China Huarong Asset Management Co., Ltd. announced the election of Mr. Li Yi as a non-executive Director of the first session of the Board. The director's qualification of Mr. Li was subject to the approval of the China Banking Regulatory Commission (CBRC). CBRC approving the qualification of Mr. Li as a non-executive Director on 3 January 2017. According to relevant regulations and the resolution of the fourth extraordinary general meeting for 2016 of the Company, the term of office of Mr. Li as a non-executive Director of the first session of the Board shall commence from the date of approval by the CBRC for his directorship qualification. The term of office of Mr. Li shall end on the date of the election of the next session of the Board. Meanwhile, due to change of personal work arrangements, Mr. Tian Yuming has tendered his resignation as a non-executive Director, a member of the Strategy and Development Committee of the Board, a member of the Risk Management Committee of the Board, a member of the Audit Committee of the Board, a member of the Nomination and Remuneration Committee of the Board, and the chairman of the Related Party Transaction Committee of the Board, with effect from 3 January 2017.