The board of directors of ShiFang Holding Limited announced that with effect from 25 February 2016, Mr. Zhang Tie Zhu (Mr. Zhang) has resigned as executive director of the company due to his decision to pursue other personal developments. Mr. Shi Jianxiang (Mr. Shi) has been appointed as an executive Director and a member of the Nomination Committee with effect from 25 February 2016. Mr. Shi, is a famous film producer, director and merchant.

He currently serves as the chairman of Shanghai Kuailu Investment Group Co. Ltd. With effect from 25 February 2016: Mr. Chen Zhi ceased to be the chairman of the Board and a member of the Nomination Committee but will remain as an executive Director; and Mr. Shi has become the chairman of the Board.