The board of directors of Alibaba Pictures Group Limited announced that with effect from August 2, 2017, Mr. Fan Luyuan, executive Director and member of the executive committee of the company has been appointed as chief executive officer of the company and chairman of the Executive Committee in succession to Mr. Yu who has stepped down as CEO and chairman of the Executive Committee. Mr. Yu stepped down as CEO and chairman of the Executive Committee in order to focus on his leadership and management responsibilities for the digital media and entertainment matrix of Alibaba Group Holding Limited. Mr. Yu remains as executive Director, chairman of the Board, chairman of the nomination committee of the Company and member of the remuneration committee of the Company.

Mr. Fan appointed to the Board on January 1, 2016, is an executive Director and a member of the Executive Committee. Mr. Fan joined Alipay in 2007, and served consecutively as senior director of Development Department, assistant president, vice president and senior vice president. He was also president of Alipay Business Unit and Wealth Management Business Unit at Ant Financial Services Group.