The board of directors of Po Yuen Cultural Holdings (Hong Kong) Co., Ltd. convened a meeting at which a majority of the directors voted to terminate Mr. Tong as the chief financial officer, treasurer and secretary of the Registrant, effective as of the date of the meeting; and appointed Chueng Chuek Yi to serve as the chief financial officer, Luk Ming Leong to serve as the Treasurer and Luk Chi Leong to serve as the secretary of the company. Luk Chi Leong is the son of Kwok Yuen Luk and Chuek Yi Chueng, the chief executive officer and chairperson of the company.