XIWANG PROPERTY HOLDINGS COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
XIWANG PROPERTY HOLDINGS COMPANY LIMITED
西王置業控股有限公司 *
(Incorporated in Bermuda with limited liability)
(Stock Code: 2088)
The Board of Directors announces the following changes to the independent non-executive Directors:
Mr. YAO Yong Jun has resigned as an independent non-executive Director and ceased to be a member of each of the audit and nomination committees of the Company with effect from 23 March 2016.
Mr. WANG Zhen has been appointed as an independent non-executive Director and a member of each of the audit and nomination committees of the Company with effect from 23 March 2016.
The board (the "Board") of directors (the "Directors") of Xiwang Property Holdings Company Limited (the "Company") and its subsidiaries (collectively, the "Group") announces the following changes of the independent non-executive Directors:
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTORMr. YAO Yong Jun ("Mr. YAO") has resigned as an independent non-executive Director and ceased to be a member of the audit and nomination committees of the Company due to his other personal commitments with effect from 23 March 2016.
Mr. YAO has confirmed that he has no disagreement with the Board and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company.
The Board would like to take this opportunity to thank Mr. YAO for his valuable contribution to the Company during his tenure of office.
Mr. WANG Zhen ("Mr. WANG") has been appointed as an independent non-executive Director and a member of each of the audit and nomination committees of the Company with effect from 23 March 2016.
Mr. WANG, aged 30, has over 5 years of experience in the legal field. He graduated with a bachelor degree from Weifang University*（濰坊學院）in 2009. After obtaining his professional legal qualifications in the PRC in 2009, Mr. WANG has served as a professional lawyer of Shandong Lizhi Law Office*（ 山東勵志律師事務所）from 2010 till present.
Mr. WANG has entered into a service contract with the Company for a term of three years commencing from 23 March 2016 subject to, among other things, the requirements of the Bye-laws of the Company (the "Bye-laws") and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). Pursuant to the Bye- laws, Mr. WANG will hold office until the first general meeting of the Company after his appointment and will be eligible for re-election at such meeting. Mr. WANG is also subject to retirement and re-election at least once every 3 years in accordance with the Corporate Governance Code (Appendix 14) of the Listing Rules and the Bye-laws. Mr. WANG will be entitled to an annual remuneration of RMB50,000, which was determined by the Board with reference to his experience, duties and expertise, the remuneration policy of the Company and the prevailing market conditions.
Mr. WANG does not hold any position within the Company or other members of the Group and has not held any directorship in any other listed company in the last three years prior to the date of this announcement. Mr. WANG does not have any relationship with any Director, senior management or substantial or controlling shareholders (as defined in the Listing Rules) of the Company. As at the date of this announcement, Mr. WANG does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). There is no information required to be disclosed pursuant to any of the requirements of Rule 13.51(2)(h) to (v) of the Listing Rules and there is no other matter that needs to be brought to the attention of the shareholders of the Company.
The Board would like to extend a warm welcome to Mr. WANG for joining the Board.
By Order of the Board
Xiwang Property Holdings Company Limited WANG DIChairman
Hong Kong, 23 March 2016
As at the date of this announcement, the Board comprises the following Directors:
Executive Directors: Mr. WANG Jin Tao Mr. WANG Wei Min Mr. CHENG Gang
Non-executive Directors:
Mr. WANG Di
Mr. WANG Yong Mr. SUN Xinhu
Independent non-executive Directors:
Mr. WONG Kai Ming Mr. WANG An
Mr. WANG Zhen
* For identification purpose only
Xiwang Property Holdings Company Limited issued this content on 23 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 March 2016 08:38:02 UTC
Original Document: http://www.xiwangproperty.com/attachment/2016032316320100002460891_en.pdf
