The board of directors of Sun Art Retail Group Limited announced that, pursuant to the Undertaking, with effect from the conclusion of a board meeting on 30 January 2018 (after trading hours): Mr. HUANG Ming-Tuan has resigned as an executive Director, but agreed to remain as a member of the investment committee, the operations committee and the disclosure committee of the Board to provide advice to the Board in respect of investment activity and operation of the Group; and Mr. CHENG Chuan-Tai has resigned as a non-executive Director, the chairman of the Board, and a member of the audit committee, the nomination committee and the remuneration committee of the company. The Board further announced that, following the resignations of Mr. Huang and Mr. Cheng and as proposed by Taobao China, with effect from the conclusion of a board meeting on 30 January 2018 (after trading hours): Mr. ZHANG Yong has been appointed as a non-executive Director and the Chairman of the company; and Mr. CHEN Jun has been appointed as a non-executive Director, and a member of the Nomination Committee and the Remuneration Committee of the company. Mr. ZHANG Yong, aged 46, has been appointed as the chief executive officer of Alibaba Group Holding Limited since May 2015, and he currently also serves on the board of directors of Alibaba Group. Mr. CHEN Jun, aged 44, currently serves as a vice president of Alibaba Group, and is also a managing director of Alibaba strategic investment group and the investment head of Alibaba new retail fund.