The board of directors of China Beidahuang Industry Group Holdings Limited announced that Mr. Li Xiaofeng ("Mr. Li") has tendered his resignation as an independent non-executive Director and a member of the audit committee of the company (the "Audit Committee") with effect from 31 July 2018 as he would like to devote more time to his other commitments. The Board also announced that Mr. Yang Yunguang ("Mr. Yang") has been appointed as an independent non-executive Director and a member of the Audit Committee with effect from 31 July 2018. Mr. Yang has served as senior management positions of insurance companies in the PRC since 1989. He has 30 years of experience in the financial industry and corporate management.