The board of directors of China Harmony New Energy Auto Holding Limited announced that as Mr. Yu Feng has been promoted to the vice chairman of the board of directors of Hexie Industrial Group, where he will be primarily responsible for Hexie Industrial Group's overall strategies, business development supports and supervision management, he will resign from his position as an executive director and the chief executive officer of the company in order to concentrate on his duties at Hexie Industrial Group with effect from October 19, 2015. The board announced that Mr. Liu Fenglei has been appointed as an executive director and the chief executive officer of the company with effect from October 19, 2015. Mr. Liu, aged 39, is one of the founders of the Group.

He has approximately 12 years' experience in China's automobile industry. From April 2013 to October 2015, he was the senior vice president of the company in charge of the group's network development and luxury passenger vehicles' business.