The board of directors of Kingwell Group Limited announced that Mr. Yang Xue Jun has resigned as chairman of nomination committee of the company with effect from 15 January 2016, but Mr. Yang will remain as executive director of the company in order to spend more time pursuing to his position of chief executive officer of the company. Mr. Yang Xue Jun has confirmed to the Board that there is no disagreement between him and the Board and that there is other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the company. The Board also announced that Mr. Mu Dongsheng has been appointed as executive director, chairman of the Board and nomination committee of the company with effect from 15 January 2016.

Mr. Mu was a consultant of the company prior to joining the company.