The board of directors of Tenwow International Holdings Limited has resolved on 28 June 2018 to serve a notice on Mr. Lin Jianhua to remove him as the chairman of the Board, an executive Director and the chief executive officer of the company with immediate effect pursuant to article 105(h) of the company's articles of association which provides that a director shall vacate his office if he is removed from the office by notice in writing served on him signed by not less than three quarters in number (or if that is not a round number, the nearest lower round number) of the Directors (including himself) then in office. Accordingly, the company has considered that Mr. Lin is unable to exercise his fiduciary duties as a Director. As a result of the removal of Mr. Lin as chairman of the Board, an executive Director and the chief executive officer of the company, Mr. Lin will also cease to be a member of the remuneration committee of the company and the chairman of the nomination committee of the company.

The Board announced that Mr. Lin Qi, an existing executive Director, has been appointed as the chairman of the Board and a member of the remuneration committee of the company and the chairman of the nomination committee of the company in replacement of Mr. Lin with effect from 28 June 2018. The Board announced that Mr. Yan Zhixiong, an existing non-executive Director has been re-designated as an executive Director and appointed as the chief executive officer of the company with effect from 28 June 2018. Mr. Yan is currently the managing director of China Momentum Fund.

The Board announced that Mr. Xu Jianxin has been appointed as an executive Director and the chief operating officer of the company with effect from 28 June 2018. Mr. Xu Jianxin was previously the vice general manager, the general manager of the marketing management support systems division, the general supervisor of the sales strategy center and information research center and the general manager of the East China markets division of the JDB Group from July 1998 to March 2018. Prior to that, Mr. Xu was the manager of the South China sales office of Ting Yuan Company Limited under the Ting Hsin International Group.

He has extensive experience in corporate sales and operations.