The board of Mascotte Holdings Limited announced that Mr. Chung Yuk Lun has resigned as an executive director and the chairman of the board; Dr. Kwong Kai Sing, Benny has resigned as an executive director and the managing director of the company; Mr. Chow Chi Wah, Vincent has resigned as an executive director; Mr. Frank H. Miu has resigned as an independent non-executive director; Mr. Robert James Iaia II has resigned as an independent non-executive director; Mr. Hung Cho Sing has resigned as an independent non-executive director; and Mr. Chung Kong Fei, Stephen has resigned as an independent non-executive director, all with effect from October 26, 2015 upon Completion. Pursuant to the resolutions passed in the SGM held on October 15, 2015, Mr. Peng Jianjun has been appointed as an executive director; Mr. Liu Yongzhuo has been appointed as an executive director; Mr. Huang Xiangui has been appointed as an executive director; Mr. Zhuo Yueqiang has been appointed as an executive director; Mr. Chau Shing Yim, David has been appointed as an independent non-executive director; Mr. Nie Zhixin has been appointed as an independent non-executive director; and Mr. Chen Haiquan has been appointed as an independent non-executive director, all with effect from October 26, 2015 upon completion. The board further announced that Mr. Peng Jianjun has been appointed as the chairman of the board.

The board announced that Mr. Chung Yuk Lun has resigned as the company secretary and Mr. Fong Kar Chun, Jimmy has been appointed as the company secretary, all with effect from October 26, 2015 upon Completion. Following the resignation of Mr. Frank H. Miu as an independent non-executive director, Mr. Frank H. Miu has ceased to be the chairman/a member of the audit committee, a member of the nomination committee and a member of the remuneration committee. Following the resignation of Mr. Robert James Iaia II as an independent non-executive director, Mr. Robert James Iaia II has ceased to be a member of the audit committee, the chairman/a member of the nomination committee and the chairman/a member of the remuneration committee.

Following the resignation of Mr. Hung Cho Sing as an independent non-executive Director, Mr. Hung Cho Sing has ceased to be a member of the audit committee, the chairman/a member of the nomination committee and the chairman/a member of the remuneration committee. Following the resignation of Mr. Chung Yuk Lun as an executive director, Mr. Chung Yuk Lun has ceased to be a member of the audit committee, the chairman/a member of the nomination committee and the chairman/a member of the remuneration committee. The board announced that Mr. Chau Shing Yim, David, Mr. Nie Zhixin, Mr. Chen Haiquan have been appointed as members of the audit committee, with Mr. Chau Shing Yim, David appointed as the chairman of the audit committee; Mr. Peng Jianjun, Mr. Nie Zhixin and Mr. Chen Haiquan have been appointed as members of the nomination committee, with Mr. Peng Jianjun appointed as the chairman of the nomination committee; and Mr. Chau Shing Yim, David, Mr. Peng Jianjun and Mr. Nie Zhixin have been appointed as members of the remuneration committee, with Mr. Chau Shing Yim, David appointed as the chairman of the remuneration committee, all with effect from October 26, 2015 upon Completion.