The board of directors of Huarong Investment Stock Corporation Limited hereby announced that with effect from 13 March 2018, Mr. Xu Xiaowu has resigned as an executive Director and the chief executive officer of the company due to internal job re-allocation. Mr. Xu has confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the company or The Stock Exchange of Hong Kong Limited in connection with his resignation. The Board also announced that, with effect from 13 March 2018, Mr. Zhang Fan has been appointed as an executive Director.

Mr. Zhang, joined the company in September 2016 and is currently the deputy chief executive officer of the Company who is responsible for the day-to-day management of the Company, the coordination of overall business operations as well as the effective implementation of the strategies, directions and policies of the company. He also serves as a director of certain wholly-owned subsidiaries of the Company.