Sunlands Technology Group announced the appointment of Mr. Yifan 'Frank' Li to the company's Board of Directors as an independent director, effective July 10, 2019. Mr. Li, who holds 20 years of experience in the areas of corporate financial management, M&A, principal investment, debt and equity offerings and risk management, will chair the Board's audit committee. Mr. Li most recently served as director and vice president of Geely Group, responsible for strategic investments, new business development and overseeing Geely's financial holding companies. Mr. Li replaces Mr. Sam Hanhui Sun, who submitted his resignation as an independent director of the company due to personal reasons, effective July 10, 2019. Mr. Sun will continue to serve as a special consultant to the company after he ceases to be an independent director.