The board of directors of SIM Technology Group Limited announced that with effect from September 11, 2014, Mr. Liu Jun has been appointed as the chief executive officer of the group and Mr. Wong Cho Tung has ceased to be the chief executive officer of the group. Mr. Wong remains as an executive director and the president of the group. Thereafter, Mr. Wong will continue to participate in formulating the direction, strategies and be responsible for the development plan of the new business of the Group.

With a view to promote young management, Mr. Wong proposed to the board that Mr. Liu succeed as the chief executive officer, which has been approved by the board unanimously and there are no matters relating to the aforesaid which need to be brought to the attention of the shareholders of the company. Mr. Liu, joined the group in 2009 after the acquisition by the company of Smartwireless Technology Limited, a company founded by Mr. Liu in 2007, as a non wholly-owned subsidiary of the company. Prior to his appointment as the chief executive officer, Mr. Liu was the chief technical officer of the group and was responsible for the management of the product and technology platform of the group.

Upon his appointment as the chief executive officer, Mr. Liu will be fully responsible for the overall management of the group. There is no service contract between the company and Mr. Liu in relation to his appointment as the chief executive officer. Mr. Liu is not appointed for a specific term or any proposed length of services.

The emolument of Mr. Liu as the chief executive officer was determined by reference to the level of remuneration package normally granted to senior executives in the industry of comparable calibre and job responsibilities.