Shun Cheong Holdings Limited announced that the directors of the company have resigned from their positions in the audit committee, remuneration committee, and nomination committee of the Company with effect from 5 August 2016. All members of the audit committee, remuneration committee, and nomination committee of the Company have resigned, except Mr. Chen Zhiwu, who remains as a member of the remuneration committee; Mr. Wang Jingbo has been appointed as an executive director of the Company, the chief executive officer of the Company, a member of the nomination committee and one of the authorized representatives of the Company; Mr. Lee Khay Kok has been appointed as an executive director of the Company; Mr. Lin Dongliang has been appointed as a non-executive director of the Company and a member of the audit committee of Company; Mr. Shong Hugo has been appointed as a non-executive director of the Company and a member of the remuneration committee of the Company; Mr. Shi Cen has been appointed as an independent non-executive director of the Company and a member of the audit committee and the nomination committee of the Company; Mr. Chen Zhiwu has been appointed as the chairman of the nomination committee of the Company and has resigned as a member of the audit committee of the Company; Mr. Chau Shing Yim David has been appointed as an independent non-executive director of the Company and the chairman of the audit committee and the remuneration committee of the Company; Ms. Cao Jing has resigned as a member of the remuneration committee and the nomination committee and one of the authorized representatives of the Company; Mr. Ye Jianping has resigned as the chairman of the remuneration committee and the nomination committee of the Company and a member of the audit committee of the Company; Mr. Palaschuk Derek Myles has resigned as the chairman of the audit committee and a member of the nomination committee of the Company; Ms. Wang Jing has resigned as the company secretary and one of the authorized representatives of the Company; Mr. Tan Jue has been appointed as one of the joint company secretaries and one of the authorized representatives of the Company; and Mr. Ku Sau Shan Lawrence James has been appointed as one of the joint company secretaries of the Company. Mr. Wang has approximately 10 years of experience in research, management and investment in upstream oil and gas industry and other energy sectors, including around 5 years of practical experience in upstream oil and gas companies.

Mr. Lee, aged 50 has approximately 19 years of experience involving upstream oil and gas exploration and development, in particular in the fields of production enhancement and fracturing stimulation. Mr. Lee, has been the chief engineer of Titan Gas Holdings since 2013, is mainly responsible for engineering and technology in Titan Gas Holdings. Mr. Lin, 54 served as the vice president of IDG Capital Partners -- IDG Technology Venture Investment, the China Risk Investment team of IDG, and has then served as a general partner of IDG Capital Partners.

He is also a partner of the IDG Capital Investment Consultancy (Beijing) Co. Ltd. and a non-executive director of NetDragon Websoft Inc., a company listed on the Main Board of the Stock Exchange. Mr. Shong is a non-executive director of Mei Ah Entertainment Group Ltd. and WPP plc.

Mr. Shong was also a non-executive director of Huayi Tencent Entertainment Co Ltd. from 21 December 2009 to 5 February 2016. Mr. Shong is a member of the board of trustees of Boston University. Mr. Shi is a Managing Director of Ascendent Capital Partners (Asia) Ltd. Prior to joining Ascendent Capital Partners (Asia) Ltd. in April 2011, Mr. Shi was a Senior Vice President of D. E. Shaw & Co., responsible for its Greater China private equity investment business.

Prior to joining D. E. Shaw & Co., Mr. Shi served as a vice president at CCMP Capital Asia Pte Ltd. Mr. Chau was also an independent non- executive director of Up Energy Development Group Limited, from 20 June 2013 to 25 September 2015, a director of China Solar Energy Holdings Limited, from 15 May 2015 to 12 June 2015, and an independent non-executive director of Varitronix International Limited, from 1 July 2009 to 3 June 2016.