The board of directors of Silver Grant International Industries Limited announced that Mr. Wu Songyun has resigned as a non-executive director of the Company and the chairman of the Board of the Company with effect from 28 August 2017 due to change in his employment and ceased to be employed by China Cinda Asset Management Co. Ltd. The company also announced that Mr. Luo Zhenhong has been appointed as a non-executive director of the company and elected chairman of the board of the company with effect from 28 August 2017. Mr. Luo has also been appointed as a member and the committee chairman of the nomination committee of the Company. Mr. Luo, aged 51, is currently the Chief Risk Officer of China Cinda. From July 1988 to April 1999, Mr. Luo held various position in China Construction Bank. Mr. Luo joined China Cinda in April 1999 and served successfully as the deputy general manager and the general manager of Legal Department of China Cinda. From April 2009 to August 2017, Mr. Luo has served as the general manager of the Legal and Compliance Department of China Cinda. From October 2008 to November 2012, Mr. Luo served as vice president of the Banking Law Division of China Law Society and has served as the vice president of China Banking Law Society since November 2012.