The board of directors of Futong Technology Development Holdings Limited announced that Mr. Chen Jian (‘Mr. Chen’), the chairman of the board, has tendered his resignation from the office of the chairman of the board, executive director and member of the remuneration committee under the board of the company, due to his desire to devote more time for personal matters and his own personal development, with effect from April 10, 2017. Mr. Chen has also tendered his resignations from all offices of the subsidiaries of the company held by Mr. Chen, with effect from April 10, 2017 or such later date or dates on which Mr. Chen's resignations from the said respective offices become effective pursuant to PRC law for those subsidiaries of the company which are incorporated under the PRC law. Ms. Zhang Yun (‘Ms. Zhang’), an Executive Director, Vice Chairlady and the Chief Executive Officer of the company, has been designated as the Chairlady of the board and member of the Remuneration Committee of the company with effect from April 10, 2017. Ms. Zhang was appointed as an Executive Director and Vice Chairlady of the company on July 29, 2009, and was appointed as the Chief Executive Officer of the Company on November 13, 2015, she is one of the co-founders of the Company and its subsidiaries. She is also the director of Futong Technology Co. Ltd., Etong Technology Holdings Limited, Futong Technology (HK) Company Limited, Futong Technology Development Holdings (HK) Limited, Futong Cloud Technology (HK) Company Limited, Futong Transcend Technology (HK) Company Limited, Beijing Futong Dongfang Technology Co. Ltd., Futong Times Technology Co. Ltd., Beijing Etong Dongfang Technology Co. Ltd., Futong Cloud Technology Co. Ltd. and Futong Transcend Technology Co. Ltd. Ms. Zhang is responsible for the Group's operations development, overseeing the distribution and customer system integration businesses. From April 10, 2017, Ms. Zhang serves both the roles of the Chairlady and Chief Executive Officer of the Company. Under Code Provision A.2.1 of the Code on Corporate Governance Practices, the roles of the Chairlady and Chief Executive Officer should be separate and should not be performed by the same individual. The Company deviates from this Code Provision from the date of this announcement. The major duties of the Chairlady are to provide leadership to the Board and formulate, together with the Board, the business strategies and long-term objectives of the Group whilst the Chief Executive Officer is responsible for implementing the decisions and strategies approved by the Board and managing day-to-day operations of the Group with the support of the Executive Director(s). The Board believes that appointing the same person as the Chairlady and Chief Executive Officer is conductive to strong and consistent leadership, which enables the Company to implement decisions and business strategies promptly and efficiently. The Board considers that Ms. Zhang having the dual role of Chairlady and Chief Executive Officer of the Company will not impair the balance of power and authority between the Board and the management of the Company given that there is a professional and independent non-executive element on the Board and a clear division and proper balance of power and authority is ensured by the operations of the Board, which comprises experienced and high caliber individuals. The board also announced that Ms. Chen Jing (‘Ms. Chen’) has been appointed as an Executive Director of the company with effect from April 10, 2017. Ms. Chen joined the Group in 2005. She is the director and vice president of Beijing Futong Dongfang Technology Co., Ltd, and the director of Futong Times Technology Co. Ltd., Beijing Etong Dongfang Technology Co. Ltd., Futong Cloud Technology Co. Ltd. and Futong Transcend Technology Co. Ltd., which are subsidiaries of the Company. She is responsible for overseeing the day-to-day operations of the Group's sales management department, logistics management department, IT management department, human resources department, public relations department and financial department. She graduated from Beijing Union University with a bachelor degree majoring in mechanical engineering.