Sustainable Forest Holdings Limited announced that with effect from March 1, 2018. Mr. Yeung Sau Chung will step down from his position as the Chairman of the Board and will be re-designated as a Non-executive Director of the Company as he needs to devote more time to his other business engagements. Ms. Wang Jingyu, an Executive Director of the Company, will be appointed as the Chairlady of the Board and Mr. Lai Ming Wai will be appointed as an Executive Director and the Chief Executive Officer of the Company.

Mr. Yeung confirmed that there is no disagreement with the Board and there is no other matter in relation to his step down from the position of Chairman of the Board that needs to be brought to the attention of the shareholders of the company. Mr. Yeung, aged 51, joined the Group in June 2015 as an Executive Director. Ms. Wang, aged 37, joined the Group in October 2017 as an Executive Director and is a member of the Executive Committee.

She is also a director of various subsidiaries of the Company. Ms. Wang was the chairlady, managing director and an executive director of Applied Development Holdings Limited. Mr. Lai was a senior executive of Bank of America.

The Board also announces that with effect from 1 March 2018: (i) following the re-designation of Mr. Yeung as a Non-executive Director of the company, Mr. Yeung will cease to be the chairman of the Executive Committee; (ii) Ms. Wang will be appointed as the Chairlady of the Executive Committee; and (iii) following the appointment of Mr. Lai as an Executive Director of the Company, Mr. Lai will be appointed as a member of the Executive Committee.