Phoenix Tree Holdings Limited announced updates to its board of directors and senior management team. Mr. Yan Cui, a co-founder, director and president of the Company, has been appointed by the Board as the Company's interim chief executive officer with immediate effect. Mr. Cui has been responsible for the management and operations of the Company, together with Mr. Jing Gao, a co-founder, director and chief executive officer of the Company, since the Company was founded five years ago. Upon recommendation of the nominating and corporate governance committee and approval of the Board, the Board has re-assigned all of Mr. Gao's responsibilities within the Company to Mr. Cui during Mr. Gao's absence. Mr. Cui will serve as the interim chief executive officer of the Company in addition to his roles as a director and president of the Company.