The board of directors of AVIC International Holding (HK) Limited announced that with effect from 24 August 2018, Mr. Pan Linwu has tendered his resignation as the deputy chairman of the Board, the authorised representative of the company and the executive Director; Ms. Zhou Chunhua has tendered her resignation as the executive Director; and Mr. Xu Honggehas tendered his resignation as the chief executive officer of the company and the executive Director due to their other commitments. Following the resignation of Mr. Xu, the Board announced that Mr. Lai Weixuan, an executive Director, has been appointed as the Chief Executive Officer with effect from 24 August 2018. The Board announced that Mr. Fu Fangxing has been appointed as an executive Director and the Authorised Representative and each of Mr. Yu Xiaodong and Mr. Zhang Zhibiao has been appointed as an executive Director with effect from 24 August 2018.

Mr. Fu is currently the executive director of AVIC Joy Holdings (HK) Limited and the head of financial management department of AVIC International Holding Corporation. Mr. Yu has been the director and executive vice president of Continental Motors Group Limited, the general manager of Continental Motors (Beijing) Co. Ltd. and the managing director of Technify Motor GmbH since 2016.

Mr. Zhang is currently the head of the operations management department of AVIC International and an executive director of AVIC Joy Holdings (HK) Limited. The Board further announced that on 24 August 2018, the Board had resolved to establish a nomination committee with written terms of reference which is available on the company's website and the website of the Stock Exchange. The members of the Nomination Committee shall comprise such Directors appointed by the Board.

The Board has appointed Mr. Zhang Ping, Mr. Chu Yu Lin, David and Mr. Lai Weixuan as members of the Nomination Committee. Mr. Zhang Ping has also been appointed as the chairman of the Nomination Committee.