The board of directors of the Pizu Group Holdings Limited announced that, as more time shall be devoted to other businesses he engaged in, Mr. Ma Qiang has resigned from the position of Chairman of the Board and the executive director of the Group. Mr. Xiong Zeke, former Chief Executive Officer, has been appointed as Chairman of the Board, all with effect from 9 January 2019. Appointment of the Vice Chairman of the Board.

The Board announced that the former assistant to Chairman of the Board, Mr. Ma Tianyi, has been appointed as the Vice Chairman of the Board of Directors, effect from 9 January 2019. The former Chief Executive Officer, Mr. Xiong Zeke, has been promoted to the position of Chairman of the Board of Directors. The position of Chief Executive Director is now held by Mr. Liu Fali, the former Chief Operating Officer with effect from 9 January 2019.

The former Chief Operating Officer, Mr. Liu Fali, was promoted to the position of Chief Executive Officer. The position of Chief Operating Officer is now held by Mr. Ma Gangling, the new executive director with effect from 9 January 2019. Mr. Ma Gangling has been appointed as an executive director and Chief Operating Officer of the Company with effect from 9 January 2019.

Mr. Ma Gangling is the regional manager of the Group in the Republic of Tajikistan and the general manager of KM Muosir, LLC in charge of the operations in various companies. From February 1992 to October 2008, he held various positions in (Inner Mongolia Wulashan Fertilizer Co. Ltd.), including workshop director, synthetic ammonia factory manager, director of market supervision, director of sales and assistant to the general manager.

Ms. Ma Ye has been appointed as an executive director of the Company with effect from 9 January 2019. From November 2007 to July 2013, she served as the administrative manager of Beijing Shengshi Huaxuan, responsible for daily administrative management and human resources. Since July 2013, she has been the general manager of Beijing Shengshi Huaxuan.

Since 2016, she has been the chairman of Qinghai Boyang Electronics Co. Ltd.