The board of directors of the Company announced that Mr. Xia has resigned as a non-executive Director with effect from 12 December 2018 as he would like to devote more time to his other businesses and ceased to be a member of the Audit Committee, Nomination Committee and Remuneration Committee. Mr. Lei Dechao ("Mr. Lei") has been appointed as a non-executive Director and vice chairman of the Board and a member of the Audit Committee, Nomination Committee and Remuneration Committee. Lei Dechao, aged 53, graduated from Zhongnan University of Finance and Economics in the People's Republic of China. Mr. Lei obtained a bachelor's degree in Finance from the Department of Finance and a master's degree in Economics in 1987 and 1999, respectively. As a non-executive Director and vice chairman of the Board, Mr. Lei will be responsible for providing guidance on corporate strategic development, construction and investment business of the Company. Mr. Lei has entered into a service agreement with the Company for a term of three years.