Wisdom Sports Group announced that Mr. Sheng Jie (Mr. Sheng) has resigned as an executive director and vice chairman of the Board with effect from August 26, 2016 in order to serve as the vice chairman of Shenzhen Zhimei Investment Co. Ltd. which is held by the controlling shareholder. Mr. Sheng has also resigned as an authorized representative of the company under Rule 3.05 of the Listing Rules with effect from the same day. Mr. Song Hongfei (Mr. Song) has been appointed as an executive director of the company with effect from August 26, 2016 in replacement of Mr. Sheng. Mr. Song, has rich experience in the management of sports competitions. He joined the Group in August 2012 and served as a vice president. Mr. Song served as a deputy general manager in a subsidiary of China Sports Industry Group Co. Ltd. from February 2000 to July 2012. Following the resignation of Mr. Sheng as an authorized representative of the company, the Board announced that Dr. Shen Wei, an executive director and senior vice president of the company, has been appointed as an authorized representative of the company under Rule 3.05 of the Listing Rules with effect from August 26, 2016. The Board also announced that Mr. Sheng has resigned as the Joint Company Secretary of the company with effect from August 26, 2016, and Ms. Kang Xin (Ms. Kang) has been appointed as the Joint Company Secretary of the company with effect from the same day. Ms. Kang currently serves as the chief operating officer of the company. Ms. Kang has over 20 years' working experience in large enterprises and joint ventures. She acted as a board secretary of a company whose red chips listed on the Stock Exchange and a vice president of an A+H dual-listed company. In view of this, the Company has applied to the Stock Exchange for, and the Stock Exchange has granted the Company, a waiver from strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules in respect of the eligibility of Ms. Kang to serve as the Joint Company Secretary for a term of three years commencing from August 26, 2016, provided that (among others) Ms. Kam Mei Ha Wendy (the current Joint Company Secretary) will assist Ms. Kang during the period. The Board announced that save as the aforesaid change of director, the composition of the Remuneration Committee has been changed from Mr. Jin Guoqiang (Chairman of the Committee), Mr. Wei Kevin Cheng and Mr. Sheng to Mr. Jin Guoqiang (Chairman of the Committee), Mr. Wei Kevin Cheng and Mr. Song with effect from August 26, 2016.