Magnum Entertainment Group Holdings Limited announced that the offers made by Haitong International Securities on behalf of the offeror were closed on 15 May 2015. The Board announced that immediately after the close of the offers, with effect from 4:01 p.m. on 15 May 2015, each of Mr. Chan Chi Wah, Ms. Mok Kung Yee, Ms. Tsang Kwok Shan, Sandy and Mr. Lam Jhug Ching has resigned as an executive Director; Mr. Yip Mow Lum has resigned as a non-executive Director and the chairman of the Board; and each of Mr. Yung Ha Kuk, Victor, Mr. Leung Chun Kuen, Noel and Mr. Lam Kwok Fai, Osmond has resigned as an independent non-executive Director. In place of the above resigning Directors, Mr. Zheng Jiang has been appointed as an executive Director and the chairman of the Board; each of Mr. Chan Hon Ki, Ms. Chen Huajuan and Ms. Shen Guoying has been appointed as an executive Director; and each of Mr. Poon Chiu Kwok, Mr. Bau Siu Fung and Ms. Lou Aidong has been appointed as an independent non-executive Director, all with effect from 4:01 p.m. on 15 May 2015.

Due to personal reasons and for the purpose of their respective business endeavours, each of Mr. Gu Wenxian and Mr. Zhen Xiaofeng, being two of the original proposed independent non-executive Directors, has decided not to take up the office of independent non-executive Director. Each of Mr. Gu Wenxian and Mr. Zhen Xiaofeng has confirmed that he has no disagreement with the Board and there is nothing to be brought to the attention of the shareholders of the Company in relation to his decision not to take up his proposed directorship. In place of Mr. Gu Wenxian and Mr. Zhen Xiaofeng, Mr. Bau Siu Fung and Ms. Lou Aidong have been appointed as independent non-executive Directors.

Each of these newly appointed Directors is subject to retirement by rotation in accordance with the articles of association of the Company and will hold his or her office as Director until the next annual general meeting of the Company and be subject to re- Mr. Chan Hon Ki election at such meeting. Mr. Zheng Jiang is currently a director and deputy chairman of AUX Holdings Co. Ltd. has been appointed as a joint company secretary of the Company since 12 March 2015.

He is currently the chief financial officer of AUX Real Estate. Ms. Chen Huajuan is currently the human resources director of AUX Holdings. Ms. Shen Guoying is currently the deputy chief financial officer of AUX Holdings and a director of Ningbo Sanxing Electric.

Mr. Poon Chiu Kwok is currently an executive director, vice president and the company secretary of Huabao International Holdings Limited. Mr. Bau Siu Fung is currently an executive director, the company secretary and chief financial officer of Sheen Tai Holdings Group Company Limited. Ms. Lou Aidong is currently a partner of Beijing Kangda Law Firm.

The Board announces that the composition of each of the audit, remuneration and nomination committees of the Company have been changed as follows with effect from the date of this joint announcement: The Board announces that the composition of each of the audit, remuneration and nomination committees of the Company have been changed as follows with effect from the date of this joint announcement: Mr. Bau Siu Fung has been appointed as the chairman of the audit committee of the company; Each of Mr. Poon Chiu Kwok and Ms. Lou Aidong has been appointed as a member of the audit committee of the company; Mr. Yung Ha Kuk, Victor has resigned as the chairman of the audit committee of the company; and Each of Mr. Leung Chun Kuen, Noel and Mr. Lam Kwok Fai, Osmond has resigned as a member of the audit committee of the company. Remuneration Committee: Ms. Lou Aidong has been appointed as the chairwoman of the remuneration committee of the company; Each of Mr. Zheng Jiang, Ms. Chen Huajuan, Mr. Poon Chiu Kwok and Mr. Bau Siu Fung has been appointed as a member of the remuneration committee of the company; Mr. Lam Kwok Fai, Osmond has resigned as the chairman of the remuneration committee of the company; and Each of Mr. Yip Mow Lum, Mr. Chan Chi Wah, Mr. Yung Ha Kuk, Victor and Mr. Leung Chun Kuen, Noel has resigned as a member of the remuneration committee of the company. Nomination Committee: Mr. Zheng Jiang has been appointed as the chairman of the nomination committee of the company; Each of Ms. Shen Guoying, Mr. Poon Chiu Kwok, Mr. Bau Siu Fung and Ms. Lou Aidong has been appointed as a member of the nomination committee of the company; Mr. Leung Chun Kuen, Noel has resigned as the chairman of the nomination committee of the company; and Each of Mr. Yip Mow Lum, Mr. Chan Chi Wah, Mr. Yung Ha Kuk, Victor and Mr. Lam Kwok Fai, Osmond has resigned as a member of the nomination committee of the company.