The board of directors of Pacific Plywood Holdings Limited announced that Ms. Yu Yang ("Ms. Yu"), the current chief executive officer of the Company's peer to peer financing business segment has been appointed as the chief executive officer of the Company and its subsidiaries with effect from 20 January 2016 and is responsible for making decisions on all material matters related to the Group's operations such as business scope, operating approach and financial position, and its day-to-day operation management. Ms. Yu, aged 32, previously served as the managing director of Greater China at Eternal Capital, and was responsible for the overall operation, management and supervision of the investment business of the company in China, as well as listing projects covering real estate, finance, agriculture, husbandry and high-tech industries.