The board of directors of Grand Baoxin Auto Group Limited announced the following changes with effect from 28 August 2020: Mr. Li Jianping has resigned as the chairman of the Board and an executive Director due to the reach of the age of retirement. Mr. Li also ceased to act as an authorized representative of the Company Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited a member of nomination committee of the Company and remuneration committee of the Company (the "Remuneration Committee"); and Mr. Lu Wei ("Mr. Lu") was appointed as the Chairman, an executive Director, the Authorized Representative, a member of the Nomination Committee and the Remuneration. Mr. Lu, has over fifteen years of experience in senior management. He is currently serving as the director and vice president of Xinjiang Guanghui Industrial Investment (Group) Company Limited and the director and secretary of the party committee of China Grand Automotive Services Group Company Limited.