Hop Hing Group Holdings Limited has announced the retirement of Hung Hak Hip, Peter as chairman of the board. On the same day, Mr. Hung will also retire as a non-executive director of the Board, and cease as the chairman of the Nomination Committee and a member of each of the Audit Committee and Remuneration Committee of the Company. In recognition of Mr. Hung's invaluable contributions and excellent leadership to the Company, the Board is delighted to honor Mr. Hung as the Honorary Chairman of the Company following his retirement. Mr. Hung will not receive any remuneration from the company as Honorary Chairman of the Company, nor will he take up any responsibility thereafter. The Board also announced that with effect from 25 March 2016, Mr. Seto, John Gin Chung, currently the Vice Chairman and an independent non-executive director of the Board and a member of each of the Nomination Committee and Audit Committee of the Company, will be the Chairman of the Board; the chairman of the Nomination Committee of the Company; and a member of the Remuneration Committee of the Company. On the same day, Mr. Seto will cease acting as a member of the Audit Committee of the Company, but will remain as an independent non-executive director of the Board. The Board would like to express its warmest thanks and appreciation to Mr. Hung for his invaluable contributions and excellent leadership to the Company and at the same time expresses its warmest welcome to Mr. Seto as the new Chairman of the Board. Mr. Hung Ming Kei, Marvin, currently an Executive Director and the CEO of the Company, has been appointed as an authorised representative of the Company to replace Mr. Hung.