The board of directors of the China U-Ton Holdings Limited announced that, with effect from 23 May 2018, each of Ms. Liu Jianzhou and Mr. Chen Qizheng has been appointed as an executive director of the company. Mr. Chen has also been appointed as the chief executive officer of the Company with effect from 23 May 2018 (after trading hours) and will be primarily responsible for its communication network services. Mr. Jiang Changqing has resigned from the position of chief executive officer but will remain as an executive director and the chairman of the Board.

Ms. Liu, aged 43, has over 6 years of experience in the field of general management, strategic/business planning, marketing/commercial leadership, and business development. From February 2011 to December 2017, Ms. Liu worked as the vice president of Tianjin Century Pharmaceutical Co., Limited. During this period, she was mainly responsible for the development strategy and supervision of the company's business.

She was also in charge of the operation management of all business of the company, maintaining the relationship with the company's clients and organizing and supervising internal affairs of the company. Since June 2014, Chen serves as the acting general manager and the deputy general manager of Beijing U-Ton Teda Electrical New Technology Development Co. Ltd. and the deputy general manager of Hebei Changtong.

Mr. Chen has entered into a service agreement with the Company as an executive director of the Company for a term of three years commencing from 23 May 2018.