The board of directors of Huarong Investment Stock Corporation Limited announces that with effect from 25 August 2020 Mr. Yu Meng has tendered his resignation as an executive Director and ceased to be the chairman of the Board and the Company's nomination committee and a member of the Company's risk management committee; and Mr. Yang Rungui has been appointed as an executive Director, the chairman of the Board, the chairman of the Nomination Committee and a member of the Risk Management Committee. Mr. Yang was the chairman of the board of directors of Guangdong Yuecai Investment Holdings Limited Company from January 2015 to July 2020; vice mayor of Maoming City, Guangdong Province of China from November 2011 to January 2015.