The board of directors of Tiangong International Company, Limited announced that Yin Shuming has tendered his resignation as an independent nonexecutive director of the company, the Chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee of the Board with effect from 3 September 2016 due to his old age of 71 and intention to spend more time with his family. The Board also announced that Wang Xue Song appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee of the Board to fill the casual vacancy resulting from Yin's resignation with effect from 3 September 2016 for a term of 3 years, subject to rotational retirement requirements and re-election by shareholders at the first general meeting after his appointment in accordance with the company's articles of association. Wang has been the project manager of Sun Microsystems Inc., responsible for the development of UltraSPARC CPU chips. He has over 10 years of management and engineering experience in various industries in Silicon Valley in the United States and in China. Further, Wang has nearly 20 years of operating and investment experience in the United States and China. He has been a principal of China Renaissance Capital Investment, where he was responsible for private equity investments.