The board of directors of Tang Palace (China) Holdings Limited announced that Ms. Weng Peihe will resign as the chief executive officer of the company and Mr. Chen Zhi Xiong will act as the chief executive officer of the company. Mr. Chen Zhi Xiong has been with the Group for more than twenty years and is currently the vice president of the Group. Ms. Weng Peihe has been the chief executive officer of the Group since 2000. 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.