The board of directors of Ping Shan Tea Group Limited announced that Mr. Li Dongfan (Mr. Li) has been appointed as an executive director and the vice-chairman of the company, Mr. Chen Wenfang (Mr. Chen) has been appointed as an executive director and Mr. Su Yichao (Mr. Su) has been appointed as an independent non-executive director with effect from November 13, 2017. Mr. Chen has been committed to investing in the real economy. He has engaged in trade and tea industries for years and founded a number of tea companies. Mr. Chen dedicated to the development of the real industries in his early years by engaging in the trade and tea industries for more than three decades, during which he established several tea companies that earned him high prestige in Fujian tea industry. Meanwhile, he has extensive experiences in market planning and strategic deployment as he actively promoted the tea culture in Fujian where tea industry and capital were integrated in recent years. In early days, Mr. Chen engaged in trade and tea and other real industries, in which he has accumulated a wealth of theoretical knowledge and hands-on experiences. In the process of subsequent establishment of certain tea companies, Mr. Chen has cooperated with Mr. Li Dongfan to realize the integration between the real industry and capital that enabled the tea companies to accelerate and reinforce their development speed and strengths. In addition, Mr. Chen participated in the operation of Moody Group and was responsible for the market development and formulation of marketing strategies of the group. Mr. Chen is currently the vice president of Moody Group where he is mainly responsible for the market development and formulation of marketing strategies of the group. Mr. Su was an angel investor in his early days by investing in the Internet industry and education sector. He possesses extensive experiences in project planning, operation and management in relation to angel investment. Mr. Su served as the vice president of investment banking division at Defu Group where he was responsible for mergers and acquisitions of corporate projects and refinancing of listed companies. He currently serves as the vice president and executive director of Moody Group where he is in charge of auditing on mergers and acquisitions projects of corporates. Mr. Su has been engaging in financial securities for years with strong systematic philosophy, innovative mind, ample financial securities experiences and practical capability gained from work, in addition to his astute insight and analytical skills. He has rich experiences in banking, investment banks, funds, private equity investment and other fields and is capable of offering unique and effective solutions to various situations arising in the course of business management, mergers and acquisitions, and financing investments. Mr. Su joined Zhuhai City Moody Industrial Co. Ltd. in 2013. During this period, Mr. Su held a concurrent position as the deputy director of corporate finance division of Shenzhen Defu Group. He has been serving as the executive director, group vice president, head of fund management division at Moody Group since 2017.