The board (the "Board") of directors (the "Directors") of Sinic Holdings (Group) Company Limited (the "Company") announced that with effect from 2 March 2020, (i) Mr. Zhang Yuanlin ("Mr. Zhang"), being the chairman (the "Chairman") of the Board, the chief executive officer (the "CEO") and an executive Director, has relinquished his role as the CEO and has been redesignated as the Co-Chairman, but remains as an executive Director, the chairman of the nomination committee of the Board (the "Nomination Committee") and a member of the remuneration committee of the Board; and (ii) Mr. Chen Kai ("Mr. Chen") has been appointed as the Co-Chairman, the CEO and an executive Director.