Chinese Food and Beverage : REDESIGNATION OF DIRECTOR, APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF MEMBERS OF AUDIT COMMITTEE, NOMINATION COMMITTEE AND REMUNERATION COMMITTEE

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8272) REDESIGNATION OF DIRECTOR, APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF MEMBERS OF AUDIT COMMITTEE, NOMINATION COMMITTEE AND REMUNERATION COMMITTEE REDESIGNATION OF DIRECTOR

The board (the "Board") of directors (the "Directors") of Chinese Food and Beverage Group Limited (the "Company") is pleased to announce that Mr. Chow Cheuk Hang ("Mr. Chow") has been redesignated from an independent non-executive director to an executive director of the Company with effect from 13 January 2017 (the "Redesignation"). The Board believes Mr. Chow is a suitable candidate for this position given his experience, past involvement in and contributions to the Company and its subsidiaries (collectively, the "Group").

Mr. Chow, aged 32, joined the Group on 22 December 2016 as an independent non-executive Director, a member of each of the audit committee (the "Audit Committee"), the remuneration committee ("Remuneration Committee") and the nomination committee ("Nomination Committee") of the Company. He holds a degree of Bachelor of Civil Engineering from the University of Hong Kong. Mr. Chow currently serves as Chief Operating Officer at both HMV Digital China Group Limited (stock code: 8078) and Easy Repay Finance & Investment Limited (stock code: 8079), both companies are listed on the Growth Enterprise Market of the Stock Exchange. Mr. Chow has over 8 years of experience in finance and accounting. He was a director in charge of Business Development at a venture capital with numerous successful cases in Asia.

Save as disclosed above, Mr. Chow did not hold any other directorship in any public listed companies in the past three years nor has he held any other positions with the Company and its subsidiaries. Mr. Chow has entered into a new appointment letter with the Company with effect from 13 January 2017 and he is subject to retirement and rotation at the general meeting of the Company in accordance with the articles of association of the Company. The Company and Mr. Chow are entitled to terminate the appointment at any time by giving the other party one- month notice in writing. Mr. Chow is entitled to a monthly salary of HK$12,500 on a 13-month basis and a year-end discretionary bonus, which are determined by the Board with reference to his qualification, duties and responsibilities with the Company, the remuneration policy of the Company and the prevailing market conditions.

Mr. Chow does not have any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance) and he does not have any relationship with any other directors, senior management, substantial or controlling shareholders of the Company.

Save as disclosed above, Mr. Chow and the Company confirm that there is no other matter regarding the Redesignation that needs to be brought to the attention of the shareholders of the Company and there is no information to be disclosed by Mr. Chow pursuant to Rule 17.50(2)(h) to (v) of the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange (the "GEM Listing Rules") in relation to the Redesignation.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board is also pleased to announce that Mr. Kam Tik Lun ("Mr. Kam") has been appointed as an Independent non-executive director of the Company with effect from 13 January 2017.

Mr. Kam Tik Lun

Mr. Kam, aged 41, holds a Bachelor of Commerce from Concordia University, Canada and a Postgraduate Diploma in International Corporate and Financial Law from The University of Wolverhampton, UK and a Master of Laws in International Corporate and Financial Law from The University of Wolverhampton, UK. He is a fellow of The Hong Kong Institute of Certified Public Accountants and The Association of Chartered Certified Accountants. Mr. Kam has over 11 years of experience in the financial markets. He has vast experience in providing business consultancy, business valuation services, financial analysis and corporate advisory. Mr. Kam is an independent non-executive director of Easy Repay Finance & Investment Limited and HMV Digital China Group Limited, both companies are listed on the Growth Enterprise Market of Stock Exchange.

Save as disclosed above, Mr. Kam did not hold any other directorship in any public listed companies in the past three years nor has he held any other positions with the Company and its subsidiaries. Mr. Kam has entered into an appointment letter with the Company with effect from 13 January 2017 for a term of one year and he is subject to retirement and rotation at the general meeting of the Company in accordance with the articles of association of the Company. The Company and Mr. Kam are entitled to terminate the appointment at any time by giving the other party one-month notice in writing. The remuneration of Mr. Kam is HK$10,000 per month which is determined by the Board with reference to his qualification, duties and responsibilities with the Company, the remuneration policy of the Company and the prevailing market conditions.

Mr. Kam does not have any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance) and he does not have any relationship with any other directors, senior management, substantial or controlling shareholders of the Company.

Save as disclosed above, Mr. Kam and the Company confirm that there is no other matter regarding his appointment as an Independent non-executive director of the Company that needs to be brought to the attention of the shareholders of the Company and there is no information to be disclosed by Mr. Kam pursuant to Rule 17.50(2)(h) to (v) of the GEM Listing Rules in relation to his appointment.

CHANGE OF MEMBERS OF AUDIT COMMITTEE, NOMINATION COMMITTEE AND REMUNERATION COMMITTEE

Following the Redesignation, Mr. Chow has simultaneously ceased to be a member of the Audit Committee, Nomination Committee and Remuneration Committee with effect from 13 January 2017.

The Board is pleased to announce that Mr. Kam, an Independent non-executive director of the Company, has been appointed as a member of the Audit Committee, Nomination Committee and Remuneration Committee with effect from 13 January 2017.

GENERAL

The Board would like to express its gratitude to Mr. Chow for his continuing directorship in the Company and welcome Mr. Kam for joining the Board.

By order of the Board

CHINESE FOOD AND BEVERAGE GROUP LIMITED Yu Sau Lai

Executive Director

Hong Kong, 13 January 2017

As at the date of this announcement, Ms. Yu Sau Lai, Mr. Lam Raymond Shiu Cheung and Mr. Chow Cheuk Hang are executive Directors; Mr. Matthew Pau, Mr. Yeung Wai Hung, Peter, Mr. Chu Yu Man, Philip and Mr. Kam Tik Lun are independent non-executive Directors.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market ("GEM") of the Stock Exchange for the purpose of giving information with regard to the Company. The directors of the Company, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and that there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the "Latest Company Announcements" page of the GEM website at www.hkgem.com for at least seven days from the date of its publication and the Company's website at www.cfbgroup.com.hk.