The board of directors of Ta Yang Group Holdings Limited announced that Mr. Qiu Yonghao has tendered his resignation as an executive Director of the company and a member of the Executive Committee of the company with effect from 8 January 2019 due to his other work arrangements. The Board also announced that Mr. Cheng Hong has been appointed as an executive Director of the company and a member of the Executive Committees, with effect from 8 January 2019 until the conclusion of the next annual general meeting of the company. Mr. Cheng has entered into an appointment letter with the company on 8 January 2019 for an initial term of three years commencing from 8 January 2019 which is automatically renewable for a successive term of three years upon the expiry of the said term. From 2015 to 2018, Mr. Cheng held the position of general manager of China Joystar Investment Co. Ltd., and was responsible for the project development.