The board delegates its management and administration functions to the management, and establishes the Executive Committee to manage and monitor, on behalf of the board, the day-to-day operations of the Group and to implement all decisions made by the board.

In order to give a clear guidance, the duties and authorities of the Executive are set out in its written terms of reference, mainly including:

1. to monitor all business operations of the Group;

2. to prepare and approve the Group's business plans and annual budget;

3. to deal with the ordinary business of the Group and to authorise the Chief Executive Officer taking the lead of the management for the day-to-day operations of the Group, and to authorise individual executive directors to deal with the daily operation of various business of the Group;

4. to consider and review notifiable transactions , connected transactions and continuing connected transactions of the Group as required under the listing rules and advise the board thereon;

5. to develop, review and monitor the code of conduct and compliance manual applicable to employees and Directors;

6. to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements;

7. to develop and review the Company's policies and practices on corporate governance and make recommendations to the Board;

8. to review and monitor the training and continuous professional development of the directors and senior management of the Company and ;

9. to review the Company's compliance with the code and disclosure in the Corporate Governance Report.