The board of directors of Xinhua News Media Holdings Limited announced that Mr. Huang Wen Kai has tendered his resignation as an executive Director and ceases to act as a member of each of the Strategy and Development Committee, Executive Committee and Corporate Governance Committee of the Company in order to focus on his other personal development with effect from 17 January 2020. Mr. Huang has confirmed that he has no disagreement with the Board and there are no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board of the Company also announced that Mr. Li Jingzhi ("Mr. Li") has been appointed as an executive Director, to act as a member of each of the Strategy and Development Committee, Executive Committee and Corporate Governance Committee of the Company with effect from 17 January 2020. Mr. Li, aged 43, was awarded the Master of Business Administration from Fuzhou University in 2013. He obtained the Intermediate Professional Qualification for Finance and Economics by the Ministry of Human Resources of the People's Republic of China, the Certificate in Private Banking from Singapore Management University, the Certificate of Senior Management in Banking from the China Banking Regulatory Commission and the Certificate of Fund Management in China. Mr. Li was the shift supervisor of the Agricultural Bank of China Private Banking and its Xiamen Branch from 1995 to 2012; the branch manager of the Huaxia Bank Xiamen Jiangtou Branch from 2012 to 2014; the Vice President of the Shenzhen Qianhai Zhongwei Capital Management Company. Mr. Li obtained rich experience in banking and finance industry, specializing in asset management, risk management, wealth management and organization management. Mr. Li has entered into a service agreement with the Company for a term of three years commencing from 17 January 2020. The Director's fee of Mr. Li as an executive Director under his service agreement is HKD 3,000 per month, such fees are determined, with reference to his duties and responsibilities and the Company's operation conditions as well as the remuneration benchmark in the industry and prevailing market conditions. According to the articles of association of the Company (the "Articles of Association"), Mr. Li's will hold office until the next annual general meeting of the Company, at which time he will be eligible for re-election. Thereafter, he will be subject to retirement by rotation and re-election at the general meeting of the Company in accordance with the Articles of Association.