OEL (Holdings) Limited announced that Mr. Hing will be resigning as Managing Director and Chairman of the company. Mr. Zhang Jian, the substantial shareholder, is proposing for Ms Zhao Xin, one of the Purchasers, to be appointed as Managing Director and Chairman of the company. Mr. Hing's resignation and Ms Zhao's appointment will be subject to the approval of the Nominating Committee and the Board in consultation with the Sponsor.

The Board will continue its supervisory role in overseeing the Company, and opportunities for the company's growth will be discussed by the Board. Mr. Zhang Jian has over 30 years of extensive corporate management experience and has held various leadership positions. He has experience in several industries such as investment banking, real estate (city planning, commercial and medical), information technology and life sciences.

He is currently a resident in Singapore and holds the position of CEO and Managing Director in Eminence Investment Pte Ltd.