The board of directors of CWT International Limited announced that due to work allocation: Mr. Ding Lei (Mr. Ding) has stepped down from the position of the Chief Executive Officer of the Company with effect from 17 June 2020. Mr. Ding remains as an Executive Director and the Co-Chairman of the Board, as well as the chairman of each of the executive committee of the Board and the investment committee of the Board and a member of the asset management committee of the Board; and Mr. Li Neng (Mr. Li), currently an Executive Director, has been appointed as the Chief Executive Officer with effect from 17 June 2020.