Applied Development Holdings Limited. announced that Mr. Hung has resigned as the Chairman, the Managing Director and Executive Director of the company with effect from 15 July 2015. Mr. Hung also resigned from his positions as member of each of the Remuneration Committee and the Nomination Committee.

The Board has appointed Ms. Wang as Chairlady, Managing Director and Executive Director of the company with effect from 15 July 2015. Ms. Wang has also appointed a member of the Remuneration Committee and the Nomination Committee. Ms. Wang has over 10 years of experience in financial management and investments in the PRC.

Ms. Wang was an executive director of Winshine Entertainment & Media Holding Company Limited from 25 November 2009 to 10 November 2014.