The Board of Alibaba Pictures Group Limited announced that with effect from October 13, 2017, Mr. Fan Luyuan has been appointed as chairman of the Board, chairman of the Nomination Committee and member of the Remuneration Committee, in succession to Mr. Yu Yongfu who has stepped down as chairman of the Board, chairman of the Nomination Committee and member of the Remuneration Committee. Mr. Yu remains as executive Director. Mr. Fan appointed to the Board on January 1, 2016, is the CEO, executive Director and chairman 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. In 2010, he and his team pioneered the first ever Quick Payment, which improved the success rate of online transactions and greatly enhanced user experiences. In 2013, Mr. Fan led his team to create Yu'e Bao. Meanwhile, he and his team have made the Alipay APP one of the most popular mobile internet products in China in three years.