The board of directors of New World Department Store China Limited announced the following appointment and re-designation of Directors with effect from February 15, 2018. Mr. Niu Wei has been appointed as an executive director of the company and a member of the executive committee and the remuneration committee of the Board with effect from 15 February 2018. Mr. Niu, has worked for the Group and held various senior management positions from June 1996 to March 2014. He re-joined the Group in June 2016 and has been responsible for the overall management of the Group. He was appointed as the chief executive officer of the company on 17 March 2017 and is also a director of certain subsidiaries of the company. He has over 21 years of experience in the retail industry and possesses extensive experience in managing retailing business in the People's Republic of China. Prior to re-joining the Group, Mr. Niu had acted as the vice president and chief operating officer of Intime Retail (Group) Company Limited. He also acted as the assistant to senior president of Wanda Group and deputy general manager (PRC) of Wanda Department Store. Mr. Cheung Fai-yet, Philip, an executive director of the company, will be re-designated as a non-executive director of the Company with effect from 15 February 2018. Due to the above re-designation, Mr. Cheung shall cease to be a member of the executive committee and the remuneration committee of the Board with effect from 15 February 2018. Mr. Cheung, aged 63, has been an executive director of the Company since June 2007. He is also a director of a number of subsidiaries of the Company. He was the managing director of the company up to his resignation from such office on 17 March 2017. Mr. Cheung joined the Group in 1993 and has been responsible for the overall management of the Group.