China Zhongwang Holdings Limited announced that Mr. Liu Zhongtian has resigned as the president of the company on 22 March 2016 for the purpose of improving and optimizing the corporate governance of the company as required by its internal management in light of the implementation of the proposed Spin-off. Mr. Liu is the founder of the Group and has long served as both the chairman of the board and the president of the company. Mr. Lu Changqing had been appointed as the president on 22 March 2016.

His term of office will last till the date of appointment of the next president by the Board. Mr. LU Changqing, aged 39, is an executive Director and president of the Group. He is primarily responsible for the Group's strategic planning, operation and management.

He is also a member of the board of directors of 10 subsidiaries including Liaoning Zhongwang Group Company Limited and Tianjin Zhongwang Aluminium Company Limited. He has 19 years of experience in investment banking and corporate finance. Mr. Lu has resigned as a joint company secretary of the Company with effect from 22 March 2016 due to his appointment as the president.

Before joining to the Group in November 2007, Mr. Lu was a senior manager of the investment banking department of Tiantong Securities Company Limited from 1997 to 1999, the general manager of the merger and acquisition department of China Technology Innovation Company Limited from 2000 to 2003 and an executive director and joint company secretary of China Huiyuan Juice Group Limited, from 2003 to 2007. The Board further announced that Mr. CHEUNG Lap Kei, the other Joint Company Secretary, meets the requirement to be the sole company secretary. Following the resignation of Mr. Lu, Mr. Cheung will act as the company secretary of the Company on his own.

Mr. CHEUNG Lap Kei, aged 44, is the chief financial officer and company secretary of the company. He is primarily responsible for the Group's finance and accounting. He has approximately 22 years of experience in auditing and accounting fields.

Mr. Cheung served as the chief financial officer, qualified accountant, authorized representative and company secretary of United Photovoltaics Group Limited July 2008 to January 2009. He served as the financial controller, qualified accountant, authorized representative and company secretary of China Ruifeng Renewable Energy Holdings Limited, from 2005 to 2008. He has been serving as an independent non- executive director of Austar Lifesciences since, October 2014.