The Board of Zall Development Group Ltd. announced that, with effect from 11 April 2016, Mr. Fu Gaochao has resigned as a non-executive director and as a member of the remuneration committee. Mr. Peng Chi has been re-designated from an independent non-executive Director to an executive Director and as the chairman of the remuneration committee to as a member of the remuneration committee, and also resigned as a member of the audit committee and nomination committee and Mr. Wei Zhe, David has been appointed as an independent non-executive Director, a member of Audit Committee, a member of the nomination committee and as chairman of the remuneration committee. Mr. Wei Zhe, David, aged 45, has over 15 years of experience in both investment and operational management in the People's Republic of China.

Prior to launching Vision Knight Capital (China) Fund I, L.P. in 2011, Mr. Wei was an executive director and chief executive officer of Alibaba.com Limited for about five years. Prior to Alibaba.com Limited, Mr. Wei was the president, from 2002 to 2006, and chief financial officer, from 2000 to 2002, of B&Q China.