The board of directors of Shanghai Realway Capital Assets Management Co., Ltd. announced that Mr. Liu Yunsheng has resigned as an independent non-executive Director, the chairman of the remuneration committee, a member of the audit committee and a member of the nomination committee of the Company due to other business commitment, with effect from 1 July 2022. The Board also announced that Mr. Zhu Hongchao has been appointed as an independent non-executive Director with effect from 1 July 2022. Mr. Zhu, aged 62, served as a lawyer at Shanghai First Law Firm from July 1983 to June 1986.

He has been acting as the director and senior partner of Shanghai United Law Firm from June 1986 to March 2021. From 1994 to 2018, Mr. Zhu served as the vice president of All China Lawyers Association, and the president and the chief supervisor of Shanghai Bar Association. Mr. Zhu currently serves as an arbitrator of Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Centre) and Shanghai Arbitration Commission and a part-time professor of East China University of Political Science and Law.

Currently, Mr. Zhu holds directorships in the following listed companies: an independent director of Jupai Holdings Limited (a company with its shares listed on New York Stock Exchange since June 2015; an independent director of Leju Holdings Limited since March 2017; an independent non-executive director of E-House (China) Enterprise Holdings Limited since July 2018; an independent non-executive director of Haitong Securities Co., Ltd. since June 2019; an independent director of Shanghai Hysea Industrial Communications Co., Ltd. since July 2020; an independent non-executive director of Sansheng Holdings (Group) Co. Ltd. (a company with its shares listed on Hong Kong Stock Exchange, stock code: 2183) since February 2021; an independent director of Shanghai Bailian Group Co., Ltd. (a company with its shares listed on SSE, stock code: 600827) since June 2021; and an independent director of Bright Real Estate Group Co., Ltd. (a company with its shares listed on SSE, stock code: 600708) since August 2021. Mr. Zhu was also an independent director of Wonders Information Co., Ltd. (a company with its shares listed on Shenzhen Stock Exchange, stock code: 300168) from December 2013 to October 2019, and an independent non-executive director of Chiho Environmental Group Limited (a company with its shares listed on Hong Kong Stock Exchange, stock code: 0976) from April 2018 to February 2020.

Mr. Zhu received his bachelor's degree in law from the branch of Fudan University in 1983 and his master's degree in foreign legal history from Fudan University in July 1996. In 1993, he was qualified by the China Securities Regulatory Commission to engage in securities law practice. The Board further announces that following Mr. Liu Yunsheng ceasing to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee, Mr. Zhu has been appointed as the chairman of the Remuneration Committee and a member of the Audit Committee of the Company, and Ms. Yang Huifang has been appointed as a member of the Nomination Committee of the Company, with effect from 1 July 2022.