IPE Group Limited announced management changes. Mr. Chui Siu On has resigned as an executive Director and the Chief Executive Officer of the Company with effect from 29 October 2018 as he wishes to focus on his other business engagements. Mr. Chui has also ceased to act as a member of each of the Executive Committee, Remuneration Committee and Nomination Committee of the Company with effect from 29 October 2018.

In view of his previous contribution to the Group, Mr. Chui is engaged as a consultant of the Company. Dr. Cheng Ngok has resigned as an independent non-executive Director with effect from 29 October 2018 as he wishes to focus on his other business engagements. Dr. Cheng has also ceased to act as the Chairman of both the Audit Committee and Remuneration Committee and a member of the Nomination Committee of the Company with effect from 29 October 2018.

Mr. Mei Weiyi has been appointed as an independent non-executive Director, and a member of each of the Audit Committee, Nomination Committee and Remuneration Committee of the Company with effect from 29 October 2018. Mr. Mei previously served as the general manager of the Equity Investment Department of China Re Asset Management Company Ltd. Pursuant to his letter of appointment, the initial term of the appointment of Mr. Mei as an independent non-executive Director is one year. The board further announced that with effect from 29 October 2018, Mr. Zeng Guangsheng, the Chairman of the Board and an executive Director, has been appointed as an authorized representative of the Company pursuant to Rule 3.05 of the Listing Rules and an agent for the service of process in Hong Kong in place of Mr. Chui.

Following the resignation of Mr. Chui Siu, Mr. Zeng Guangshe, the Chairman of the Board and an executive Director, has been appointed as the Chief Executive Officer of the Company with effect from 29 October 2018. Mr. Zeng, aged 52, is the Chairman of the Board, an executive Director and the Chairman of both of the Executive Committee and Nomination Committee and a member of the Remuneration Committee of the Company. He joined the Group in 2016.

Upon the appointment of Mr. Zeng as the Chief Executive Officer of the Company, Mr. Zeng will perform both the roles of Chairman and Chief Executive Officer of the Company. In addition to the above changes, with effect from 29 October 2018, Mr. Yang Rusheng has been appointed as the Chairman of the Audit Committee of the Company; and Mr. Cheung, Chun Yue Anthony has been appointed as the Chairman of the Remuneration Committee of the Company.