The Board of Chaoyue Group Ltd. announced that Mr. LUO Feng has been appointed as an executive Director and the Chairman of the company with effect from 23 September 2016. Ms. LI Na has been appointed as an executive Director of the company with effect from 23 September 2016. Mr. CHAN Siu Tat has been appointed as an independent non-executive Director of the company and as a member of each of the audit committee, the remuneration committee and the nomination committee of the company, with effect from 23 September 2016. In the past four years Mr. Luo has been a member of the MBA Education Supervising Committee of the Graduate School of CAS. In accordance with the bye-laws of the Company, Mr. Luo will hold office until the next annual general meeting of the company and will then be eligible for re-election; thereafter he will be subject to retirement by rotation at least once every three years at the annual general meetings of the company since his last re-election. Ms. Liis a senior vice president of the IZP Group and the chief executive officer of its subsidiaries. Mr. Chan is the partner of a private equity company.