The board of directors of New Western Group Limited announced the management changes with effect from 22 January 2020. The Board announced that Mr. Gan Lin ("Mr. Gan") has been appointed as an executive Director of the Company and the chief executive officer of the Company (the "Chief Executive Officer"). Mr. Gan has solid experience in strategic planning, corporate finance and financial management in the People's Republic of China (the "PRC").

Prior to joining the Company, Mr. Gan served as a general manager of the capital operation and management centre at China City Property Management Company Limited from February 2014 to March 2016. From August 2006 to February 2014, Mr. Gan had served senior management positions in various corporations and financial institutions, including Mocon Inc., Roampond International Group Co., Limited and Guosen Securities. Following the appointment of Mr. Gan, Mr. Zhang Qing ("Mr. Zhang") ceased to act as the Chief Executive Officer, as he would like to focus on his role as the chairman of the Board.

Mr. Zhang will remain as an executive Director and the chairman of the Board.