The board of directors of Sansheng Holdings (Group) Co. Ltd. announced that Mr. Zhong Bin (Mr. Zhong) tendered his resignation as an independent non-executive Director, a member of each of the audit committee (the Audit Committee) and the remuneration committee (the Remuneration Committee) of the Company with effect from 22 February 2021 due to his other businesses and personal commitments. The Board further announced that Mr. Zhu Hongchao has been appointed by the Board as an independent non-executive Director and a member of each of the Audit Committee and the Remuneration Committee with effect from 22 February 2021. Mr. Zhu Hongchao, aged 61, is the founding partner of Shanghai United Law Firm and has been its director and senior partner since 1986. Mr. Zhu has served as the 3rd, 4th, 5th and 6th Vice President of the All China Lawyers Association, the 6th President of the Shanghai Bar Association, and a delegate to the 13th and 14th People's Congresses of Shanghai. Mr. Zhu is currently an arbitrator of the China International Economic and Trade Arbitration Commission, the Shanghai International Economic and Trade Arbitration Commission (SIETAC) and the Shanghai Arbitration Commission. He is also the Deputy Director of the Shanghai Economic and Trade Commercial Mediation Center, Vice President of the Shanghai Law Society's Litigation Law Research Association and an adjunct professor at the law school of the East China University of Political Science and Law. Mr. Zhu received his bachelor's degree in law from Fudan University in 1983 and his master's degree in foreign legal history from Fudan University in July 1996. In 1993, he was qualified by the China Securities Regulatory Commission to engage in securities law practice. Currently, Mr. Zhu holds directorships in the following listed companies: an independent director of Jupai Holdings Limited since July 2015; an independent director of Leju Holdings Limited since March 2017; an independent non-executive director of E-House (China) Enterprise Holdings Limited since July 2018; an independent non-executive director of Haitong Securities Co. Ltd. since June 2019; and an independent director of Shanghai Hysea Industrial Communications Co. Ltd. since July 2020.