The board of directors of BAIOO Family Interactive Limited announced that Dr. XU Gang has tendered his resignation as the chief executive officer of the Company with effect from 15 October 2016 in order to pursue other career opportunities. Dr. Xu will continue to be an executive Director and will be mainly responsible for the financing and investment activities of the Group. Following the resignation of Dr. Xu, Mr. DAI Jian, currently an executive Director and the chairman of the Board, will act as the Chief Executive Officer.

The Board announced that as the term of his service contract has recently expired and will not be renewed in order to pursue other career opportunities, Mr. YEUNG Ka Hong Carl has tendered his resignation from all his positions in the Group, including the chief financial officer, chief strategy officer, joint company secretary and authorised representative of the Company with effect from 15 October 2016. Following the resignation of Mr. Yeung, with effect from 15 October 2016: Ms. NGAI Kit Fong, the other joint Company Secretary, will remain in office as the sole Company Secretary. Ms. Ngai is a director of the Corporate Services Division of Tricor Services Limited with over 26 years of experience in corporate services field.

She has been the Company Secretary since the appointment in December 2013 and is familiar with the corporate secretarial work of the Company. In addition, Ms. Ngai has been appointed as the authorised representative of the Company in replacement of Mr. Yeung for the purpose of Rule 19.05(2) of the Listing Rules and Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong); Mr. Dai has been appointed as the authorised representative of the Company pursuant to Rule 3.05 of the Listing Rules in replacement of Mr. Yeung; and the Financial Controller of the Company, being the immediate subordinate of the Chief Financial Officer, has been appointed to assume the duties as the Acting Chief Financial Officer. Ms. CHEN Xiao Hong is currently the Financial Controller of the Company.

As both Dr. Xu and Mr. Yeung will ensure smooth transition of their respective duties to Mr. Dai and the Financial Controller who have been working in the Group for a long time, the resignation of Dr. Xu and Mr. Yeung will not affect the normal business operation of the Company.