Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

VALUE PARTNERS GROUP LIMITED

惠理集團有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 806)
  1. RE-DESIGNATION OF DIRECTOR
  2. RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR

The Board announces that Dato' Seri CHEAH Cheng Hye, Chairman of the Board has been appointed as the Acting Chief Executive Officer with effect from 1 November 2016.

The Board announces that Mr. TSE Wai Ming, Timothy has tendered his resignation and stepped down as the Chief Executive Officer and an Executive Director of the Company with effect from 1 November 2016 but will remain with the Company for his three months' notice period or such shorter time as the Company and Mr. TSE may mutually agree. As a result of his resignation, Mr. TSE will cease to be a member of the Nomination Committee, the Remuneration Committee and the Risk Management Committee of the Company with immediate effect.

Re-designation of Chief Executive Officer

The board (the "Board") of directors (the "Directors") of Value Partners Group Limited (the "Company", "Value Partners", together with its subsidiaries, "Value Partners Group") announces that Dato' Seri CHEAH Cheng Hye ("Dato' Seri CHEAH"), Chairman of the Board has been appointed as the Acting Chief Executive Officer of the Company with effect from 1 November 2016 in view of the resignation of Mr. TSE Wai Ming, Timothy ("Mr. TSE") as the Chief Executive Officer and an Executive Director of the Company as set out below. The Company and its subsidiaries have been primarily focusing on asset management and investments. The Board considers that Dato' Seri CHEAH, who will be supported by the Group's senior management team, is best placed to take up the role of Chief Executive Officer until a new Chief Executive Officer is appointed. The Company will be in compliance with the requirement of segregation of the roles of the Chairman and Chief Executive Officer as required under Paragraph A.2 of the Corporate Governance Code after a new Chief Executive Officer is appointed.

Dato' Seri CHEAH, aged 62, is Chairman, Co-Chief Investment Officer ("Co-CIO") and Acting Chief Executive Officer of Value Partners Group. He is in charge of Value Partners' fund management and investment research, business operations, product development and corporate management. He sets the Group's overall business and portfolio strategy. (Note: In July 2010, Mr. Louis SO was promoted to become Co-CIO of Value Partners, working alongside Dato' Seri CHEAH.)

Dato' Seri CHEAH has been in charge of Value Partners since he co-founded the firm in February 1993 with his partner, Mr. V-Nee YEH. Throughout the 1990s, he held the position of Chief Investment Officer and Managing Director of Value Partners, responsible for managing both the firm's funds and business operation. He led Value Partners to a successful listing on the Main Board of the Hong Kong Stock Exchange in 2007. The firm became the first asset management company listed in Hong Kong. Dato' Seri CHEAH has more than 30 years of investment experience, and is considered one of the leading practitioners of value-investing in Asia and beyond. Value Partners and he personally have received numerous awards - a total of more than 120 professional awards and prizes since the firm's inception in 1993.

In January 2015, Dato' Seri CHEAH was appointed a member of the Financial Services Development Council ("FSDC") by the Hong Kong Special Administrative Region Government, following a two-year term as a member of the New Business Committee of FSDC since 2013. In addition, Dato' Seri CHEAH has been a member of The Hong Kong University of Science and Technology ("HKUST") Business School Advisory Council since June 2011.

In August 2016, Dato' Seri CHEAH was conferred Darjah Gemilang Pangkuan Negeri ("DGPN"), one of the highest civil honours granted by the state of Penang in Malaysia to recognize exceptional individuals. The DGPN award comes with the title of "Dato' Seri". In 2013, he was conferred Darjah Setia Pangkuan Negeri ("DSPN") with the title of "Dato' ". In the same year, he was named an Honorary Fellow of the HKUST for outstanding achievements.

Dato' Seri CHEAH was the co-winner of "CIO of the Year in Asia" along with Mr. Louis SO in the 2011 Best of the Best Awards by Asia Asset Management. In October 2010, he was named by AsianInvestor as one of the Top-25 Most Influential People in Asian Hedge Funds. In 2009, he was named by AsianInvestor as one of the 25 Most Influential People in Asian Asset Management. He was also named "Capital Markets Person of the Year" by FinanceAsia in 2007, and in 2003, he was voted the "Most Astute Investor" in the Asset Benchmark Survey.

Prior to starting Value Partners, Dato' Seri CHEAH worked at Morgan Grenfell Group in Hong Kong, where, in 1989, he founded the Company's Hong Kong/China equities research department as the Head of Research and proprietary trader for the firm. Prior to this, he was a financial journalist with the Asian Wall Street Journal and Far Eastern Economic Review, where he reported on business and financial news across East and Southeast Asia markets. Dato' Seri CHEAH served for nine years (1993 to 2002) as an independent non-executive director of Hong Kong-listed JCG Holdings, a leading microfinance company (renamed from 2006 as Public Financial Holdings).

Dato' Seri CHEAH has entered into a service agreement with the Company which shall be terminated in accordance with the provisions of the service agreement or, throughout the term of the appointment, by either party giving to the other not less than six months' prior notice in writing. His term of office is subject to retirement by rotation and re-election in accordance with the Articles of Association of the Company.

Dato' Seri CHEAH is at present entitled to receive a fixed salary of HK$6,057,600 per annum payable in 12 equal monthly instalments and a discretionary Chinese New Year bonus equivalent to one month of his salary. In addition, Dato' Seri CHEAH is entitled to participate in the year- end discretionary bonus scheme under which the Company has agreed to make available up to 20 to 23% (or such greater percentage as may be approved by the Remuneration Committee of the Company) of a net profit pool each year as a management bonus. Dato' Seri CHEAH is also eligible to participate in the Share Option Scheme. The emoluments of Dato' Seri CHEAH have been approved, and are subject to annual review, by the Remuneration Committee, with reference to prevailing market conditions and to his duties and responsibilities at the Company.

As at the date of this announcement, Dato' Seri CHEAH was interested in 461,201,312 Shares and options to subscribe for 56,620,000 Shares within the meaning of Part XV of the SFO.

Resignation of Chief Executive Officer and Executive Director

The Board further announces that Mr. TSE has tendered his resignation and stepped down as the Chief Executive Officer and an Executive Director of the Company with immediate effect to pursue other business interests and opportunities. As a result of his resignation, Mr. TSE will cease to be a member of the Nomination Committee, the Remuneration Committee and the Risk Management Committee of the Company with immediate effect. Mr. TSE will remain with the Company for his three months' notice period or such shorter time as the Company and Mr. TSE may mutually agree. Mr. TSE confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board wishes to express its sincere gratitude and appreciation to Mr. TSE for his valuable contributions to the Company during his tenure in the past 10 years.

By order of the Board of

Value Partners Group Limited WONG Ngai Sze, Icy

Company Secretary

Hong Kong, 2 November 2016

As of the date of this Announcement, our Directors are Dato' Seri Cheah Cheng Hye, Ms. Hung Yeuk Yan Renee and Mr. So Chun Ki Louis as Executive Directors and Dr. Chen Shih Ta Michael, Mr. Lee Siang Chin and Mr. Nobuo Oyama as Independent Non-executive Directors.

Value Partners Group Limited published this content on 02 November 2016 and is solely responsible for the information contained herein.
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