The board of directors of China New Town Development Company Limited announced that with effect from after the voting and passing of the resolutions at the Board meeting held on 23 December 2022: Mr. Liu Heqiang has resigned as an ED; and Mr. Liu Fangqing has been appointed as an ED. Mr. Liu Fangqing: Mr. Liu Fangqing, aged 41, graduated from Dongnan University with a bachelor's degree in machinery design and automation education and obtained a master's degree in business administration. Mr. Liu Fangqing has extensive work experience in corporate management.

From September 2022 to December 2022, Mr. Liu Fangqing served as the senior of the executive office of Wuxi Communications Industry Group Co. Ltd., a substantial shareholder of the Company; and from April 2018 to September 2022, he served as the deputy general manager and deputy Party Branch Secretary of Dornier Seawings Co. Ltd., the chairman and the Party Branch Secretary of Dornier Seawings Co.

Ltd., the Party Secretary and Chairman of the Board of Ruili Airlines Co. Ltd., and the director of the aviation business department of Wuxi Communications. From 2004 to 2018, he served as the production engineer of Infineon Technologies (Suzhou) Limited, the production manager of Vesuvius Advanced Ceramics (Suzhou) Co.

Ltd., the league secretary of Wuxi Industry Assets Management Co. Ltd., the league secretary of Wuxi Properties Development Group Limited, and the deputy general manager of Wuxi Hongqi Shipyard Co. Ltd.