The board of directors of Jia Yao Holdings Limited announced that with effect from 17 March 2017. Mr. Feng Bin has resigned as an executive Director, the chief executive officer, a member of the remuneration committee and the authorised representative of the company due to the change of controlling Shareholder and management; and Mr. Yang Fan have resigned as a non-executive Director and a member of the audit committee of the company due to the change of controlling Shareholder and management. The Board announced that with effect from 17 March 2017, Mr. Yang Yoong An, an executive Director and the chairman of the Board has resigned as the Chairman and the chairman of the nomination committee of the company and redesignated as a non-executive Director of the company.

Mr. Yang Yoong An, was first appointed as a Director and the Chairman on 5 August 2013. He was redesignated as an executive Director on 24 March 2014, and redesignated as a non-executive Director and resigned as the Chairman on 17 March 2017. He currently serves as a director of all subsidiaries of the company, and the legal representative of Hubei Golden Three Gorges and Dangyang Liantong Printing Industry Co.

Ltd. Mr. Yang is the father of Mr. Yang Fan, a non-executive Director of the company which has been resigned on 17 March 2017. The resignation of Mr. Feng Bin and Mr. Yang Fan and the redesignation of Mr. Yang Yoong An was due to change in control of the company after the close of the unconditional mandatory cash offer made by First Shanghai Securities Limited for and on behalf of China Civil Aviation (Cayman) Investment Group Limited to acquire all the issued shares of the Company, other than those already owned by the Offeror and parties acting in concert with it. The Board announced that, following Mr. Yang Yoong An's resignation as the Chairman on 17 March 2017, Mr. Li Tie has been appointed as the Chairman with effect on the same day.

The Board announced that, following Mr. Feng Bin's resignation as the Chief Executive Officer on 17 March 2017, Mr. Liu Daoqi has been appointed as the Chief Executive Officer with effect on the same day. Mr. Yang Fan ceased to be a member and Mr. Gong Jinjun has been appointed as a member of the Audit Committee. With effect from 17 March 2017, the Audit Committee comprises of Mr. Wang Ping (as chairman), Mr. Zeng Shiquan and Mr. Gong Jinjun.

Mr. Yang Yoong An ceased to be the chairman and Mr. Li Tie has been appointed as the chairman of the Nomination Committee. With effect from 17 March 2017, the Nomination Committee comprises of Mr. Li Tie (as chairman), Mr. Zeng Shiquan and Mr. Gong Jinjun. Mr. Feng Bin ceased to be a member and Mr. Liu Daoqi has been appointed as a member of the Remuneration Committee.

With effect from 17 March 2017, the Remuneration Committee comprises of Mr. Gong Jinjun (as chairman), Mr. Liu Daoqi and Mr. Wang Ping. Following the resignation of Mr. Feng Bin, he has also ceased to be one of the Authorised Representatives under Rule 3.05 of the Listing Rules. The Board announced that with effect from 17 March 2017, Mr. Huang Erwei has been appointed as the Authorised Representative.