The board of directors of AVIC Joy Holdings (HK) Limited announced that the Board received from Mr. Wang Xiaowei on 4 December 2017 a notification of resignation as an executive Director and chief executive officer of the company. Mr. Wang noted in his notification of resignation that he resigned as a result of the requisition letters received by the Board from a shareholder of the company, AVIC International (HK) Group Limited dated 14 November 2017 and 23 November 2017, requesting the Board to convene an extraordinary general meeting to consider the removal of, amongst others, Mr. Wang, Mr. Xiao Wei, Mr. Wang Songhui, Mr. Hu Xiaowen and Mr. Gong Changhui as directors of the company. The Board resolved to appoint each of Mr. Li Chengning, Mr. Fu Fangxing, Ms. Mu Yan and Ms. Fu Xiao as executive Director of the company and each of Mr. Jiang Ping, Ms. Wu Rui and Mr. Guo Wei as independent non-executive Director of the company.

The Board has also resolved to appoint (i) Mr. Li as the Chairman to the Board, (ii) Mr. Jiang as the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee; (iii) Ms. Wu as the chairman of the Nomination Committee and a member of each of the Audit Committee and the Remuneration Committee; and (iv) Mr. Guo as the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee. Mr. Li Chengning is currently the chief investment officer of AVIC International (HK) Group Limited. Mr. Fu Fangxing is a senior accountant and has extensive experience in financial management, investment and financing management, as well as in mergers and acquisitions.

Mr. Fu currently serves as the head of financial management department of AVIC International Holdings Corporation. Ms. Mu Yan is currently the officer of the capital operation office of AVIC International. Ms. Fu Xiao currently serves as the assistant to the head of legal affairs department and legal consultant of AVIC International, a subsidiary of Aviation Industry Corporation of China, which is a substantial shareholder of the company.

Currently, Mr. Jiang is a founding partner of iVision Ventures, a venture capital fund focused on AI investment, responsible for investment, fundraising and management matters including compliance, structuring, and investor relations. Currently, Ms. Wu is an assistant professor at Tsinghua University's School of Economics. Mr. Guo Wei is also a Fellow Chartered Certified Accountant awarded by the Association of Chartered Certified Accountants, United Kingdom.