Board Committees

The Company has established four Board Committees, including the Strategy Committee, the Audit Committee, the Remuneration Committee and the Nomination Committee, in accordance with the applicable laws and regulations and codes of conduct on corporate governance as stipulated in the listing rules.

Strategy Committee

The Company's Strategic Committee consists of six members, including one Executive Director (Mr. Wang Xuning), two Non-Executive Directors (Mr. Xu Zhijian and Mr. Stassi Anastas Anastassov) and three Independent Non-Executive Directors (Mr. Ding Yuan, Mr. Timothy Roberts Warner and Mr. Yang Xianxiang). Mr. Wang Xuning is currently the Chairman of the Strategy Committee.

The main duties of the Strategy Committee include: Study and make recommendations to the Board on the Company's long-term development strategies and plans; study and make recommendations to the Board on the Company's major financing plans and other major strategic issues; and review the implementation of the above decisions.

Audit Committee

The Audit Committee of the Company includes three Independent Non-Executive Directors (Mr. Ding Yuan, Mr. Timothy Roberts Warner and Mr. Yang Xianxiang). Mr. Ding Yuan is currently the Chairman of the Audit Committee.

The main duties of the Audit Committee include: Review the Company’s major financial policies and their implementation as well as financial operation; review financial documents of the Company and relevant disclosures; consider and approve the Company’s risk management and internal control regimes, and oversee and evaluate related works; in accordance with the authorization of the Board of Directors, consider and approve the Company's audit budget, staff remuneration and appointment and removal of key staffs, supervise and evaluate the Company's internal audit, formulate the Company's medium and long-term audit plan, annual work plan and audit system design proposal, and report to the Board of Directors; propose the engagement or dismissal of external auditors, supervise their work, evaluate their reports, and ensure that they are held accountable for their auditing results; coordinate the communication between internal and external auditors and oversee their relationship; monitor misconduct in the Company's financial reporting, risk management and internal control; and other matters as stipulated in applicable laws and regulations and the Memorandum and Articles of Association of the Company, those as specified by securities regulators of the place where the Company is listed, and those as authorized by the Board.

Nomination Committee

The Nomination Committee of the Company has three members, including one Executive Director (Mr. Wang Xuning), and two Independent Non-Executive Directors (Mr. Ding Yuan and Mr. Yang Xianxiang). Mr. Wang Xuning is currently the Chairman of the Nomination Committee.

The main duties of the Nomination Committee include: Formulate the procedures and standards for the appointment of directors and senior management and explain to the Board of Directors on the proposed procedures and standards; recommend to the Board on the nomination of Directors, President and the Secretary of the Board; conducting preliminary review of the qualifications of Director and senior management candidates; recommend to the Board on the nomination of the Chairman and members of the Board Committee; and other matters as stipulated in applicable laws and regulations and the Memorandum and Articles of Association of the Company, those as specified by securities regulators of the place where the Company is listed, and those as authorized by the Board.

Remuneration Committee

The Remuneration Committee of the Company is consisted of one Executive Director (Ms. Han Run) and two Independent Non-Executive Directors (Mr. Timothy Roberts Warner and Mr. Yang Xianxiang). Mr. Timothy Roberts Warner is currently the Chairman of the Remuneration Committee.

The main duties of the Remuneration Committee include: Lead the formulation of remuneration policies and plans for directors and senior management and submit them to the Board for consideration; propose remuneration allocation plans based on the performance appraisal of directors and senior management and submit them to the Board for consideration; and other matters as stipulated in applicable laws and regulations and the Memorandum and Articles of Association of the Company, those as specified by securities regulators of the place where the Company is listed, and those as authorized by the Board.