The board of directors of China Chengtong Development Group Ltd. announced that Mr. Tsui Yiu Wa, Alec will resign as an independent non-executive Director, chairman of the remuneration committee of the company, a member of the audit committee of the company and a member of the nomination committee of the company with effect from 1 November 2013. The Board also announces that Mr. Kwong Che Keung, Gordon will resign as an independent non-executive Director, chairman of the Audit Committee, a member of the Remuneration Committee and a member of the Nomination Committee with effect from 1 November 2013. Both of Mr. Tsui and Mr. Kwong have been serving the company as independent non-executive Directors for more than ten years.

The Board announced that Mr. Lee Man Chun Tony will be appointed as an independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee with effect from 1 November 2013. Mr. Lee, is an associate of the Hong Kong Institute of Certified Public Accountants. He has more than 30 years' experience in accounting, finance and banking.

Previously, he worked for and held senior positions with Standard Chartered Bank and Sanwa International Finance Ltd. The Board also announced that Mr. Chan Sheung Lai will be appointed as an independent non-executive Director, the chairman of the Audit Committee, a member of the Remuneration Committee and a member of the Nomination Committee with effect from 1 November 2013. Mr. Chan, is an executive director and the chief executive officer of Carrianna Group Holdings Company Limited.