China Art Financial Holdings Limited announces appointment of Mr. Fan Zhixin, an executive Director of the Company, and Mr. Tian Rui,a non-executive Directorof the Company, have been appointed as the Co-Chairmen of the Board, with effect from 2 February 2024. Mr. Fan, aged 53, is an executive Director of the Company. Mr. Fan joined the Group in May 2010 as the manager of the Nanjing branch office of Jiangsu Hexin Pawn Company Limited, and was then in charge of overseeing the management and operations of the Nanjing branch office.

Mr. Fan assumed the office of deputy general manager of Jiangsu Hexin Auction Company Limited in January 2014 and has since been responsible for assisting the general manager with the management and operations of Hexin Auction. Mr. Fan is a brother of Mr. Fan Zhijun, a substantial shareholder of the Company. Mr. Fan is also a member of the internal authentication team for authenticating and appraising zisha artwork and paintings and calligraphies for the pawn loan and auction operations.

Mr. Fan completed his studies in economic management from the Party School of Jiangsu Committee of Communist Party of China, PRC, in June 2000. Prior to joining the Group, Mr. Fan worked as a supervisor of the economic department of Yixing Dingshu Town Radio and Television Station, a company engaging in cable television broadcasting from July 1991 to April 2010. Mr. Fan was mainly responsible for overseeing the business plans and expansion of that company.

Mr. Tian Rui, aged 48, is a non-executive Director of the Company. Mr. Tian graduated from Wuhan University of Hydraulic and Electrical Engineering with a major in power systems and automation. Mr. Tian served as the R&D Director of the Science and Technology Department at Sanmi Electronic Technology Co.

Ltd. of Central China Electric Power Administration Bureau from 1997 to 2000; Mr. Tian served as a senior executive of Wuhan Hongxin Communication Technology Co. Ltd. of FiberHome Technologies Group, responsible for digital computer room management and computer room service management of three major operators from 2000 to 2008; Mr. Tian established Wuhan Fengxin Yicheng Technology Co. Ltd., and presided over the company's overall work and served as the technical person in charge from 2008 to 2013; Mr. Tian worked at Hubei Hengsheng Xunjie Technology Co., Ltd, responsible for the research and development work of the community's digital information integrated system for the company from 2013 to 2020; Mr. Tian established Shenzhen Xiandinghui Technology Co.

Ltd. to upgrade the community's digital economy and provide a digital marketing service platform in 2022. Mr. Tian has extensive experience and marketing network in the fields of data economy and internet technology services. Mr. Tian is also a member of the editorial board of Wuhan Digital Home Standards Committee and has participated in the standard formulation and standardization work for Wuhan's digital economy industry for several times.