The Board of directors of Global Bio-chem Technology Group Company Limited announced that the Board has established the executive committee with effect from 23 March 2017. The Executive Committee is established for the purpose of effective and timely management of the day-to-day activities of the Group. The Executive Committee shall comprise a minimum of two members and the members of the Executive Committee must be Executive Directors of the Company. The Board has appointed Mr. Yuan Weisen and Mr. Zhang Zihua as members of the Executive Committee. Mr. Yuan has also been appointed as the chairman of the Executive Committee. The Board announced that Ms. Wang Qiu, Mr. Wang Jian and Mr. Li Shuguang have resigned as executive Directors, and Mr. Qiu Zhuang and Mr. Xing Lizhu have resigned as non-executive Directors with effect from 23 March 2017, to align with the corporate strategic development of the Group. Following Ms. Wang, Mr. Wang, Mr. Li, Mr. Qiu and Mr. Xing's resignation as Directors, Ms. Wang has also ceased to be the chairman of the Board, Mr. Wang has ceased to be a member of the remuneration committee of the Company and member of the nomination committee of the Company, and Mr. Li Shuguang has ceased to be a member of the corporate governance committee of the Company. The Board announced that Mr. Yuan and Mr. Zhang have been appointed as executive Directors with effect from 23 March 2017. Mr. Yuan, aged 53, is the chairman of Jilin Agricultural Investment Group Co. Ltd., and the executive director, general manager and party secretary of Jilin Grain Asset Management Co. Ltd. Mr. Zhang, aged 47, is the chairman of Jilin Province Modern Agricultural Investment Co. Ltd. The Board further announced that following the change of Directors as announced, the composition of the Remuneration Committee, Nomination Committee and the Corporate Governance Committee has been changed as follows with effect from 23 March 2017: Mr. Wang has ceased to be a member of the Remuneration Committee, and Mr. Yuan has been appointed as a member of the Remuneration Committee. Ms. Chiu Lai Ling Shirley has ceased to be the chairman of the Nomination Committee but remained to be a member of the Nomination Committee. Mr. Wang has ceased to be a member of the Nomination Committee, and Mr. Yuan has been appointed as a member and the chairman of the Nomination Committee and Mr. Li has ceased to be a member of the Corporate Governance Committee, and Mr. Zhang has been appointed as a member of the Corporate Governance Committee.