The Board of CIFI Holdings (Group) Co. Ltd. announced that Mr. ZHOU Yimin, who was nominated by Ping An Investor, ceased to act as a non-executive director of the company with effect from 25 November 2018. The Board announced that Ping An Investor has nominated Mr. WANG Wei, who was appointed as a non-executive Director with effect from 25 November 2018, in place of Mr. ZHOU.

Mr. WANG entered into an appointment letter with the company as a non-executive Director for an initial term of three years commencing from 25 November 2018 and can be terminated by the company or Mr. WANG with three months' notice in writing. Mr. WANG Wei is currently the Managing Director of Strategic Investment with Group Asset Management (M) at Ping An Insurance (Group) Company of China Ltd. From 8 October 2018 till now, Mr. WANG has been a non-executive director of China Fortune Land Development Co. Ltd. The Board also announced that Mr. YAU Sze Ka (Albert) ("Mr. YAU") will become Senior Adviser of the Group and will leave his position as Chief Financial Officer effective on 30 March 2019.

The Board further announced that the company will appoint Mr. YANG Xin as the Chief Financial Officer and Mr. LEUNG Yuk Ming (Lawrence) as the Head of Capital Markets and Investors Relations following the departure of Mr. YAU Sze Ka (Albert). Mr. YANG is currently an executive Director of the Company, the Vice President and the General Manager of Finance Center of the Group. Mr. LEUNG is currently the director of Investor Relations of the Group.

Mr. LEUNG joined the Group in June 2013.