The board of directors of RCG Holdings Limited announced that Mr. Wang Zhongling, an existing Executive Director of the company, who had been serving as the acting Chairman and acting Chief Executive Officer of the company, has been promoted to Chief Executive Officer of the company with immediate effect. The company continues to seek a suitable permanent candidate for the role of Chairman of the board. For the time being, Mr. Wang remains as the acting Chairman of the company.

Mr. Wang is presently one of the executive directors to the company and is responsible for the group's technology investment and management. Prior to joining the company, Mr. Wang was, from 2008, the deputy general manager of Shenzhen Giinwin Technology Co. Ltd. and where he was responsible for its operation and management.