The board of directors of Great Wall Pan Asia Holdings Limited announced that Mr. Chen Zenan, who was appointed as a non-executive director, the Chairman the Board, chairman of the Nomination Committee and a member of the Audit Committee of the Company on 15 March 2019, has tendered his resignation from the abovementioned positions due to his other business engagements, in each case, with effect from 8 December 2020. Mr. Chen has confirmed that he has no disagreement with the Board, and there are no matters in relation to his resignation from the above positions that need to be brought to the attention of the shareholders of the Company. Subsequent to the resignation of Mr. Chen from the abovementioned positions, the Board announced that Mr. Huang Hu, an existing executive director of the Company, has been appointed as the Chairman of the Board and chairman of the Nomination Committee of the Company to succeed Mr. Chen, in each case, with effect from 8 December 2020. Mr. Huang Hu served as the Chief Executive Officer of the Company from 15 March 2019 until 8 December 2020.