The board of directors of Armada Holdings Limited announced that Dr. David J. Pang ("Dr Pang") has resigned as the Chairman (the "Chairman") of the Board with effect from 9 November 2016 but will continue to be a non-executive director of the Company. The Board also announced that Mr. Ou Peng has been appointed as the Chairman and the Chief Executive Officer of the company with effect from 9 November 2016.