The board of directors of Huarong Investment Stock Corporation Limited announced that Ms. Lin Changhua has resigned as an executive Director, in order to devote more time on her other business endeavours, with effect from 31 October 2017. The Board announced that, with effect from 31 October 2017, Dr. Niu Shaofeng has been appointed as an executive Director and Dr. Fang Fuqian has been appointed as an independent non-executive Director. Dr. Niu, aged 41, is the assistant chief executive officer of the Company who is responsible for overseeing the administration department, information technology department and market development department of the Company. Dr. Fang has over 20 years of experience in researching macroeconomics and the Chinese economy. Recently, his research focuses mainly on economic structure adjustment, structural reform in the supply side and reform of income distribution. Dr. Fang is also an independent non-executive director of Anhui Wanwei Updated High-tech Material Industry Co. Ltd. and Hefei Department Store Group Co. Ltd. Dr. Fang was an independent non-executive director of Ponovo Power Co. Ltd. from June 2012 to June 2017 and Time Publishing and Media Co. Ltd. from November 2011 to November 2015.