China Chengtong Development Group Limited announced that Mr. Yuan Shaoli resigned as an executive Director and ceased to act as the Chairman of the Board and a member of each of the nomination committee and executive committee of the Board with effect from 1 December 2018. The Board also announced that with effect from 1 December 2018, Mr. Zhang Bin, an existing executive Director and managing Director, is appointed as the acting Chairman of the Board and a member of the nomination committee in place of Mr. Yuan. Upon the resignation of Mr. Yuan, Mr. Zhang performs both the roles of the managing Director and the acting Chairman of the Board.