The board of directors of Skyworth Digital Holdings Limited announced that Mr. Wei Wei upon expiry of his service contract with the company, he has decided not to renew his service contract and has tendered his resignation as an independent non-executive Director and will also cease to act as the chairperson of the nomination committee of the company and a member of each of the audit committee and remuneration committee of the company with effect from 18 March 2017. Mr. Li Ming will be appointed as an independent non-executive Director, the chairperson of the nomination committee of the company and a member of each of the audit committee and remuneration committee of the company with effect from 18 March 2017. Mr. Li Ming is currently the chairman and executive director of China Ocean Industry Group Limited and a non-executive director of DST Robot Co.

Ltd. Mr. Li Ming has entered into a letter of appointment with the company for a term of 3 years commencing from 18 March 2017, which may be terminated by either party by giving at least one month's notice in writing. Mr. Li Ming shall hold office until the next following annual general meeting of the company and shall then be eligible for re-election at that meeting. Mr. Yang Dongwen will be re-designated as a non-executive Director and he will resign as the chief executive officer of the company with effect from 1 April 2017 to devote more time to his personal commitments.

Mr. Yang Dongwen, has been an executive Director, a director of certain subsidiaries of the company and the president of Skyworth Group Co. Ltd. as well as the chief executive officer of the company since 2012 before his re-designation as a non-executive Director. Mr. Yang Dongwen has entered into an appointment letter with the company pursuant to which he was appointed as a non-executive Director for a term of one year with effect from 1 April 2017.

He will be subject to retirement by rotation and re-election at the annual general meeting of the company. Mr. Liu Tangzhi, an executive Director, will be appointed as the chief executive officer of the company to take the place of Mr. Yang Dongwen with effect from 1 April 2017. Mr. Liu Tangzhi joined the Group in 1998.

He is an executive Director, the vice president of Skyworth Group Co. Ltd., the president of Shenzhen Chuangwei-RGB Electronics Co. Ltd. (TV Business Unit) and also a director of certain subsidiaries of the company.

Upon Mr. Liu Tangzhi's appointment as the chief executive officer of the company, he will also act as the president of Skyworth Group Co. Ltd. and TV Business Unit with effect from 1 April 2017. Pursuant to the service contracts entered into between Mr. Liu Tangzhi and the Group, which are for a term of 3 years commencing from 15 December 2015 to 14 December 2018.