The board of directors of Kate China Holdings Limited announced that Mr. Tsang Kei Cheong has been re-designated from an executive Director to a non-executive Director with effect from December 22, 2016 as he intends to devote more time to the business segments of the design and fitting-out service and the design and procurement of furnishings and decorative materials service of the Group. Mr. Tsang will continue to act as a director to certain of the subsidiaries of the Group. The Board also announced that Mr. Tsang has resigned as the chief executive officer of the company with effect from December 22, 2016 and Mr. Liu Rongsheng, an executive Director, has been appointed as the CEO replacing Mr. Tsang with effect from December 22, 2016.

Mr. Liu has joined the Group since October 2015. Mr. Liu has over 25 years of experience in import and export trading, logistics, corporate strategic management, project management and finance business. Mr. Liu presently holds directorship in certain of the subsidiaries of the Group.