The board of directors of Fountain Set (Holdings) Limited announced that with effect from 28 August 2018. Mr. CHEN Minghong has resigned as an executive Director of the company due to his intention to devote more time for the business and commitments at Chinatex Corporation Limited. Mr. LAN Jiang has resigned as an Executive Director of the Company due to his intention to devote more time for the business and commitments at a subsidiary of the company and ceased to be a member of the remuneration committee of the Board; and Mr. ZHANG Chong has resigned as a non-executive Director of the company due to his intention to devote more time for the business and commitments at Chinatex and ceased to be a member of the audit committee of the Board. Each of Mr. CHEN, Mr. LAN and Mr. ZHANG has confirmed that he does not have any disagreement with the Board; and there is no matter in respect of his resignation and cessation above-mentioned, which needs to be brought to the attention of the shareholders of the Company and the Stock Exchange. Mr. LIU Xianfu has been appointed as an Executive Director of the Company; Mr. TAO Yongming has been appointed as an Executive Director of the Company and a member of the Remuneration Committee; Mr. YAU Hang Tat Andrew has been appointed as an Executive Director of the company; and Mr. SUN Fuji has been appointed as a Non-executive Director of the Company and a member of the Audit Committee. Mr. LIU, has over 24 years of experience in the textile industry. Mr. LIU has served as the Chief Accountant of Chinatex since March 2017. Mr. TAO, joined China National Cereals, Oils and Foodstuffs Corporation, the predecessor of China National Cereals, Oils & Foodstuffs Import & Export Corporation, in 1987 and has held positions such as the officer and Deputy General Manager of Planning and Finance Department of COFCO, the Deputy General Manager of COFCO Capital Corporation. Mr. YAU joined the Group in 1992 and has over 25 years of experience in the textile industry with extensive experience in operations and strategic planning. Mr. YAU graduated from the Hong Kong Polytechnic (now known as the Hong Kong Polytechnic University) in 1991 with a Higher Diploma in Textile Technology and subsequently obtained a Master of Science in Textile Engineering from the University of Leeds in the United Kingdom in 1992. In 2015, he earned an Executive Master of Business Administration from the Chinese University of Hong Kong. The Board announced that with effect from 28 August 2018, Dr. YEN Gordon, a Non-executive Director, has been appointed as the vice chairman of the Board. The brief biographical particulars of Dr. YEN are set out as follows: Dr. YEN, has been a Non-executive Director of the Company since 31 May 2013. Prior to that, he was the Chief Financial Officer of the Group and an Executive Director. Mr. SUN has entered into a letter of appointment with the Company for a term of 1 year commencing on 28 August 2018, which is terminable by either the Company or Mr. SUN by giving no less than 1 month's notice in writing to each other. Mr. SUN is subject to retirement and re-election in accordance with the Articles of Association.