The board of directors of Pizu Group Holdings Limited announced that resignation of Chairman Mr. Ding Baoshan resigned as the chairman of the Board with effect from 15 November 2016 as he would like to devote more time on his other business and professional endeavours. Mr. Ding will remain as an executive Director of the Company. Mr. Ding was appointed as the executive Director and chairman of the Board on 14 December 2012. Mr. Ding has confirmed that he has no disagreement with the Board and he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to express its gratitude and immense appreciation to Mr. Ding for his leadership and guidance to the Board during his tenure as the chairman of the Board. The Board also announced that Mr. Ma Qiang is re-designated from a non-executive Director to an executive Director of the company with effect from 15 November 2016. Mr. Ma has also been appointed as the chairman of the company in place of Mr. Ding with effect from 15 November 2016. Mr. Ma Qiang, is a non-executive Director of the Company. Mr. Ma graduated from Inner Mongolia Radio and Television University in July 1989 with a speciality in Education. Mr. Ma was the chairman of the board of directors of Dongyitai Chemical from August 1993 to February 2006 and (Beijing Shengshi Huaxuan Investment Co., Ltd). Save that Mr. Ma is a non-executive Director of the Company, he has not at any time during the three years served nor is currently serving as a director of any other publicly listed companies in Hong Kong or overseas. Mr. Ma has been appointed as an executive Director and the chairman of the Board of the Company for three years commencing from 15 November 2016. Such appointment is subject at all times to Articles of Association of the Company.