On April 18, China Huarong hosted meeting of senior management, both from HQs and subsidiaries in Beijing and have senior official of the China Banking and Insurance Regulatory Commission (CBIRC) to announce the decisions regarding the dismissal of Lai Xiaomin and the new leadership of China Huarong Asset Management Co., Ltd. Mr. Wang Zhanfeng was named as Party Secretary and Ms. Li Xin was named as Vice Party Secretary, and both of them were also proposed as Executive Director, Chairman and Executive Director and President of China Huarong, with related legal procedures in process. Cao Yu, member of the party committee and Vice Chairman of CBIRC, attended the meeting and delivered important speech.

　　The new leadership of China Huarong has since held a series of meetings presided by Mr. Wang Zhanfeng, the party secretary for overall arrangement the the company's operations. The business operations and internal management is under smooth and orderly progress.