The board of directors of China Oceanwide Holdings Limited announced that Mr. WU Chen ceased to be the chief executive officer of the Company with effect from August 5, 2020 due to other work engagements. Mr. WU Chen has confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. The Board announced that Mr. HAN Xiaosheng has been appointed as the CEO with effect from August 5, 2020. He will also continue to serve as an executive director of the Company, the chairman of the Board,and a chairman of the nomination committee under the Board as well as a director of several subsidiaries of the Company. Following the aforesaid change of the CEO, Mr. HAN Xiaosheng will assume the dual roles of the CEO and the chairman of the Board. The Board believes that having the same individual in both roles as chairman of the Board and CEO ensures that the Group has consistent leadership and could make and implement the overall strategy of the Group more effectively. The Board believes that this structure does not compromise the balance of power and authority. The Board will regularly review the effectiveness of this structure to ensure that it is appropriate to the Group's circumstances.