The board of directors of Coolpad Group Limited announced that with effect from 30 August 2019, (i) Mr. Chen Jiajun, an executive Director, has been appointed as the chairman of the Board (the "Chairman") and will cease to be the chief executive officer of the company and (ii) Mr. Liang Rui, an executive Director will take the role as the CEO. Mr. Chen is an executive Director. Mr. Liang an executive Director, is currently president of Shenzhen Shuibei Jewelry Group.