The board of directors of Tianjin Development Holdings Limited announced that Mr. Zeng Xiaoping has retired as Chairman and Executive Director of the company with effect from 31 July 2018 as he has reached the retirement age. Upon his retirement from the Board, Mr. Zeng also ceased to be the Chairman of the nomination committee, member of the remuneration committee and authorized representative of the company as required under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Mr. Zeng confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the company. The Board further announces that Mr. Wang Zhiyong, Executive Director and General Manager of the company, has been appointed as a member of the remuneration committee and an authorised representative of the company as required under Rule 3.05 of the Listing Rules with effect from 31 July 2018. Following the retirement of Mr. Zeng, the roles of the Chairman of the Board and the Chairman of the nomination committee are outstanding, which constitute deviations from Code Provision A.2 and A.5.1 of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules. Further announcement will be made by the company in relation to such appointments as and when appropriate.