The board of directors of Yihai International Holding Ltd. announced that with effect from 25 March 2020, Mr. Guo Qiang has been appointed as the Chief Executive Officer of the Company. The Board announced that with effect from 25 March 2020, Mr. Shi Yonghong, an executive Director and the Chairman of the Board, has resigned from the post of Chief Executive Officer due to good practice of corporate governance. Mr. Shi remains as an executive Director and the Chairman of the Board, and will be focused on participating in formulation and management of major strategic decisions of the Company. Mr. Guo Qiang was appointed as an executive Director of the Company on 26 March 2019, and now has been appointed as the Chief Executive Officer of the Company on 25 March 2020. He is primarily responsible for implementation of Board's strategy and management of daily operation of the Group. Mr. Guo joined the Company since January 2016 and served as the head of sales management division of the Company and the Company's head of sales division in the southern region in August 2017.