The Board of Modern Media Holdings Limited announced that Mr. Shao Zhong the founder of the Group, was appointed as the chief executive officer of the group with effect from September 1, 2015, to actively involve himself in the group's restructuring, business transformation, development of art business and diversified development of the Group's business. Mr. Wong Shing Fat an ED, resigned from the position as the CEO and he was promoted as the vice chairman of the Group with effect from September 1, 2015, and will remain responsible for the Group's daily operation and management for publishing and providing support to Mr. Shao in respect of the expansion and development of its business. Mr. Shao was initially appointed as Director in March 2007, and was subsequently designated as chairman of the Board and in July 2009.

Mr. Shao is responsible for the overall corporate strategies, policy formulating and instilling corporate philosophy of group. Ms. Yang Ying and Mr. Li Jian were appointed as an ED with effect from September 1, 2015. Immediate before her appointment as an ED, Ms. Yang was the general manager of the Group's Shanghai office, which is mainly responsible as the publisher for the `Modern Lady Weekly', and the mobile terminal platform of `iLady'.

Following Ms. Yang's appointments an ED, she will also be responsible for the management of the operation and development of the Group's digital media business. Immediately before his appointment as an ED, Mr. Li was the general manager of the Beijing region and the publisher for Bloomberg Business week China and the platform for mobile terminal of Bloomberg Business week. Mr. Cui Jianfeng resigned as an ED and chief investment officer of the Group and ceased to be one of the authorized representatives with effect from 31 August 2015, but will remain to be an officer-in-charge of the digital media business of the group.