The board of PINE Technology Holdings Limited was informed that, on 17 January 2017, Messrs. Michael Li & Co., a firm of solicitors in Hong Kong of which Mr. Li Chi Chung an independent non-executive director immediately prior to the re-designation is the principal, was appointed by certain directors and their associates as their legal adviser in relation to a possible transaction. In such circumstances and in light of Rule 3.13 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, Mr. Li has been re-designated from an independent non-executive director to a non-executive director with effect from 17 January 2017. In view of the re-designation, Mr. Li has resigned as the chairman of the audit committee and a member of the audit committee, the remuneration committee and the nomination committee of the board with effect from 17 January 2017 and board appointed Chung Wai Ming as independent non-executive director, and a member of each of the audit committee, the nominee committee and the remuneration committee. He has over 23 years of experience in technology development and operational experience in the United States, the People's Republic of China and Hong Kong. His operational experience includes quality assurance, product development and manufacturing efficiency optimization. Following the re-designation, Mr. Li ceased to be the chairman and a member of the audit committee and Mr. So Stephen Hon Cheung has been appointed as the chairman of the audit committee; and ceased to be a member of the audit committee, the remuneration committee and the nomination committee and Dr. Chung has been appointed as a member of the audit committee, the nomination committee and the remuneration committee, all with effect from 17 January 2017.