Huayi Tencent Entertainment Company Limited announced that Mr. WANG Zongjun has ceased to act as the chief executive officer of the company, with effect from 26 November 2020. The board also announced that Mr. YUEN Hoi Po, an executive director of the company, has been appointed as the chief executive officer, with effect from 26 November 2020. Mr. YUEN, aged 57, currently serves as executive director of the company. Mr. YUEN is the sole member and the sole director of Smart Concept Enterprise Limited which is a substantial shareholder of the company pursuant to Part XV of the securities and futures ordinance and a director of several subsidiaries of the company. Mr. YUEN has acquired extensive experiences in the commercial sector when he engaged in businesses, including trading, real estates, tourism and services, since 1990. Mr. YUEN is currently an independent non-executive director of Man Sang International Limited, a company listed on The Stock Exchange of Hong Kong Limited. Mr. YUEN and the company have entered into a renewal service contract as the executive director for a further 3-year term and subject to retirement by rotation and re-election at the annual general meeting pursuant to the provisions as set out in the company's articles of association and there is no emolument as an executive director of the board. The emolument package of Mr. YUEN is determined and approved by the remuneration committee of the company with reference to his duties and responsibilities in the company, the performance of the group and the prevailing market conditions. Mr. YUEN did not enter into any further service contract or agreement in relation to the appointment as the chief executive officer.