The board of directors of China Innovationpay Group Limited announced that Mr. Xu Yanqing has been appointed as an independent non-executive Director and a member of each of the audit committee and the nomination committee of the Company as well as the chairman of the remuneration committee of the Company with effect from 4 August 2017. Prior to his retirement in August 2016, Mr. Xu Yanqing was the vice general manager of The People's Insurance Company of China (Hong Kong) Ltd. between August 2011 and August 2016. The Board announced that with effect from 4 August 2017, Mr. Xu will be appointed as a member of each of the audit committee and the nomination committee of the Company as well as the chairman of the remuneration committee of the Company. Mr. Wang Zhongmin, an independent non- executive Director and the existing chairman of the remuneration committee of the Company, will be re- designated as a member thereof. The Board announced that it has been unable to contact Mr. Wang by all possible means of communication since 9 June 2017. Since Mr. Wang has not been able to discharge his duties as an independent non-executive Director, the Board passed a resolution on 4 August 2017 to suspend the duties of Mr. Wang as an independent non-executive Director with immediate effect until further notice.