China Yongda Automobiles Services Holdings Limited announced that it has been approved at a board meeting held on April 14, 2016 that Mr. Wang Zhigao, an executive director of the company, will be re-designated from executive director to non-executive director of the company with effect from the completion of the Proposed Spin-off.
Wang its Vice-chairman and was re-designated from its non-executive director to executive director on March 23, 2015. Wang is responsible for managing the strategies,
remuneration and the affairs as a professional capital market institution of the Group and guiding the financial management and legal affairs of its Group. Wang has been its non-executive director from January 2012 to March 2015, a director of Shanghai Yongda Holding (Group) Limited since January 2005 and its deputy chief executive
officer since January 2004. The Board also announced that due to internal work allocation, Mr. Xu Yue and Ms. Chen Yi, both executive directors of the company, have submitted their resignation letters to the Board on April 14, 2016, pursuant to which they propose to resign from their positions as executive directors of the company with effect from the completion of the Proposed Spin-off.