The board of directors of Sincere Watch (Hong Kong) Limited has announced that Mr. Zhang Xiaoliang, a current Executive Director and Deputy Chairman, will be appointed as the Chief Executive Officer of the company with effect from 14 January 2017. Mr. Zhang was appointed an Executive Director and Co-Chairman of the company on 22 April 2016, and was re-designated from Co-Chairman to Deputy Chairman on 1 October 2016. He is also a director of a number of the indirect wholly-owned subsidiaries of the company, the president and producer of Aquamen Entertainment LLC., chairman of Chongqing branch of China International Engineering Design & Consult Company Limited, founder, a director and chief scientist of Beijing Quanlian Networks Technology Company Limited, chief scientist of Channelsoft (Beijing) Technology Co., Ltd, a director of The China Yanan Spirit Research Society and vice chairman of The China Yanan Association.

Mr. Zhang is a computer specialist and he is also a technical expert in the field of digital audio/video engineering. He has worked for several enterprises such as Dun & Bradstreet, Bankers Trust, Bank of New York and Merrill Lynch. The Board also announces that following Mr. Zhang's appointment, Mr. Chu, Kingston Chun Ho will cease to be the Vice Chairman and Managing Director of the company with effect from 14 January 2017 and will remain as an Executive Director of the company.

Mr. Chu confirmed that he has no disagreement with the Board; and there is no matter that needs to be brought to the attention of the shareholders of the company in relation to his cessation to act as the Vice Chairman and Managing Director of the company.