The board of directors of Tingyi (Cayman Islands) Holding Corp. announced that the service contract between the Company and Mr. James Chun-Hsien Wei will expire on 31 December 2020, and Mr. Wei has decided not to renew the service contract and will retire in order to allow himself more time to devote to his other endeavours. After Mr. Wei's retirement and with effect from 1 January 2021, Mr. Wei will act as a senior advisor of the Company to advise on the strategic direction and business development of the Group. The board announced the appointment of Mr. Chen Yinjang ("Mr. Chen") as chief executive officer of the Company with effect from 1 January 2021. Mr. Chen Yinjang joined the Group in February 2013 and served as Chief R&D Officer. He has made outstanding achievements in the fields of cultivating new generation talents, introducing external partners, food safety and building technology platforms.