Powerlong Commercial Management Holdings Limited announced that due to other business commitments, Mr. Zhang Yunfeng resigned as the chief financial officer of the Company ("CFO"); and Mr. He Xuguang ("Mr. He") has been appointed as the CFO, all with effect from 29 March 2023. Mr. He, aged 47, joined Powerlong Real Estate Holdings Limited, a company whose shares are listed on the Main Board of the Stock Exchange ("Powerlong Real Estate") as the deputy general manager of the financial management center of the company in February 2010, and also took up the role of general manager of the supervisory department of Powerlong Real Estate. In November 2022, Mr. He was appointed as vice president of the Group and general manager of the financial management center, mainly responsible for devising and implementing the Group's system of rights and responsibilities, business strategies and operational goals, as well as financial management, cost control and investment management.

Mr. He obtained his bachelor's degree in applied physics, master's degree in financial management and doctoral degree in finance from Shanghai Jiaotong University in July 1997, February 2000 and March 2003, respectively. He was granted the qualification of certified public accountant (non-practising) by Shanghai Institute of Certified Public Accountants in April 2002, the qualification of international chartered financial analyst in November 2007, and the qualification of certified tax agent by Shanghai Association of Certified Tax Agent in August 2009.