Shanghai Jiaoda Withub Information Industrial Company Limited announced changes in accounting policies resulting from the implementation of the new financial instrument guidelines, new revenue standards and other accounting policy changes. On March 31, 2017, the Ministry of Finance promulgated the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments (Revised in 2017)" (Accounting (2017) No. 7), "Accounting Standards for Business Enterprises No. 23 - Financial Assets Transfer (2017 Revision) (Accounting (2017) No. 8), "Accounting Standards for Business Enterprises No. 24 - Hedge Accounting (Revised in 2017)" (Accounting (2017) No. 9), released on May 2, 2017 "Accounting Standards for Business Enterprises No. 37 - Financial Instruments Presentation (Revised in 2017)" (Financial Accounting (2017) No. 14) (the above guidelines are collectively referred to as the New Financial Instruments Guidelines). Enterprises that require simultaneous listing at home and abroad, as well as companies that are listed overseas and use IFRS or corporate accounting standards to prepare financial reports, will be implemented on January 1, 2018. The "Proposal on Changes in Accounting Policies" was reviewed and approved by the board of directors of the Company. On July 5, 2017, the Ministry of Finance issued the "Accounting Standards for Business Enterprises No. 14 - Revenue (Revised in 2017)." It requires that companies which are simultaneous listings at domestic and overseas, as well as companies that are listed overseas and use IFRS or corporate accounting standards to prepare financial reports, will implement the New Income Standard from January 1, 2018. The "Proposal on Changes in Accounting Policies" was reviewed and approved at the meeting of the board of directors of the Company. On June 15, 2018, the Ministry of Finance promulgated the Notice on Amending the 2018 Annual Financial Statements of General Enterprises (Accounting [2018] No. 15) to amend the financial statements of general enterprises. The Company has prepared 2018 annual statements in accordance with this regulation and adopted the retrospective adjustment method to adjust the format and presentation of relevant financial statements in the previous year. The "Proposal on Changes in Accounting Policies" was reviewed and approved at the meeting of the board of directors of the Company.

The Board announced that the independent non-executive Director Dr. Chan Yan Chong resigned as independent non-executive Director due to other business development with effect from 7 July 2019. The Board nominates Mr. Zhou Guolai as a candidate of independent non-executive Director. Mr. Zhou is not the existing independent non-executive Director, and he has agreed to be nominated as a candidate. Mr. Zhou is currently the vice president of the Shanghai Jiaotong University MBA Alumni Association, the secretary-general of Shanghai Jiaotong University Century Association the chairman of the Energy Branch of the Shanghai Jiaotong University Alumni Association, the career mentor and interviewer of Antai College of Economics and Management at Shanghai Jiao Tong University, an independent director of CUTI of Shanghai Jiao Tong University, the chairman of the MBA Entrepreneurship Foundation of Shanghai Jiao Tong University, and the chairman of Shanghai Alumni Association of Beijing University of Aeronautics and Astronautics.