The board of directors of China City Infrastructure Group Limited announced that Mr. Li Chao Bo has stepped down from his role as Chief Executive Officer of the Company, with effect from 17 December 2019 but will remain as the Chairman of the Board and an executive Director of the Company. The Board considers that the resignation of Mr. Li as Chief Executive Officer of the Company can enhance the corporate governance of the Group by splitting the roles of the Chairman and the Chief Executive Officer. The Board further announced that Mr. Ye Tianfang has been appointed as the Chief Executive Officer and executive Director of the Company with effect from 17 December 2019.

Prior to joining the Company, Mr. Ye Tianfang has worked and held senior management positions at China Construction Bank, China Minsheng Bank, and Tsinghua Tus-Holdings Co. Ltd. respectively. Mr. Ye has extensive management practice experience in the real estate and financial fields.