The board of Zhuguang Holdings Group Company Limited announced the following changes of important executive functions of the company with effect from 17 March 2017: Mr. Liao Tengjia an executive Director and the chief executive officer of the company has resigned as the CEO and has been appointed as a deputy chairman of the company; and Mr. Liu Jie has been appointed as executive Director and the CEO. Mr. Liao has confirmed that he has no disagreement with the company and the Board, and that there are no other matters relating to his resignation as the CEO that need to be brought to the attention of the shareholders of the company. Mr. Liu was a Deputy Mayor of the People's Government of Haizhu District of Guangzhou Municipality of the PRC from November 2006 to April 2015 and the Mayor of the People's Government of Liwan District of Guangzhou Municipality of the PRC from April 2015 to September 2016.

Mr. Liu has over 10 years of experience in administrative and operation management in the PRC.