The board of Applied Development Holdings Limited. announced that, effective September 14, 2016 Ms. Jingyu Wang resigned as the Chairlady, the Managing Director and an Executive Director; Mr. Tsao Hoi Ho resigned as an Executive Director; Mr. Su Ru Jia resigned as an Independent Non-executive Director; Mr. Lo Yun Tai resigned as an Independent Non-executive Director; and Mr. Chan Ming Fai, Terence resigned as an Independent Non-executive Director. The board further announced that, with effect from September 14, 2016 Mr. Wang Bo has been appointed as a Non-executive Director and the Chairman of the board; Mr. Yuen Chi Ping has been appointed as an Executive Director and the Chief Executive Officer; Mr. Lau Chi Keung has been appointed as an Independent Non-executive Director; Mr. Yu Tat Chi, Michael has been appointed as an Independent Non-executive Director; and Mr. Chiu Kit Man, Calvin has been appointed as an Independent Non-executive Director.

Mr. Chan Ming Fai, Terence, Mr. Su Ru Jia and Mr. Lo Yun Tai ceased to be members of the Audit Committee, and Mr. Yu Tat Chi, Michael, Mr. Lau Chi Keung and Mr. Chiu Kit Man, Calvin have been appointed as members of the Audit Committee, with Mr. Yu Tat Chi, Michael being appointed as the Chairman of the Audit Committee; Mr. Lo Yun Tai, Mr. Su Ru Jia, Mr. Chan Ming Fai, Terence and Ms. Wang ceased to be members of the Remuneration Committee and Mr. Lau Chi Keung, Mr. Chiu Kit Man, Calvin and Mr. Wang Bo have been appointed as members of the Remuneration Committee, with Mr. Lau Chi Keung being appointed as the Chairman of the Remuneration Committee; and Mr. Lo Yun Tai, Mr. Chan Ming Fai, Terence and Ms. Wang ceased to be members of the Nomination Committee and Mr. Wang Bo, Mr. Lau Chi Keung and Mr. Chiu Kit Man, Calvin have been appointed as members of the Nomination Committee, with Mr. Wang Bo being appointed as the Chairman of the Nomination Committee. Mr. Yuen Chi Ping has over 12 years of experience practicing as a lawyer in the People's Republic of China and Hong Kong, and has extensive experience in corporate law, China-related public and private mergers and acquisitions, and capital market transactions. He worked as a special counsel in the Shanghai office of Baker & McKenzie from 2011 to 2014, responsible for the firm's securities practice in Shanghai.

Mr. Wang Bo worked as a manager of Legal Department of DBS Bank (China) Limited Shanghai Branch from 2010 to 2011 and an associate and a senior associate of King & Wood Mallesons from 2007 to 2010. Mr. Wang has been an executive director of Fullshare since September 2014. Mr. Lau Chi Keung has over 38 years of management experience in the real estate industry in the PRC and in Hong Kong.

Mr. Lau has been an independent non-executive director of Fullshare since December 2013. Mr. Yu Tat Chi, Michael years of experience in accounting, corporate finance and asset management. He had held senior management positions in listed companies in Hong Kong.

Mr. Chiu Kit Man, Calvin in 2016 was appointed by the Hong Kong government as a member of The Advisory Committee on Built Heritage Conservation.