The board of directors of Vestate Group Holdings Limited announced that Mr. CHAI Guoqiang has been appointed as an independent non-executive director and a member of each of the audit committee, the remuneration committee and the nomination committee of the Board with effect from 28 August 2020. In 2004, Mr. Chai returned to Shanghai University as a visiting professor and joined hands with Japan's Softbank Group in successfully establishing a Sino-Japanese joint venture project for hotel IPTV, and pioneered the first ever IPTV in Chinese hotels.