The board of V1 Group Limited announced that the Group is undertaking a restructuring of its telemedia and e-commerce business segment which involves a series of reorganization steps comprising of disposal of the Telemedia Equipment via disposal of China Investment, a 99.9%-owned subsidiary of the Company, to the CATV Fund, of which Goal Dynasty, a wholly-owned subsidiary of the Company, will be admitted as a limited partner to the CATV Fund; and disposal of the business in CATV via the disposal of Golden Target, a wholly-owned subsidiary of the Company, to the CATV Fund. On 7 December 2020, the CATV Fund entered into the Sale and Purchase Agreement with the Company, pursuant to which the CATV Fund agreed to purchase 50,000 ordinary shares of Golden Target, representing its entire issued share capital and 99.9% equity interest in China Investment from the Company at a consideration of USD 11,080,000. The Board announced that following the Disposal Completion and effective from 1 January 2021, there will be changes to the composition of the Board with the objective of infusing the Group with a young, vibrant and professional team which will lead the Group to the next stage of growth, the details are of Ms. Wang Chun will resign as an executive Director; Mr. Ji Qiang will resign as an executive Director; Mr. Wang Linan and Professor Gong Zhankui will cease to be independent non-executive Directors upon expiry of their respective service contracts on 31 December 2020; Mr. Peng Xitao will be appointed as an executive Director of the Company; and Mr. Zang Dongli and Mr. Zhou Jingping will be appointed as independent non-executive Directors. The Board announced that following the change of Directors and with effect from 1 January 2021, the following changes in the composition of its Board committees will be made: Dr. Zhang will cease to be the member of remuneration committee and corporate governance committee of the Company; Ms. Wang Chun will cease to be the member of each of the remuneration committee and the nomination committee of the Company upon retirement; Ms. Cheng Po Chuen will become the member of each of the remuneration committee, the nomination committee and the corporate social responsibility committee and the chairman of the corporate governance committee of the Company; Dr. Loke Yu will cease to be the member of the corporate governance committee of the Company; Mr. Wang Linan will cease to be the member of each of the audit committee, the nomination committee, the remuneration committee and the corporate governance committee of the Company; Professor Gong Zhankui will cease to be chairman of the corporate governance committee and the member of each of the audit committee, the nomination committee and the remuneration committee of the Company; Mr. Peng Xitao will become the member of the corporate governance committee and the chairman of the corporate social responsibility committee of the Company; Mr. Zang Dongli will become the member of each of the audit committee, the remuneration committee, the nomination committee and the corporate social responsibility committee of the Company; and Mr. Zhou Jingping will become the member of each of the audit committee, the nomination committee, the corporate governance committee and the corporate social responsibility committee of the Company. In 2015, Mr. Peng Xitao founded Crazy Sports and served as the chief executive officer. He pioneered the paid lottery information service platform -- Crazy Red Insights which focus on providing lottery players with professional analyses and information services relating to football and basketball games, such platform has quickly become a leader in the industry. Crazy Sports was fully acquired by the Group in October 2018. From 2007 to 2009, Mr. Zang Dongli served as the head of the market development department of Beijing International Media Center to provide services to the 2008 Olympic Games in Beijing, during which he was responsible for raising funds for the establishment of the Media Center and facilitated the cooperation with dozens of famous brands and enterprises in respect of fund raising and in-kind contributions. Thereafter, Mr. Zang worked as a project director of the business department of National Stadium Co. Ltd., responsible for the development of large-scale events and project fundraising for the National Stadium (Bird's Nest) until his retirement in early 2020. Mr. Zang has entered into a service agreement with the Company for an initial term of three years commencing on 1 January 2021, which may be terminated either by Mr. Zang or the Company by giving not less than three months' written notice at any time during the said initial term. Mr. Zhou Jingping, is currently the vice chairman of HeYi Group and the managing director of King & Wood Mallesons.