The board of directors of Weiqiao Textile Company Limited announced that Mr. Wang Naixin, due to his age and desire to devote more time on his family affairs, has tendered his resignation to the Board for resigning from his positions as an independent non-executive Director, the chairman of the remuneration committee and a member of the audit committee and the nomination committee of the company with effect from the date of the annual general meeting of the Company to be held on 28 May 2018. Mr. Wang has confirmed that he has no disagreement with the Board and has no any other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Subject to the approval by the Shareholders at the AGM, the Board proposed to appoint Mr. Liu Yanzhao as an independent non-executive Director with effect from the date of the AGM. Mr. Liu will be appointed for a term of 3 years commencing from the grant of approval at the AGM and subject to re-election in accordance with the articles of association of the Company or pursuant to the Listing Rules. Mr. Liu has almost 22 years of experience in accounting. He served as the director of capital verification department of Shandong Binzhou Audit Firm from July 1996 to October 1999. From October 1999 to January 2005, he served as the director of audit department of Shandong Huanghe Limited Liability Accounting Firm and he has been the deputy head and deputy director accountant of Shandong Huanghe Limited Liability Accounting Firm since January 2005.