The board of directors of Global Digital Creations Holdings Limited announced that Mr. Wang Hongpeng ("Mr. Wang") will be appointed as an executive Director, the managing director and a member of the executive committee of the Company ("Executive Committee") with effect from 31 December 2019. The Board further announced that Ms. Cheng Xiaoyu ("Ms. Cheng"), the chairman of the Board and the managing director, will resign as managing director of the Company with effect from 31 December 2019 but remains as the chairman of each of the Board, the Executive Committee and nomination committee of the Company ("Nomination Committee") and the vice chairman of the remuneration committee of the Company ("Remuneration Committee"). Mr. Wang Hongpeng is currently an executive director and an executive member of the Regional Development and Service Group of Beijing Shougang Fund Co. Ltd., which is a wholly-owned subsidiary of Shougang Group Co. Ltd. ("Shougang Group"). Shougang Group is a substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the laws of Hong Kong (the "SFO").