The board of directors of China First Capital Group Limited announced that Mr. Wang Song, an independent non-executive Director, has resigned as an independent non-executive Director, the chairman of the remuneration committee of the company and the member of the audit committee, the nomination committee and the strategy committee of the company with effect from February 17, 2020 due to his intention to devote more time to his other career development. The board announced that Dr. Du Xiaotang has appointed as the chairman of the Remuneration Committee with effect from February 17, 2020. The board announced that Mr. Loo Cheng Guan has been appointed as an independent non-executive Director and a member of the Audit Committee, the Nomination Committee and the Strategy Committee with effect from February 17, 2020. Mr. Loo, aged 56, has approximately 30 years of experience in mergers and acquisitions, private equity and corporate finance. He obtained a bachelor of economics in 1988 and a master of business administration in 1991, both from Monash University in Australia. Mr. Loo is the founder and managing director of Vermilion Gate Pte Limited, a private advisory firm focusing on mergers and acquisitions and portfolio development.