The board of directors of RCG Holdings Limited announced that Mr. Wang Haoyang is appointed as Chief Operating Officer of the company with effect from August 8, 2016. Mr. Wang, has years of management and sales experience in the on-line to off-line platform of media services in China. Prior to joining the Company, Mr. Wang served as the executive of UnionPay Wallet Business Division of China UnionPay Co. Ltd., representing China UnionPay to develop UnionPay Wallet business and handling the liaison functions with large national chain group customers, banks and development parties. Prior to joining China UnionPay, Mr. Wang served as the project leader of Ctrip Computer Technology (Shanghai) Co. Ltd. and Dianping.com, respectively. Mr. Wang is familiar with UnionPay Wallet business, therefore, the Board believes that the appointment of Mr. Wang as Chief Operating Officer of the Company will facilitate the business development strategy of the Company on UnionPay Wallet in the future.