ChinaVision Media Group Limited announced that with effect from June 24, 2014, pursuant to the terms of the subscription agreement, four Directors shall resign from their positions as Directors upon completion. Mr. NG Qing Hai has resigned as president of the company and executive Director, Mr. ZHAO Chao has resigned as executive Director, Mr. KONG Muk Yin has resigned as non-executive Director and Mr. CHEN Ching has resigned as independent non-executive Director (together, the Outgoing Directors). Each of the Outgoing Directors has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders.

Furthermore, as set out in the section headed 'Letter from the Board' in the circular, the Board had proposed three nominees of the subscriber, namely Mr. SHAO Xiaofeng to be appointed as executive Director, Mr. LIU Chunning to be appointed as non-executive Director and Mr. LI Lianjie to be appointed as independent non-executive Director (together, the 'Incoming Directors'). The above appointments were approved by the shareholders at the SGM held on June 16, 2014 and have become effective from June 24, 2014. Mr. SHAO Xiaofeng: Mr. Shao joined Alibaba Holding in 2005 and has been the chief risk officer of Alibaba Holding since June 2012.

Mr. Shao has extensive experience in network security, e-commerce, online transactions and payments. Mr. LIU Chunning: Mr. Liu joined Alibaba Holding in August 2013 and is currently a vice president of Alibaba Holding and the general manager of Alibaba Group's OSTV division. Mr. Liu is also the chief executive of Alibaba Group's digital entertainment division which was set up in September 2013.

Mr. LI Lianjie: Mr. Li is a world-renowned martial artist, movie star and social entrepreneur. The Board announced that Mr. DONG Ping has resigned from his positions as acting chief executive officer of the company and chairman of the Board with effect from June 24, 2014 and as an executive Director with effect from the conclusion of the AGM. Mr. Dong has also stepped down from all other corporate offices held within the group with effect from the date of this announcement.

Following his resignation as acting chief executive officer of the company and chairman of the Board, Mr. Dong will remain as a consultant with the company for a period of 12 months. Mr. LIU Chunning is expected to be appointed as the acting chief executive officer of the company shortly and an announcement will be made by the company as and when the appointment is made. The Board received notices from Mr. JIN Hui Zhi and Mr. LI Chak Hung on June 24, 2014 that they have decided not to stand for re-election at the AGM and therefore their respective directorships will terminate with immediate effect following the conclusion of the AGM.