The Board of Kwan On Holdings Limited announced that Mr. Chen Zhenghua has been appointed as the Chairman, an Executive Director and a member of the Nomination Committee of the Company with effect from 1 June 2017. The Board further announced that Mr. Zhang Fangbing has been appointed as an Executive Director and compliance officer of the Company with effect from 1 June 2017. Mr. Chen is also the managing director of the Jiangsu Provincial Construction Group. In addition, Mr. Chen is an executive director of the Chinese Association for International Understanding, a chief supervisor of the Jiangsu Overseas Chinese Entrepreneurs Association, the vice chairman of the Jiangsu Construction Industry Association, the vice chairman of the Construction Market Manage Association of Jiangsu Province, the vice chairman of the Jiangsu Sushang Development Promotion Association, and the honorary president of the Nanjing Overseas Chinese Investment Enterprise Association. Mr. Zhang is the assistant to the president and the general manager of overseas companies of the Jiangsu Provincial Construction Group. The Board further announced that Mr. Kwong has resigned as an Executive Director, compliance officer and a member of the Nomination Committee and Risk Management Committee with effect from 1 June 2017 and will remain as director of certain subsidiaries of the Company in order to focus on the management of the operations of those subsidiaries of the Company.