The Board of China Innovationpay Group Limited announced that with effect from 8 May 2018, Ms. Ying Hangyan has been appointed as an executive Director and the chief service officer of the company; and Mr. Deng Tao has been appointed as an independent non-executive Director. The Board also announced that with effect from 8 May 2018, Mr. Yu Tao, an executive Director and the chief financial officer of the company, has been appointed as one of the Authorised Representatives in place of Mr. Guan Guisen, an executive Director and the chairman of the Board. The two Authorised Representatives are Mr. Yu Tao and Mr. Cao Chunmeng, an executive Director and the president of the company. The Board further announced that with effect from 8 May 2018, Mr. Deng Tao has been appointed as the chairman of each of the Nomination Committee and the Remuneration Committee and a member of the Audit Committee; Mr. Zhu Ning, an executive Director and the chief executive officer of the Company, has been appointed as a member of each of the Remuneration Committee and the Nomination Committee; Mr. Xu Yanqing, an independent non-executive Director, has ceased to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee; Mr. Cao Chunmeng has ceased to be a member of each of the Remuneration Committee and the Nomination Committee; and Mr. Gu Jiawang, an independent non-executive Director and previously the chairman of the Nomination Committee, has been re-designated as a member of the Nomination Committee. Ms. Ying joined Youzan Group (comprising Qima Holdings Ltd. and its subsidiaries) in 2014 as chief service officer and is responsible for the management of client services and contract compliance of Youzan Group. Ms. Ying is the service officer of China Prepay Group Limited, an indirect wholly-owned subsidiary of the company. Prior to joining Youzan Group, Ms. Ying worked in Lexmark Printers (Shenzhen) Co., Ltd, Huarun Sun Hung Kei Real Estate (Hangzhou) Co. Ltd. and Tang Shuo Education.