The board of directors of China Overseas Grand Oceans Group Limited announced that Mr. Hao Jian Min has resigned as the Chairman of the Board, Non-Executive Director and authorized representative of the Company with effect from 15 November 2016 due to change in work posting. The Board also announced that with effect from 15 November 2016, Mr. Xiao Xiao ("Mr. Xiao") has been appointed as the Chairman of the Board, Non-Executive Director and Authorized Representative of the Company. Mr. Xiao was appointed Executive Director of COLI from 1 February 2005, Vice Chairman of COLI from 22 March 2007 and the Senior Vice President of COLI in August 2009. Besides acting as the Executive Director, Vice Chairman and Senior Vice President of COLI, Mr. Xiao is currently a Director of China Overseas Holdings Limited and its certain subsidiaries, and also Director of certain subsidiaries of COLI's group. He has about 35 years' management experience in construction and property business. Effective from 15 November 2016, Mr. Xiao has also been appointed as the Chairman and the Chief Executive Officer of COLI and the Chairman and Non-Executive Director of China Overseas Property Holdings Limited. Save as the above, Mr. Xiao has not held any directorship in any other listed companies in the past three years.