On 29 August 2018, the First Tractor Company Limited held the twenty-second meeting of the seventh session of the Board, at which the resolution in relation to election of the vice chairman of the Company was considered and approved, and the election of Mr. Wu Yong (an executive director of the Company) as the vice chairman of the Company was approved. Due to job allocation, Mr. Wang Erlong resigned as an executive director of the Company after the aforesaid meeting and no longer assumed any positions in the Company. The resignation of Mr. Wang Erlong as the vice chairman and an executive director of the Company will take effect on 29 August 2018.