Global Bio-chem Technology Group Company Limited announced that Ms. Liang Wanpeng ("Ms. Liang") has been appointed as a non-executive Director with effect from 21 December 2018. Ms. Liang has worked in the Bank of Communications, Jilin Province branch from January 1993 to February 2008 with her last position as vice president. Ms. Liang has entered into an appointment letter with the Company for an initial term of two years commencing from 21 December 2018, which shall be renewable automatically for successive terms of one year unless terminated by not less than three months' writ en notice served by either party at any time during the then existing term. The Board also announced that Mr. Zhao Jin ("Mr. Zhao") has been appointed as an independent non-executive Director with effect from 21 December 2018. Since 2010, Mr. Zhao has worked in various securities firms in the PRC where he participated in mergers and acquisitions and other corporate finance activities such as initial public offerings, assets swap and reverse takeovers that involved companies listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Shanghai Stock Exchange. The Board further announced that following the appointment of Mr. Zhao as Director as announced earlier, Mr. Zhao has been appointed as a member of the audit committee of the Company (the "Audit Committee"), a member of the remuneration committee of the Company (the "Remuneration Committee"), a member of the nomination committee of the Company (the " Nomination Committee") and a member of the corporate governance committee of the Company (the "Corporate Governance Committee") with effect from 21 December 2018. The Board announced that Mr. Kong Zhanpeng ("Mr. Kong") has been appointed as the chief economist of the Company with effect from 21 December 2018. Mr. Kong is responsible for advising on long-term financial plan, liaison and co-ordination with principal banks of the Group, potential strategic investors and the People's Government of Jilin Province to facilitate the process of debt restructuring plan of the Group.