The board of directors of Cheung Wo International Holdings Limited announced that with effect from June 23, 2015, Mr. Chu To, Jonathan resigned as an independent non-executive director, the chairman of the remuneration committee of the company, a member of the audit committee of the company and a member of the nomination committee of the company in order to devote more time to pursue his other businesses. Mr. Chu has confirmed that he does not have any disagreement with the Board and is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. Mr. Chu has also confirmed that he has no claim against the Company for loss of office as a director of the Board whether by way of compensation, remuneration, severance payment, expenses, damages or otherwise.

The board also announced that with effect from June 23, 2015, Mr. Chiu Sin Nang, Kenny was appointed as an independent non-executive director, the chairman of the remuneration committee, a member of the audit committee, and a member of the nomination committee.