The board of Directors of Citychamp Watch & Jewellery Group Limited announced that Mr. Li Qiang has resigned as an independent non-executive Director of the Company and a member of the Audit Committee, Nomination Committee and Remuneration Committee of the Company with effect from 20 January 2017 due to personal reason. The Board also announced that Mr. Rudolf Heinrich Escher has been appointed as an independent non-executive Director of the Company and a member of Audit Committee, Nomination Committee and Remuneration Committee of the Company with effect from 20 January 2017. Mr. Escher, aged 60, had been working for Credit Suisse for almost 37 years until retirement on 31 December 2016. His latest position in Credit Suisse was Vice Chairman, Private Banking Asia Pacific Switzerland in the Asia Pacific division with focus on Ultra High Net Worth Individuals.