The board of directors of Pan Asia Environmental Protection Group Limited announced that Mr. Jiang Lei has resigned as an executive director and the chief executive officer of the company with effect from 22 December 2016 due to the reason of his health problems. On the other hand, the board announced that Mr. Jiang Xin has been appointed as an executive director and the chief executive officer of the company with effect from 22 December 2016. Mr. Jiang Xin, aged 31, is currently the general manager of China Rare Earth Holdings Limited. He joined China Rare Earth in August 2008 and was promoted to the present position in August 2012.