The board of directors of Greater China Financial Holdings Limited announced that Mr. Zhang Peidong has been re-designated from an independent non-executive Director to an executive Director with effect from 5 July 2016. In view of the re-designation, Mr. Zhang has resigned as a member of the audit committee of the Company with effect from 5 July 2016. The Board announced that, with effect from 5 July 2016, Dr. Lu Ziang has been appointed as an independent non-executive Director and a member of the audit committee of the company.