The board of directors of China Art Financial Holdings Limited announced that Mr. Fan Zhijun has tendered his resignation as a chairman, an executive Director and an authorised representative of the Company under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, and an authorised representative of the Company for accepting service of process or notice on the Company's behalf in Hong Kong under Part 16 of the Companies Ordinance with effect from 15 September 2023 due to his personal health issue; and Mr. Liu Xudong has tendered his resignation as an executive Director of the Company with effect from 15 September 2023 as he would like to devote more time to his other business engagements. Mr. Fan Zhixin has been appointed as an executive Director of the Company, the Authorised Representative and the Process Agent with effect from 15 September 2023. Mr. Fan Zhixin, aged 53, is the chief operations officer of Group, and he is mainly responsible for participating in the daily management and operations of Group.

When Mr. Fan Zhixin joined Group in May 2010, he served as the manager of the Nanjing branch office of Hexin Pawn, and was then in charge of overseeing the management and operations of the Nanjing branch office. Mr. Fan Zhixin assumed the office of deputy general manager of Hexin Auction in January 2014 and has since been responsible for assisting the general manager with the management and operations of Hexin Auction. Mr. Fan Zhixin is a brother of Mr. Fan Zhijun.

Mr. Fan Zhixin is also a member of internal authentication team for authenticating and appraising Zisha Artwork and Paintings and Calligraphies for pawn loan and auction operations. Mr. Fan Zhixin 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 Group, Mr. Fan Zhixin 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 Zhixin was mainly responsible for overseeing the business plans and expansion of that company. Following the resignation of Mr. Fan Zhijun as a chairman, an executive Director of the Company, the Authorised Representative and the Process Agent, and the appointment of Mr. Fan Zhixin as an executive Director of the Company, the Authorised Representative and the Process Agent, Mr. Fan Zhixin has also been appointed as a chairman of the nomination committee and a member of each of the remuneration committee and risk management committee of the Company with effect from 15 September 2023.