The board of directors of Ko Yo Chemical (Group) Limited announced that Mr. Li Weiruo, an executive Director and the chairman of the Board, has tendered his resignation as the chairman of the Board with effect from 15 January 2017 due to change in the management structure of the Company. Mr. Li will remain as an executive Director of the Company. Following the resignation of Mr. Li, Mr. Wu Tianran will be appointed as the chairman of the Board with effect from 15 January 2017.

The board announced that in line with the change in the management structure of the Company, Mr. Yuan Bai and Mr. Zhang Fubo will resign as vice chairman of the Board, with effect from 15 January 2017. Following the resignation of Messrs. Yuan and Zhang as vice chairman of the Board with effect from 15 January 2017, there will be no vice chairman of the Board.

The board announced that due to the change in the management structure of the company, with effect from 15 January 2017: Ms. Chi Chuan will resign as an executive Director, a member of the remuneration committee of the Board and the compliance officer of the Company, and will continue to serve as a vice president of the Group; Ms. Man Au Vivian will resign as an executive Director and one of the authorised representatives of the company; Mr. Li Ciping will resign as an executive Director, and will continue to serve as an executive vice president of the Group; Mr. Li Ciping will resign as an executive Director, and will continue to serve as an executive vice president of the Group; Mr. Woo Che-Wor, Alex will resign as an independent non-executive Director, a member of the nomination committee of the Board and the chairman and a member of the audit committee of the Board; and Mr. Sun Tongchuan will resign as an independent non-executive Director, a member of the Audit Committee, a member of the Remuneration Committee and the chairman and a member of the Nomination Committee. The board announced that with effect from 15 January 2017: Mr. Wu will be appointed as an executive Director, the chairman of the Board and an Authorised Representative. Mr. Wan Congxin will be appointed as an executive Director and the compliance officer of the company; Mr. Ge Jun will be appointed as an independent non-executive Director, the chairman and a member of the Nomination Committee, a member of the Audit Committee and a member of the Remuneration Committee; and Mr. Shi Lei will be appointed as an independent non-executive Director, the chairman and a member of the Audit Committee, a member of the Remuneration Committee and a member of the Nomination Committee.

The board announced that Mr. Yuan, an executive Director, will be appointed as the chief executive officer of the company with effect from 15 January 2017. Ms. Man has tendered her resignation as one of the Authorised Representatives with effect from 15 January 2017 following her resignation as an executive Director. Following the resignation of Ms. Man, Mr. Wu will be appointed as one of the Authorised Representatives with effect from 15 January 2017.