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China Commercial Credit, Inc. Appoints Mr. Jiaxi Gao as CEO, President and Director

November 15, 2018

BEIJING, Nov. 15, 2018 (GLOBE NEWSWIRE) -- China Commercial Credit, Inc. (Nasdaq: GLG) (the “Company”), an emerging used luxurious car rental service provider in Beijing, China, today announced that its Board of Directors has appointed Mr. Jiaxi Gao to serve as its new Chief Executive Officer, President and a director effective November 20, 2018 upon resignation of Mr. Chengguang Kang from the position of Chief Executive Officer, President and a director effective on the same day.

Mr. Gao served as the founder and CEO of Beijing Lexiang Technology (Beijing) Co., Ltd, a provider of auto finance services in China, from March 2016 to May 2018. Prior to that, Mr. Gao served as product architect for Baidu from January 2015 to February 2016. From August 2012 to August 2014, Mr. Gao was the founder and CEO of Beijing Kuwangke Technology Co., Ltd., which operated the video media app LEBO. From March 2011 to June 2012, he served as the city manager for Meituan.com, a Hong Kong listed company. Mr. Gao holds a bachelor’s degree in composition from Shenyang Conservatory of Music. He was elected to the 2017 Forbes 30 under 30 China List.

The Compensation Committee of the Company approved issuance of 800,000 restricted shares as inducement for Mr. Gao to enter into the employment with the Company. Such restricted shares are to be vested in four quarterly installments starting from January 2019.

Mr. Gao commented, “I am honored that the board of directors has entrusted me with this leadership position. I look forward to collaborating with our stakeholders as we work to expand the luxurious car rental business to create shareholder value.”

About China Commercial Credit, Inc.

China Commercial Credit Inc. (Nasdaq: GLG) is an emerging used luxurious car rental service provider in China. The used luxurious car business is conducted under the brand name “BatCar” by the Company’s VIE entity, Tianxing Kunlun Technology Co. Ltd, from its headquarters in Beijing. Utilizing a streamlined, digital, transaction process, the Company endeavors to provide the best possible rental experience for its customers. For more information please visit https://www.imbatcar.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of China Commercial Credit, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Ms. Tina XiaoAscent Investor Relations LLCEmail: tina.xiao@ascent-ir.com

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