The board of directors of China Automobile New Retail (Holdings) Limited announced that Mr. Li Lixin ("Mr Li"), an executive Director of the Company, has been appointed by the Board as the chairman of the Board (the "Chairman") with effect from 12 October 2022. Mr. Li, aged 54, holds an Executive Master of Business Administration degree from Fudan University, and is the founder and current chairman of Lisi Group (a private group of companies established in the PRC). The principal businesses of this private group include import and export business, chain supermarkets, commercial real estate development and operation management, real property development and investment holding.

This private group also has investments in real property development, printing business and local bank in the PRC. Mr. Li has 31 years of experience in the manufacture and sale of plastic and hardware products and products for daily consumption. Mr. Li was a committee member of the Eleventh National Committee of the Chinese People's Political Consultative Conference, an executive committee member of National Industrial and Commercial Union.

He is currently a committee member of the Twelfth Zhejiang Province Committee of the Chinese People's Political Consultative Conference, the vice chairman of the China Plastics Processing Industry Association and Ningbo City Industrial and Commercial Union. Mr. Li was awarded the title of model worker in Ningbo City for the years 2001 to 2003. He was awarded the titles of "Outstanding Builder of Socialist Undertakings of Chinese Characteristics" in 2003 and 2006 by the People's Governments of Ningbo City and Zhejiang Province respectively and was renowned for his contribution to the "Honourable Undertakings" and "Shining Star" promotional programme by the People's Government of Zhejiang Province.

Mr. Li joined the Company on 18 September 2008 as non-executive Director and chairman of the Company and was re-designated as executive Director and chairman of the Company on 1 April 2011. He was resigned as chairman in 8 November 2019.