The board of directors of China Yongda Automobiles Services Holdings Limited announced that Mr. Chen has resigned from his position as an independent non-executive director and a member of the Audit and Compliance Committee and the Nomination Committee, respectively, with effect from 1 January 2019 due to retirement. Mr. Chen has confirmed that he has no disagreement with the Board and he is not aware of any matters in connection with his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Mu has been appointed as an independent non-executive director of the company with effect from 1 January 2019. Mr. Mu Binrui has been appointed as an independent non-executive director of the Company, and a member of the Audit and Compliance Committee and the Nomination Committee, respectively, with effect from 1 January 2019. Mr. Mu has over 35 years of extensive experience in the banking industry. From January 2017 to March 2018, Mr. Mu held the position of an independent non-executive director of Huabang Financial Holdings Limited. The Board also announced that Mr. Mu has been appointed as a member of the Audit and Compliance Committee and the Nomination Committee, respectively, in place of Mr. Chen, who has ceased to be an independent non-executive director of the Company, with effect from 1 January 2019.