appoint Mr. YIN Jian'an as an Independent Non-executive Director of the Company; Mr. ZHU Linan will be redesignated from an Executive Director to a Non-executive Director of the Company and he will cease to serve as the President of the Company with effect from January 1, 2020; Mr. ZHAO John Huan will be redesignated from an Executive Director to a Non-executive Director of the Company and he will cease to serve as an Executive Vice President of the Company with effect from January 1, 2020; Upon the nomination by Mr. NING Min (who will serve as the Chairman of the Board from January 1, 2020), the Board has resolved the appointment of Mr. LI Peng as the President of the Company (which will be renamed as the Chief Executive Officer, if the proposed amendments to the Articles of Association of the Company are approved by the Shareholders at the forthcoming EGM), with effect from January 1, 2020; Mr. GAO Qiang was elected as a Supervisor on behalf of the employees of the Company at the meeting of the representatives of the employees, and was unanimously voted in favour by the members of the current Board of Supervisors to replace Mr. LI Qin as the Chairman of the Board of Supervisors of the Company with effect from January 1, 2020. Mr. LI Qin has resigned his position as the Supervisor on behalf of the employees and the Chairman of the Board of Supervisors with effect from the end of December 31, 2019; and the Strategy Committee was established by the Board on December 18, 2019.