On 25 August, the Board of Directors of Newborn Town appointed Mr. Li Ping as the new CEO, who will be fully responsible for the business management of the Company. And Mr. Liu Chunhe, who has resigned as the CEO of the Group, will continue to serve as the chairman and focus on the Group's strategies, organizational construction and social value in order to continue to create greater and longer-term value for the Company's development. Mr. Li Ping joined Newborn Town in 2011 and is the Co-founder of the Company. He previously held several positions such as Chief Operating Officer (COO) and President of the Company. Looking ahead, he will be fully responsible for the Group's business management and lead the Group to achieve greater success and rapid development.