The board of directors (the "Board") of Shenwan Hongyuan Group Co., Ltd. received on 18 December 2020 the written resignation tendered by Mr. Xu Zhibin ("Mr. Xu"), an executive director and the general manager of the Company. Due to work change, Mr. Xu applied to resign as an executive director of the fourth session of the Board, and the general manager of the Company. According to the relevant requirements of the Company Law of the People's Republic of China (and the articles of association of the Company, the resignation) of Mr. Xu as a director will not result in the number of Board members falling below the statutory minimum quorum, and will not affect the normal operations of the Board. The resignation of Mr. Xu as a director took effect when his written resignation was delivered to the Board on 18 December 2020. It was considered and resolved at the meeting of the Board that Mr. Xu ceased to act as the general manager of the Company. After his resignation, Mr. Xu no longer holds any position in the Company or any of its subsidiaries. The Company announced that, Mr. Huang Hao ("Mr. Huang") has been appointed as the general manager of the Company after the consideration and approval of the Board, with effect from 18 December 2020. The Company hereby announces that, Mr. Huang has been nominated as an executive director of the fourth session of the Board of the Company after the consideration and approval of the Board.