Fountain Set (Holdings) Limited announced that, with effect from the date on which Mr. SUN Fuji has obtained his long-term working visa in Hong Kong, which is expected to be about one or two months from the date hereof (the "Effective Date"): Mr. ZHAO Yao ("Mr. ZHAO"), will no longer act as the chief executive officer of the Company (the "CEO"), and will remain as an executive Director and the chairman of the Board (the "Chairman") and the nomination committee of the Company (the "Nomination Committee"); Mr. LIU Xianfu ("Mr. LIU"), will be re-designated from an executive Director to a non-executive Director; and Mr. WONG Kwong Chi ("Mr. WONG"), an independent non-executive Director, will be appointed as a member of the Audit Committee. Mr. SUN Fuji, was appointed as a non-executive Director and a member of the Audit Committee on 28 August 2018. Mr. SUN is a senior engineer. He has over 36 years of experience in the textile industry. Mr. LIU Xianfu, was appointed as an executive Director on 28 August 2018. Mr. LIU has over 26 years of experience in the textile industry. He joined Chinatex, a controlling shareholder of the Company, in 1994 and has held positions such as the Deputy Finance Section Chief of Chinatex Cotton Yarns and Fabrics Import and Export Corporation, the Deputy General Manager of Chinatex Real Estate, the Deputy General Manager of Finance Department of Chinatex, the General Manager of Audit Department of Chinatex, the General Manager of Finance Department of Chinatex, the General Manager of Chinatex Raw Materials International Trading Corporation, and the Vice President of Chinatex.