The board of Asian Capital Resources (Holdings) Limited announced that Mr. Chu has resigned as the Chairman of the board with effect from 1 September 2013. The resignation of Mr. Chu is purely due to his other business engagements which require more of his dedication. Mr. Chu remains as an executive Director of the company after his resignation of the Chairman of the Board.

Following the resignation of the Mr. Chu, Mr. Xie, who is currently the CEO and an executive Director of the company, has been appointed as the Chairman of the board with effect from 1 September 2013, in place of Mr. Chu. Following the appointment of Mr. Xie as the Chairman of the board, Mr. Xie ceased to be the CEO for the compliance with the code provision A.2.1 of the Corporate Governance Code and Corporate Governance Report. Mr. Xie remains as an executive Director of the company.

Following the resignation of Mr. Xie as the CEO of the company, the board announced that Mr. Xiao has been appointed as the CEO in place of Mr. Xie with effect from 1 September 2013 and Mr. Xiao continues to act as an executive director of the company. The board hereby announced that with effect from 1 September 2013, Dr. Feng has been re-designated as an executive director from an independent non-executive director, and he has also resigned as the Chairman of the Nomination Committee, member of the Remuneration Committee and the Audit Committee. Presently he is the department head and researcher of Real Estates Finance Research Center, of the Beijing University Economics Faculty.

The board announced that with effect from 1 September 2013, Mr. Zheng has been appointed as an independent non-executive director of the company, the Chairman of the Nomination Committee, member of the Remuneration Committee and the Audit Committee. Currently Mr. Zheng is a researcher of the Institute of Economics of the Chinese Academy of Social Sciences and a doctoral student supervisor of the Graduate School of the Chinese Academy of Social Sciences.