The Board of Universal Technologies Holdings Ltd. announced that Mr. Xu Hui was dismissed as the chief executive officer of the company with immediate effect and remains as an executive Director. Mr. Chau Cheuk Wah was appointed as the chief executive officer of the company with effect from 3 June 2013. Mr. Chau, aged 59, has 35 years of experience in banking and finance in Hong Kong, China, Singapore and Malaysia with various global financial institutes.

Mr. Meng Lihui and Mr. Fong Heung Sang, both of whom are independent non-executive Directors retired at the conclusion of the AGM and ceased to be members of the Audit Committee, the Remuneration Committee and the Nomination Committee. Mr. David Tsoi and Mr. Chan Chun Kau were appointed as independent non-executive Directors. Mr. David Tsoi was appointed as the Chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee with effect from 3 June 2013.

Mr. Chan Chun Kau was appointed as the Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee with effect from 3 June 2013. Dr. Cheung Wai Bun, Charles, J.P. was appointed as the Chairman of the Remuneration Committee with effect from 3 June 2013. Mr. Tsoi, aged 65, is the managing director of Alliott, Tsoi CPA Limited.

Mr. Chan is experienced in corporate finance and capital markets and has experience in providing legal advice to renowned private equity funds and financial advisers.