China Zhengtong Auto Services Holdings Limited announced that Mr. Wang Kunpeng (Mr. Wang), an executive director and the chief executive officer of the company, has been re-designated as the vice-chairman of the Board with effect from 6 January 2017 in order to further enhance the group's long-term strategic development and significant investment decisions, as well as the group's corporate governance. Mr. Wang shall cease to be the chief executive officer of the company with effect from 6 January 2017 upon assuming responsibilities as the vice chairman of the Board. Mr. Wang has confirmed that he has no disagreement with the Board and there are no other matters relating to his re-designation which require to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the company.

The Board announced that Mr. Koh Tee Choong, Ivan (Mr. Koh) has been appointed as the chief executive officer of the company with effect from 6 January 2017. Mr. Koh prior joining the Group, Mr. Koh had served as the President of BMW China Automotive Trading Company Limited (BMW China). He joined BMW China in 2006 and had served major management positions as the Vice President Sales, Vice President and President.

From 1989 to 1996, Mr. Koh held senior management positions in several multi-national companies. He served as the Area Manager of BMW Group China, responsible for Mainland China, Hong Kong and Macau regions from 1997 to 2004. Mr. Koh served as the managing director of BMW Hong Kong, Sime Darby Group, responsible for Hong Kong and Macau regions from 2004 to 2006.