The board of directors of Tianda Pharmaceuticals Limited announced that Mr. SHI Shaobin has discontinued to act as the managing director of the company on 1 February 2017 and Mr. FANG Wen Quan has been appointed as the MD with effect from 1 February 2017; and Mr. SHI has been re-designated from an executive director to a non-executive director of the company with effect from 1 February 2017. Mr. FANG is currently the chairman of Tianda Group Limited. Mr. FANG had signed an appointment letter with the company for acting as an ED commencing from 1 April 2016, which will end on the date of 31 March 2018.

Mr. SHI had been the MD of the company during the period from 3 August 2015 to 31 January 2017. Mr. SHI had held the chairman of Guangzhou Pearl River Piano Group Co. Ltd. Mr. SHI had signed an appointment letter with the company for acting as the NED commencing from 1 February 2017, which will end on the date of 31 January 2019 and is subject to retirement by rotation at least once every three years pursuant to the Articles of Association of the company.