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 and ceased to act as the CEO; and Mr. Hu Zhiwei has been appointed to perform the duties of CEO until the new CEO is appointed by the Board. Mr. Hu: Mr. Hu, aged 50, was appointed as an ED on 18 October 2021 and a vice president of the Company on 30 December 2021, and he is currently the general manager of Hainan Xincheng Kaiyuan Investment Co., Ltd, a wholly-owned subsidiary of the Company. Mr. Hu studied in the economic management department of Jiangnan University from 1991 to 1994 and studied business administration at the School of Economics and Management in Northwest University from 2003 to 2006 and obtained a master's degree in business administration in 2006.

Mr. Hu joined Xitong International Holdings (HK) Limited as the general manager from October 2021. Xitong International is a substantial shareholder of the Company. Before joining Xitong International, Mr. Hu served as the manager of the Investment Department and Asset Management Department of Guolian Securities Co.

Ltd. from July 1994 to September 2003; the general manager and chairman of Wuxi Guolian Equity Exchange Co. Ltd. from September 2004 to February 2010; the Party Branch Secretary from February 2010 to June 2018; chairman of Wuxi Equity Registration and Trusteeship Center Co. Ltd. from September 2007 to June 2018; the secretary to the board of Wuxi Guolian Development (Group) Co.

Ltd. from August 2008 to December 2013; the chairman of Wuxi Public Resources Trading Service Center Co. Ltd. from January 2012 to June 2018; the general manager, the chairman and the Party Branch Secretary of Wuxi Financial Asset Trading Center Co. Ltd. from January 2014 to January 2021; and the chairman and the Party Branch Secretary of Wuxi Smart City Construction and Development Co.

Ltd. from January to October 2021. Mr. Hu has extensive experience in investment management.