The board of directors of Guangnan (Holdings) Limited announced that Mr. Tan Yunbiao has tendered his resignation as an Executive Director, the Chairman of the Board and the Chairman of the Nomination Committee of the Company with effect from December 17, 2019. Mr. Tan will transfer to the other position in, the controlling shareholder of the company. The board appointed Mr. Chen Benguang as an Executive Director, the Chairman of the Board and the Chairman of the Nomination Committee of the company with effect from December 17, 2019. Mr. Chen Benguang, aged 55, graduated from the China University of Geosciences and holds a Bachelor's degree in Administrative Management. Mr. Chen had been the director and general manager of certain subsidiaries of Guangdong Land Holdings Limited (Formerly "Kingway Brewery Holdings Limited") ("GD Land"), the chairman of Kingway Brewery Group (Chengdu) Co. Ltd., the general manager of human resource department and administration department of GD Land between 1998 and 2016. Mr. Chen has been the chairman of (Guangxi Guangdong Gonglu Company Limited*) ("Guangxi Guangdong Gonglu") (Formerly (Guangxi Xinchangjiang Gonglu Company Limited)) from September 2016 to December 2019. He has also been the deputy general manager of Guangdong Investment Limited ("GDI") from January 2018 to December 2019. Guangxi Guangdong Gonglu is an indirect wholly-owned subsidiary of GDI. GD Land and GDI are the subsidiaries of GDH Limited, which is the immediate controlling shareholder of the Company. The shares of GDI and GD Land are listed on The Stock Exchange of Hong Kong Limited.