The board of directors of Munsun Capital Group Limited announced that Mr. Chen Sheng due to his other business engagements, has tendered resignation as the Chief Executive Officer of the company with effect from 13 December 2018. Mr. Chen shall remain as an Executive Director and a member of the Executive Committee of the company. Mr. Yi Shuhao, an existing Chairman of the Board and Executive Director of the company, has been appointed as the Chief Executive Officer of the company with effect from 13 December 2018.

The Board considers vesting the role of both the Chairman of the Board and the Chief Executive Officer of the company in Mr. Yi as Mr. Yi has in-depth experience in law as well as the business management and can lead the Group to have continuous growth in the future. Mr. Yi was appointed as an Executive Director, the Chairman of the Board, the Chairman of Executive Committee and a member of Corporate Governance Committee of the company on 5 September 2018. Mr. Yi was appointed as an Authorized Representative, a member of Remuneration Committee and the Chairman of Nomination Committee of the company on 24 October 2018 thereafter.

Mr. Yi was also re-designated from a member of Corporate Governance Committee to the Chairman of Corporate Governance Committee of the company. Mr. Chen and Mr. Zhang Lirui, the existing Executive Directors of the company, were re-designated as Vice Chairman of the Board of the company with effect from 13 December 2018. Mr. Chen and Mr. Zhang shall remain as Executive Directors and members of the Executive Committee of the company.