The board of directors of Combest Holdings Limited announced that, Mr. Qian has resigned as chairman, executive director, compliance officer and authorized representative of the Company with effect from 22 November 2016 due to his pursue of other business opportunities and interests outside of the Company and its subsidiaries. The Board announcedthat Mr. Liu has been re-designated as chairman, executive director, compliance officer and authorized representative of the Company from his previous positions as the independent non-executive director and the member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company with effect from 22 November 2016. Mr. Liu has been appointed as an independent non-executive director of the Company since 14 July 2016 and has been re-designated as an executive director with effect from 22 November 2016 with an initial term of one year and shall continue thereafter unless terminated by one month's notice in advance served by either party subject to the normal re-election and rotation as stipulated in the Articles of Association of the Company. The Board announced that Dr. Cheng has been appointed as an independent non-executive Director with effect from 22 November 2016 in order to fill the causal vacancy caused by the re- designation of Mr. Liu. Dr. Cheng has also been appointed as a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 22 November 2016. Dr. Cheng is currently an independent non-executive director of North Mining Shares Company Limited.