The board of directors of China New Economy Fund Limited announced that Mr. Faris Ibrahim Taha AYOUB has resigned as an independent non-executive Director, the chairman of nomination committee as well as a member of each of the audit committee and the remuneration committee of the Company with effect from 10 October 2018 due to other work commitments. Following the resignation of Mr. Ayoub as an independent non-executive Director, the Board announced that Mr. LEUNG Wai Lim has been appointed as an independent non-executive Director, the chairman of nomination committee as well as a member of each of the audit committee and the remuneration committee of the Company with effect from 10 October 2018. Mr. Leung, aged 45, is currently an independent non-executive director of Shun Wo Group Holdings Limited. He has joined SWG in September 2016. He is an adjudicator appointed to the Panel of Adjudicators (Control of Obscene and Indecent Articles) (established under the Control of Obscene and Indecent Articles Ordinance (Chapter 390 of the Laws of Hong Kong)) and a member of the Board of Review (Inland Revenue Ordinance) in Hong Kong. He is also a panel member appointed by the Secretary for Transport and Housing to the Transport Tribunals' Panel and a member of the Transportation and Logistics Committee (co-option) of the Law Society of Hong Kong SAR. Mr. Leung has over 20 years of law related working experience. He has been a partner of Howse Williams Bowers since May 2015.