Asian Capital Resources (Holdings) Limited announced that Mr. Xie Xuan has resigned as the chairman of the board but remains as an executive director of the company. The board also announced that Mr. Chu Yat Hong, an executive director of the company, has been appointed as the chairman of the board in place of Mr. Xie with effect from 3 December 2012. The board also announced that with effect from 3 December 2012, Mr. Xie Xuan has been appointed as chief executive officer of the company.