Effective as of November 8, 2019, Mr. Pan Yu-Jen notified Sunrise Real Estate Group, Inc.’s Board of Directors that he would resign as the Company’s Chief Executive Officer. The Board of Directors accepted his resignation. Mr. Pan will still serve as a director of the Company’s Board of Directors. Effective as of November 8, 2019, the Company’s Board of Directors approved the appointment of Mr. Zhang Jian as the Chief Executive Officer. Mr. Zhang has more than 23 years of experiences in the business sector. Since 2017, Mr. Zhang has been a senior consultant at the Company’s subsidiary, Shanghai Shang Yang Investment Management and Consulting Co., Ltd, where he has been advising the Company’s operations as a group. Previously, Mr. Zhang was the Deputy General Manager at Chongqing Nongxin Shangyang Equity Investment Fund Management Co. Ltd., where he was in charge of its risk management.