CWT International Limited announces that Mr. Li Tongshuang has resigned as an Executive Director and the Chief Executive Officer of the Company with effect from 12 December 2019. The Board also announces that Mr. Zhang Can has been appointed as an Executive Director and a member of each of the Executive Committee and the Investment Committee, with effect from 12 December 2019. Mr. Zhang joined Hainan Airlines Co.

Ltd. a company under HNA Group Co. Ltd. a substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance, in 2004. He has served as senior executives previously within companies under HNA Group, namely the deputy general manager of finance department of Yangtze River Express Airlines Co.

Ltd. the finance director of GC Tankers Pte. Ltd., the finance director of Hong Kong AirlinesLimited and the deputy finance director of HNA Innovation Finance Group. He is currently thedeputy finance director and the general manager of finance department of HNA Group, and alsoa director of Swissport International Ltd. Mr. Zhang acted as a non-executive director of CWTPte.

Limited, a wholly-owned subsidiary of the Company, from 2017 to 2018. He has extensive knowledge and working experience in financial management and investment. The Board also announces that Mr. Li Neng has been appointed as an Executive Director and a member of each of the Executive Committee and Investment Committee with effect from 12 December 2019.

Following the resignation of Mr. Li Tongshuang as the Chief Executive Officer of the Company, the Board further announces that Mr. Ding Lei currently an Executive Director and a Co-Chairman of the Board, has been appointed as the Chief Executive Officer of the Company with effect from 12 December 2019. As the Chief Executive Officer, Mr. Ding is also responsible for the business development and day-to-day management of the Company and its subsidiaries. The Board also announces that Mr. Wu Jinfeng, currently the Chief Financial Officer of the Company, has been appointed as a member of the Asset Management Committee with effect from 12 December 2019.