The board of directors of Alibaba Pictures Group Limited announced that with effect from December 5, 2016, Mr. Zhang Qiang has been re-designated from chief executive officer of the company to Co-President and remains as executive director and member of the executive committee of the company. The board further announced that, with effect from December 5, 2016, Mr. Yu Yongfu has been appointed as CEO. Mr. Yu remains as executive director, chairman of the board, chairman of each of the executive committee and the nomination committee of the company, and member of the remuneration committee of the company.

The board considers that Mr. Yu, acting as chairman of the Board and CEO concurrently, will facilitate the development and execution of the Group's business strategies, and enhance its internet and e-commerce capabilities, which will help the company overcome market challenges and create more value for the shareholders of the company.