The board of directors of China Automobile New Retail (Holdings) Limited (the Company, together with its subsidiaries and the Group) announced the following with effect from 2 August 2019. Mr. Cheng Jianhe has resigned as chief executive officer of the Company to pursue his business development but will remain as an executive Director. Mr. Tong Shiping, an executive Director, has been appointed as Chief Executive Officer. Mr. Tong, aged 59, executive Director. Mr. Tong graduated from the Department of Computer Applications, Air Force Engineering University, People's Republic of China. Mr. Tong served in the Air Force of the Chinese People's Liberation Army from 1983 to 1995. From 1995 to 2018, Mr. Tong was the chairman of Tianjin Seashore New District Shisheng Business Trading Group Co. Ltd., a wholly-owned subsidiary of China Auto Logistics Inc. Mr. Tong was a director of China Auto Logistics Inc. until 11 July 2018.