The board of directors of China Art Financial Holdings Limited announced that Mr. Liu Xudong has been appointed as an executive Director of the Company with effect from 7 February 2023. Mr. Liu, aged 46, is the Chief Administrative Officer of the Group and is responsible for the supervision of the human resources and administration of the Group. Mr. Liu joined the Group in March 2007 as the head of the General Administration Department of Jiangsu Hexin Pawn Company Limited a subsidiary of the Company, and was then appointed as the secretary of the board of directors of Hexin Pawn in January 2009.

In May 2007 and March 2011, Mr. Liu started his roles as the head of the General Administration Department and the assistant to the General Manager of Jiangsu Hexin Auction Company Limited* ()a subsidiary of the Company, respectively, later served as the General Manager of Hexin Auction from 2019 to April 2022 and has been the director of the General Administration Department since April 2022. Mr. Liu graduated from Nanjing University, China with a diploma majoring in law by means of examination for self-study in 2000 and obtained a bachelor's degree majoring in business administration from China University of Petroleum (Beijing), China in 2013 via long distance learning. In December 2009, Mr. Liu obtained a second level qualification certificate as a human resources professional from the Occupational Skill Appraisal Center of the Ministry of Human Resources and Social Security, People's Republic of China.

The Board announced that Ms. Shao Qiongqiong has been appointed as an independent non-executive Director of the Company with effect from 7 February 2023. Ms. Shao is a PRC practising lawyer and has over 7 years of experience in providing legal advice and services in respect of corporate matters. Ms. Shao worked in Jiang Su Jinyue Law Firm between August 2015 and December 2022 as a PRC lawyer specialising in corporate law.

She was also appointed as legal consultant in various established PRC companies from 2015 to 2022. Ms. Shao graduated from Fuyang Normal University, China with a bachelor's degree in political science and law in 2005 and obtained a master's degree in law from Anhui University, China in 2014. Ms. Shao qualified as a PRC practising lawyer in 2017.

Following the appointment of Ms. Shao as an independent non-executive Director, she has also been appointed as the chairman of the risk management committee and a member of each of the audit committee and remuneration committee of the Company with effect from 7 February 2023. Ms. Yin Xuhong, an independent non-executive Director, has ceased to serve as the chairman of the Risk Management Committee but remains as a member of the Risk Management Committee with effect from 7 February 2023.