The board of directors of China Vanguard Group Limited announced that Mr. ZHANG Xiu Fu has resigned as an Independent Non-executive Director and ceased to be a member of each of the audit committee, the nomination committee and the remuneration committee of the company with effect from 17 February 2017 due to his personal commitments. The Board further announced that Dr. LIU Ta-pei (Dr. LIU) has been appointed as an Independent Non-executive Director and a member of each of the Audit Committee, the Nomination Committee and the Remuneration Committee of the company with effect from 17 February 2017. Dr. LIU is currently the executive director of Huisheng International Holdings Limited. He was previously the director of Mega Financial Holdings Company Limited and also served as the chairman of Mega Securities Co. Ltd. He had also been the director respectively of Global Securities Finance Corporation, Chung Hsing Bills Finance Corporation, and Central Investment Holding Company, and the chairman of Jen Hwa Investment Holding Company.