The board of directors of PINE Technology Holdings Limited announced that on January 3, 2018, the board resolves to terminate the service agreement with Mr. Li Jiàn, the chief executive officer of the company (CEO) with effect from January 3, 2018 and Mr. Li ceases to be the CEO with effect from January 3, 2018. Thereafter, Mr. Li ceases to hold any position within the group. Mr. Zhang Sanhuo, the chairman of the board and an executive Director of the company, has been appointed as the CEO with effect from January 3, 2018. Mr. Zhang Sanhuo, aged 51, joined the company on June 8, 2017 and is an executive Director, Chairman of the board, the CEO, the chairman of nomination committee and a member of the remuneration committee of the company.