The board of directors of the China Art Financial Holdings Limited announced that on 22 July 2020, Mr. Chu Xiaoliang has tendered his resignation as an independent non-executive Director as he wishes to retire and pursue his personal interests. With effect from 22 July 2020, Mr. Chu has resigned as an independent non-executive Director, a member of the audit committee of the company and the nomination committee of the company and the chairman of the remuneration committee of the company and the risk management committee of the company. Mr. Chu has confirmed that he has no disagreement with the Board and the Board is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the company. Following the resignation of Mr. Chu, the company has appointed Ms. Yin Xu Hong as an independent non-executive Director to fill the causal vacancy to the Board with effect from 22 July 2020. Ms. Yin has also been appointed as a member of the Audit Committee and the Nomination Committee, and the chairman of the Remuneration Committee and the Risk Management Committee on the same date. She is currently a project manager specialling in financial accounting and audit at Wuxi Public Accounting Firm. Mr. Li Cheng has been appointed as an executive Director with effect from 22 July 2020. Mr. Li has been the assistant to Mr. Fan Zhijun the chief executive officer of the Company since March 2017.