The board of directors of Luen Thai Holdings Limited announces that Mr. Shen Yaoqing (``Mr. Shen'') retired as an executive Director at the AGM in accordance with the articles of association of the Company (``Articles of Association'') and did not offer himself for re-election due to his personal retirement plan. Following his retirement, Mr. Shen ceased to be (i) the chairman of the Board; and (ii) the chairman of the nomination committee of the Company (``Nomination Committee'') with effect from the conclusion of the AGM. Mr. Qu Zhiming (``Mr. Qu''), currently an executive director of the Company, has succeeded as chairman of the Board and chairman of the Nomination Committee and ceased to be a member of the remuneration committee of the Company (``Remuneration Committee'') and the financing and banking committee of the Company (``Financing and Banking Committee'') with effect from the conclusion of the AGM. Mr. Qu, aged 63, was appointed as an executive Director on 15 February 2017. Mr. Zhang Min (``Mr. Zhang'') has been elected as an executive Director by the Shareholders of the AGM. Since March 2018, Mr. Zhang has been acting as the general manager of Overseas Enterprises Management Department and continues to serve as the director of Foreign Affairs Office of OIH. The Board announces that with effect from the conclusion of the AGM: (i) Mr. Shen ceased to be the chairman of the Nomination Committee; (ii) Mr. Qu has been appointed as the chairman of the Nomination Committee and ceased to be a member of the Remuneration Committee and the Financing and Banking Committee; (iii) Mr. Huang Jie has been appointed as a member of the Remuneration Committee; (iv) Mr. Zhang has been appointed as a member of the Financing and Banking Committee; and (v) Ms. Mok Siu Wan, Anne has been appointed as a member of the audit committee of the Company.