The board of directors of Xiwang Property Holdings Company Limited announced that Mr. Wang Di has resigned as a non-executive Director and the chairman of the Company with effect from 14 February 2023 in order to devote more time to other work arrangements. The Board also announced that Mr. Wang Yong, a non-executive Director and the deputy chairman of the Company, has been appointed as the Chairman with effect from 14 February 2023. Mr. Wang, aged 73, is one of the founders of the Company and its subsidiaries.

Mr. Wang is the father of Mr. Wang Di. Mr. Wang was appointed as an executive Director and the Chairman in March 2005 and has been re-designated as a non-executive Director and the Deputy Chairman from 15 July 2013. Mr. Wang was the legal representative of Zouping Xiwang Social Benefits Oil and Cotton Factory from 1986 to 1992 and of Zouping Xiwang Industrial Head Company from 1993 to 1996.

He was the managing director of Xiwang Group Company Limited from 1996 to 2001. Mr. Wang has been the chairman of the board of directors of Xiwang Group since 2001. Mr. Wang has been assessed by Professional Position Evaluation Committee of Binzhou Non-Public Ownership organizations as a senior economist.

He was awarded as the National Labour Role Model by the State Council in 2000 and was appointed as the vice president of the third council of China Fermentation Industry Association in 2004. Mr. Wang was awarded with several prizes and titles, including the National Advanced Worker in Quality Management of Township Enterprise awarded by the Ministry of Agriculture of China in 2000, the Fourth National Township Entrepreneur Award and National Advanced Worker in Technological Progress of Township Enterprise of the Eighth Five-year Plan awarded by the Ministry of Agriculture of the People's Republic of China in 2001. Mr. Wang received secondary education in the PRC.