The Board of Huabang Financial Holdings Limited announces that, with effect from October 2, 2018. Mr. Zhu Shouzhong has been appointed as an independent non-executive Director of the Company and Mr. Shin Yick Fabian has resigned as an independent non-executive Director of the Company Mr. Shin Yick Fabian has ceased to be the chairman and member of the audit committee Mr. Loo Hong Shing Vincent has been appointed as the chairman of the audit committee and Mr. Zhu Shouzhong has been appointed as a member of the audit committee. Mr. Shin Yick Fabian has ceased to be a member of the remuneration committee and Mr. George Lu has been appointed as a member of the remuneration committee. Mr. Zhu has over 30 years of substantial operation and management experience in the insurance industry. Pursuant to a letter of appointment signed by the Company and Mr. Zhu, Mr. Zhu's term of services with the Company is fixed at three years with effect from October 2, 2018 unless terminated by three months' written notice or in certain circumstances as in accordance with the terms of the letter of appointment. Mr. Zhu will hold office until the next following annual general meeting of the company.