The board of directors of the Company (the “Board”) announces that it has resolved to remove Mr Wu Changjiang (吳長江) from the office of chief executive officer of the Company, and to appoint Mr Wang Donglei (王冬雷) as the interim Chief Executive Officer (CEO) of the Company. The Board has also resolved to remove Wu Changyong (吳長勇), Mu Yu (穆宇) and Wang Minghua (王明華) from their offices of Vice President of the Company, to requisition for an extraordinary general meeting of the Company (the “EGM”), and to propose an ordinary resolution at the EGM to remove Mr Wu Changjiang (吳長江) from the office of executive director of the Company.