The board of directors of New World Department Store China Limited announced that Mr. Cheung Fai-yet, Philip has resigned as the Managing Director of the Company with effect from 17 March 2017 due to his own decision and re-designation of duties. Mr. Cheung will remain as an executive director of the Company. Mr. Cheung has confirmed that he has no disagreements with the Board and there are no matters in respect of his resignation as the Managing Director of the Company that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the company.

Following the resignation of Mr. Cheung as the Managing Director, the Board announced that Mr. Niu Wei has been appointed as the chief executive officer of the company with effect from 17 March 2017. Mr. Niu, has over 20 years' experience in business administration and management. The Company and Mr. Niu has entered into an employment contract.