The board of directors of Qingdao Holdings International Limited announces that with effect from 27 March 2020: Mr. Xing Luzheng ("Mr. Xing") has resigned as an executive Director, the Chairman of the Board and the Chairman of the Nomination Committee of the Company; Mr. Jiang Yi ("Mr. Jiang") has resigned as an executive Director, the chief executive officer of the Company (the "Chief Executive Officer"), an authorized representative of the Company under Rule 3.05 of the Listing Rules (an "Authorized Representative"), and an authorized representative to accept on the Company's behalf service of process and notices required to be served on the Company in Hong Kong as required under Rule 19.05(2) of the Listing Rules and Part XVI of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (an "Agent for Service of Process"); and Mr. Wang Yimei ("Mr. Wang") has resigned as an executive Director of the Company. Mr. Xing was appointed as an executive Director of the Company on 10 September 2014 and has been the Chairman of the Board and the Chairman of the Nomination Committee of the Company since 26 November 2015. During his tenure, Mr. Xing has contributed tremendously to the Group's development.

The reason for Mr. Xing's resignation is that he needs to devote more time to his other business commitments, He also considers that his resignation will enable the Company to accelerate its market-oriented operation and a young management succession plan to facilitate the long term development of the Company and its subsidiaries. Following their resignation from the Board, Mr. Jiang and Mr. Wang will take up management posts in the holding company of the Company. The Board also announce that with effect from 27 March 2020: Mr. Gao Yuzhen has been appointed as an executive Director, the Chairman of the Board and the Chairman of the Nomination Committee of the Company; and Mr. Hu Liang has been appointed as an executive Director of the Company.

Mr. Gao, has over 20 years of extensive experience in financial investment, assets operation, industry investment and business management. Mr. Gao had served as the deputy general manager of Qingdao City Investment, Culture and Media Company, the deputy general manager of Qingdao Urban and Rural Community Construction Group Company, the general manager of Qingdao City Investment and Industry Investment Group Company and the chief operating manager of Qingdao City Construction Investment (Group) Limited ("QCCIG"). He is currently the deputy general manager of QCCIG, and a director of China Qingdao Development (Holdings) Group Company Limited ("CQDHG") and China Qingdao International (Holdings) Company Limited ("CQIH").

Mr. Hu, had worked in the finance department of QCCIG, and served as the head of the risk control department of Qingdao Urban and Rural Community Construction Financing Guarantee Limited, and the assistant to general manager of Qingdao City Investment and Assets Management Company Limited. Mr. Hu is currently the deputy general manager of QCCIG (Hong Kong Area). He is also a director of CQDHG and NEQH Development and Construction Co.

Ltd., a subsidiary of the Company. The Board further announces that with effect from 27 March 2020, Mr. Yuan Zhi ("Mr. Yuan") has been appointed as the Deputy Chairman of the Board, the Chief Executive Officer, an Authorized Representative, and an Agent for Service of Process. Mr. Yuan, aged 42, has been an executive Director since 2015.

Mr. Yuan has many years of experience in investment in the securities market. Mr. Yuan is currently a general manager of QCCIG (Hong Kong Area). He is also a director of CQDHG and CQIH.