The board of directors of Tang Palace (China) Holdings Limited announced that the following changes in board composition and directors' roles have been approved and will take effect from 1 July 2020. The nomination committee of the Company and the Board continuously assess the Board composition with the aim of achieving greater diversification and sustainability. The following changes in Board composition were arrived at after thorough consideration of the Board taking into account the Group's future development and management succession needs. Upon the changes becoming effective on 1 July 2020, the members of the Board will increase from seven to nine and comprise six executive Directors and three independent non-executive Directors. Mr. Chen Zhi Xiong, the existing vice president of the Group, will be appointed as an executive Director. Mr. Wong Chung Yeung, the existing chief financial officer and company secretary of the Company, will be appointed as an executive Director and will continue to act as chief financial officer and company secretary of the Company. Mr. Yip Shu Ming will resign as the chairman of the Board. Mr. Chan Man Wai will resign as the vice chairman of the Board. Ms. Weng Peihe, an existing executive Director and the current chief executive officer of the Group, will act as the chairman of the Board. The founders of the Group, Mr. Yip Shu Ming and Mr. Chan Man Wai confirmed that their respective resignations as the chairman and vice chairman of the Board were tendered after detail consideration and thorough communication with the Board, taking into account the sufficient maturity and ability of the management team, and considering that the expanded Board, under the leadership of Ms. Weng as the chairman, would be able to effectively lead the management team in their response to the changes and challenges in the current market. Ms. Weng will take on the role of chairman of the Board following her resignation as the chief executive officer of the Group, which role she believes could be effectively performed by the current vice president of the Group, Mr. Chen Zhi Xiong. Mr. Chen has been with the Group since May 2000 and has been the vice president of the Group since January 2013. Mr. Chen is also a director of certain subsidiaries of the Group. Mr. Chen is primarily responsible for overseeing the Group's business development, overall restaurant operations, supply chain management and food factory operations. With his rich experience in the food and beverage industry, in particular in the crucial areas of cookery and kitchen management, together with his profound understanding in corporate management and business development, Mr. Chen hence plays an integral role in formulating core strategies for the Group and has been indispensable in helping the Group attain its unique market positioning. Mr. Wong is the chief financial officer and company secretary of the company. Mr. Wong joined the Group in January 2012 and was appointed as the company secretary of the Company on 31 May 2012. Mr. Wong is also a company secretary of certain subsidiaries of the Group. Mr. Wong is responsible for the overall management of the Group's finance and accounting, taxation, information technology, investor relations and listing compliance functions.