U Banquet Group Holding Limited announced that with effect from October 27, 2016, Mr. Cheung has resigned as an executive Director, the chairman of the Board and the chief executive officer of the company; Mr. Cheung Ka Kei has resigned as an executive Director; Mr. Kan Yiu Pong has resigned as an executive Director and the compliance officer of the company; and each of Mr. Chung Kong Mo JP, Ms. Wong Tsip Yue, Pauline and Mr. Wong Sui Chi has resigned as an independent non-executive Director. The resignation of the above directors was due to the change in control of the company. Each of the above resigning directors has confirmed that he or she has no disagreement with the board and there is nothing to be brought to the attention of the shareholders and the Stock Exchange in relation to his or her resignation. In place of the resigning directors, six Directors have been nominated by the Offeror: Mr. Sang has been appointed as an executive Director and the chairman of the Board; each of Mr. Xu and Mr. Cui has been appointed as an executive Director; and each of Mr. Xu Zhihao, Mr. Lam Ka Tak and Ms. Liu Yan has been appointed as an independent non-executive Director, all with effect from October 27, 2016. Mr. Sang has over 15 years of experience in the securities investment industry in Hong Kong and the PRC. Mr. Xu has been the president of Guorun Construction Group Limited since 1996 and the general manager of Beijing Rixing Property Development Limited since 2004. From 2014 to present, Mr. Xu has been employed as the president of Guorun Holdings Group Limited. He is also the chairman and director of Asia Pacific Aviation Leasing Group from 2016. Mr. Cui was employed as the assistant general manager of Sinotrans & CSC Holdings Co., Ltd.'s finance department from 1997 to 2012. From 2012 to 2014, Mr. Cui was the managing director of capital operations of ABCI China Investment Corporation Limited. Mr. Cui has over 19 years of experience in the securities investment industry in PRC and over 10 years of experience in Hong Kong's securities industry. Mr. XU Zhihao was employed by a real estate company prior to working at Huabang (Guangdong) Century law firm. From 2001 to 2003, Mr. XU Zhihao worked in Guang Dong Rong Guan law firm. Mr. XU Zhihao is currently a senior partner in Jincheng Tongda & Neal (Shenzhen) and has extensive experience in the operation of banks and non-bank financial institutions, including trusts, securities and financing leasing institutions. Mr. XU Zhihao is skilled in various real estate financing, including trust support and equity financing. Mr. LAM Ka Tak was employed by RSM Nelson Wheeler (currently known as RSM Hong Kong) before working as an audit manager at KPMG. Mr. LAM Ka Tak currently serves as the chief financial officer of Beijing Enterprises Medical and Health Industry Group Limited. Mr. LAM Ka Tak is also employed as an executive director by Beijing Sports and Entertainment Industry Group Limited. Mr. LAM Ka Tak has over 13 years of experience in accounting and financial matters. In 2005, Ms. LIU Yan joined Barclays Bank (New York) global risk division as an investment manager. She worked as a vice president of Angelo, Gordon & Co from 2007 to 2010. From 2010 to 2015, Ms. LIU Yan was a managing director of Fund Management Department and Strategic Investment Department in China Everbright Limited (Hong Kong). Currently, Ms. LIU Yan is an independent non-executive director of Tai United Holdings Limited.