Phoenix Tree Holdings Limited announced that its Chief Financial Officer, Mr. Jason Zheng Zhang has been appointed as a director to the Company's board of directors (the "Board"), effective June 16, 2020. Prior to joining Danke as CFO in 2019, Mr. Zhang worked at Citigroup Global Markets Asia Limited from 2007 to 2019, with his last position being a managing director and the chief operating officer of China investment banking division. From 2005 to 2007, he served as a manager and senior manager of the investment banking division of BNP Prime Peregrine. He worked at the head office of China Ocean Shipping (Group) Company from 1996 to 2003. The Company also announced that Mr. Gang Ji has resigned from his position as a director on the Company's Board due to personal reasons, effective June 14, 2020. The resignation of Mr. Ji was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the Company's operations, policies, or practices.