The Board of Xiezhong International Holdings Limited announced that Mr. Li has resigned as a non-executive Director with effect from 30 August 2016 due to his personal commitments on other businesses. In addition, with effect from 26 August 2016, Mr. Li has also resigned as director of Xiezhong Nanjing, Xiezhong BVI and Xiezhong HK respectively. Mr. Li has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company. The Board announced that Mr. Chen has been appointed as a non-executive Director with effect from 30 August 2016. In addition, with effect from 26 August 2016, Mr. Chen has been appointed as director of Xiezhong Nanjing, Xiezhong BVI and Xiezhong HK respectively. Mr. Chen currently is the general manager of Beijing Hainachuan. Previously, he worked as the project manager of localization, manager of the power train department and senior manager of the non-metallic parts department of Beijing representative office of Volkswagen and Volkswagen (China) Investment Co. Ltd. from April 1998 to January 2008 and from October 2008 to March 2009, respectively. From April 2013 to May 2016, he served as the vice president of BAIC Motor Corporation., Limited.