Applied Development Holdings Limited announced that Mr. Wu Zhanming ("Mr. Wu"), the chairman of the Board and an executive Director, has been redesignated as the Acting CEO of the Company (the "Acting CEO") with effect from 10 June 2020. Mr. Wu is acting as Acting CEO to fill the vacancy arising from the suspension of duties of Mr. Yuen. The Board is now taking steps to identify suitable candidates to act as the executive Director and the CEO. the Board has resolved to suspend all administrative and executive duties of Mr. Yuen as CEO with effect from 10 June 2020 until further notice.