The Board of Kwang Sung Electronics HK Co. Ltd. announced that with effect from January 18, 2013, Mr. Shen Yong has been appointed as an executive Director and the chairman of the Board and Mr. Ernst Rudolf Zimmermann as an independent non-executive Director. With effect from January 18, 2013, Mr. Ronald Lew Podlas has been appointed by the Board as the chief executive officer of the company.

Upon the appointment of the New Directors, the changes of the composition of various committees of the Board take effect as from January 18, 2013: Mr. Shen Yong has been appointed as the chairman of the Executive Committee of the Board; Mr. Podlas has ceased to be the chairman of the Executive Committee of the Board and remained as one of its members; and Mr. Ernst Rudolf Zimmermann has been appointed as a member of each of the Audit Committee, the Remuneration Committee, the Nomination Committee and the Independent Board Committee of the Board. Mr. Shen being a director and a shareholder of Ultra Harvest Limited. Mr. Shen has more than 15 years of experience in hotel and commercial properties development, as well as investment, corporate and general management.

Mr. Shen served as a deputy to the 1st to 3rd Chongqing Municipal People's Congress in the People's Republic of China. Mr. Shen is currently a member of the 4th Chongqing Municipal Committee of the Chinese People's Political Consultative Conference of the PRC and a deputy chairman of the Chongqing Municipal Federation of Industry and Commerce (General Chamber). Mr. Zimmermann has more than 40 years of business experience in the international hospitality industry, especially in the Greater China region.

Mr. Zimmermann is currently the President and CEO of AVA Hospitality. Mr. Zimmermann now serves as the Senior Vice President of Swiss-Belhotel International. He is also an Associate of Global Strategic Associates, LLC.

Mr. Podlas is currently the President of Chongqing Forebase Industrial Investment (Holdings) Co. Ltd. and Aksis Hospitality Investment and Management Co. Ltd. Mr. Podlas has previously held various senior managerial positions within the ACCOR Hotel Group (including executive posts in Sofitel Forebase, Chongqing, China, Sofitel Minneapolis, the United States of America, Novotel Bangna, Bangkok, Thailand and Sofitel Raja Orchid, Khon Kaen, Thailand); Howard Johnson Plaza, Shanghai, China; Shangri-La's EDSA Plaza, Manila, Philippines; Holiday Inn Golden Mile, Hong Kong throughout his long career in the industry.