The board of directors of Courage Investment Group Limited announced that Mr. Sue Ka Lok (‘Mr. Sue') has stepped down from his position as the chairman of the board and has been re-designated as a non-executive director of the company with effect from 19 October 2017 as he needs to devote more time to his other business engagements. Mr. Sue confirmed that he has no disagreement with the Board and there is no matter relating to his step down as Chairman of the Board and re-designation as Non-executive Director that needs to be brought to the attention of the shareholders of the Company. The Board further announced that Ms. Chan Yuk Yee (‘Ms. Chan') resigned as an Executive Director of the Company with effect from 19 October 2017 due to her other personal engagements which require more of her dedications.

Ms. Chan will remain as director of certain subsidiaries of the Company to ensure a smooth transition of her duties. The board also appointed Mr. Lai Ming Wai ("Mr. Lai") as an Executive Director of the Company and the Chairman of the Board; Mr. Zhang Liang ("Mr. Zhang") has been appointed as an Executive Director and the Chief Executive Officer of the Company; and Ms. Wang Yu ("Ms. Wang") has been appointed as an Executive Director of the Company with effect from 19 October 2017. Mr. Lai was an Executive Director and the Chief Executive Officer of the Company for the period from 14 October 2015 to 31 March 2017.

Mr. Lai is a director of certain subsidiaries of the Company. Mr. Lai was a senior executive of Bank of America and was primarily responsible for developing and managing the bank's business in southern region of the People's Republic of China. He has extensive experience in the banking and finance industry.

Mr. Zhang joined the Group as Project Manager in May 2016. He has extensive experience in marine vessel chartering and trading of steel and commodities. Ms. Wang holds a Bachelor's degree in Arts from the University of Science and Technology of China, Master of Business Administration degree from the University of Birmingham in the United Kingdom, Master of Corporate Governance degree and Master of Professional Accounting degree from The Hong Kong Polytechnic University.

Ms. Wang is an associate of The Hong Kong Institute of Chartered Secretaries and The Institute of Chartered Secretaries and Administrators. She has experience in logistics industry, corporate administration and company secretarial practice.