RCG Holdings appoints Liu Wen to Board as Independent Director and Chairman

– CHINA, Hong Kong / MALAYSIA – RCG Holdings Limited (AIM: RCG, HKSE: 802)  announces the appointment of Mr. Liu Wen (“Mr. Liu”) as independent non-executive director of the Company and as the chairman to the Board of the Company, the appointment of Mr. Sim Kay Wah (“Kenny Sim”), who had been serving as the Deputy Chief Financial Officer of the Company, as Chief Financial Officer of the Company and the resignation of Mr. Pieter Lambert Diaz Wattimena (“Pak Pieter”) as independent non-executive director of the Company. All three directorate changes are effective 7 March 2014.

Mr. Liu is registered as a foreign lawyer with the Law Society of Hong Kong and is Head of the China Division of Li, Wong, Lam & W. I. Cheung Solicitors. Having graduated with a Bachelor of Law degree from Peking University, Mr. Liu began his career practising law in Guangdong Province, PRC before relocating to Hong Kong in 1997.

Experienced in both Hong Kong and Mainland China matters, particularly in relation to foreign direct investments in China, Mr. Liu is also a Member of the 5th and 6th Meizhou Municipal Committee of the Chinese People’s Political Consultative Conference, Guandong Province and is a guest lecturer of the Chinese Manufacturers’ Association of Hong Kong.

Kenny Sim, who had been serving as the Deputy Chief Financial Officer of the Company, has been promoted to the role of Chief Financial Officer of the Company, joining the Board with immediate effect.

Kenny Sim joined the Group in 2010 and, in his most recent role of Deputy Chief Financial Officer, having assumed the responsibilities of the Company’s previous Chief Financial Officer, has been responsible for overseeing the Company’s financial and accounting matters together with the Group’s administration. Kenny will now maintain this role on a permanent basis. Prior to joining RCG, Kenny was CFO of Smartag Solutions Berhad and before that, Financial Controller of Limahsoon Berhad.

Experienced in the fields of corporate finance, investment banking and investment management, Kenny graduated from the Royal Melbourne Institute of Technology, Australia with a Bachelor’s degree in Accountancy and also holds a Master’s degree from the same university in Finance. Kenny is a Chartered Accountant of the Malaysian Institute of Accountants and a Certified Public Accountant of CPA Australia.

The Board also announces that Pak Pieter has resigned as independent non-executive director of the Company with effect from 7 March 2014, due to his other commitments. Upon his resignation, he has ceasedto be a member of the audit committee and also remuneration committee of the Company.

Pak Pieter hasconfirmed that he has no disagreement with the Board and there is no further information in relation to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

The Board further announces that with effect from 7 March 2014, Mr. Liu has also been appointed as the chairman of the nomination committee of the Company and a member of the audit committee and remuneration committee of the Company.

In addition, Mr. Kwan King Wah, an independent non-executive director, who presently is the chairman to the Company’s audit committee and a member to the nomination committee of the Company, has also been appointed as a member of the remuneration committee of the Company with effect from 7 March 2014.

Commenting on the appointments and on Pak Pieter’s resignation, Mr. Wang Zhongling, the Company’s Chief Executive Officer, commented: “We are delighted to welcome Simon Liu and Kenny Sim to the Board of RCG. I have no doubt that Mr. Liu’s experience in both Hong Kong and Mainland China matters will prove invaluable to the Group.

“Kenny’s expertise in accounting and finance has already proven extremely valuable to the Company, and I am confident that he will continue to make a significant contribution to the Board and to the Group.

“The Board would like to take this opportunity express its sincere gratitude to Pak Pieter for his valuable contribution to the Company during his tenure of office.”

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