The board of directors of Fong's Industries Company Limited announced the implementation of a new streamlined management structure aimed at enhancing organizational efficiency and unlocking valuable synergies within the group. To implement its new management structure, the Board of the company announced the following changes: Mr. Mr. Fong Sou Lam, currently the Honourable Chairman of the company, has resigned from the position as Executive Director of the company with effect from 31 December 2012. Mr. Fong remains the Honourable Chairman of the company and a director of certain subsidiaries of the Group.

In his new role, Mr. Fong's major responsibilities are to assist the Chairman of the company to formulate the overall corporate strategies and product development direction of the Group. Mr. Wan Wai Yung will resign as Chief Executive Officer (‘CEO'), a member of each of the Remuneration Committee and Nomination Committee of the company due to his reassignment to a new role within the Group with effect from 1 January 2013, but he remains an Executive Director of the company. Mr. Wan's major responsibilities will include the management of the daily operations of the newly acquired Monforts branded dyeing and finishing machinery business.

Mr. Ji Xin, currently the Chief Operation Officer (‘COO') and an Executive Director of the company, will be appointed as the CEO, a member of each of the Remuneration Committee and Nomination Committee of the company with effect from 1 January 2013. The position of COO will be eliminated on the same day. Mr. Ji will be responsible for the overall day-to-day management of the Group under the direct supervision of the Board of the company.

Mr. Zhao Chuancong has resigned from the positions as Executive Director and an authorized representative of the company for the purpose of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited due to his reassignment to a new role within the Group with effect from 31 December 2012. Mr. Zhao remains a director of certain subsidiaries of the Group and a member of the new management team under the direct supervision of the CEO. In his new role, Mr. Zhao's major responsibilities are to assist the CEO of the company to formulate and implement the overall corporate strategies and policies of the Group.

Mr. Du Qianyi has resigned from the position as Executive Director of the company due to his reassignment to a new role within the Group with effect from 31 December 2012. Mr. Du remains the Chief Financial Officer of the company, a director of certain subsidiaries of the Group and a member of the new management team under the direct supervision of the CEO. In his role as the Chief Financial Officer of the company, Mr. Du's major responsibilities are in charge of the overall financial management of the Group.

Mr. Tou Kit Vai has resigned from the position as Executive Director of the company due to his reassignment to a new role within the Group with effect from 31 December 2012. Mr. Tou remains a director of certain subsidiaries of the Group and a member of the new management team under the direct supervision of the CEO. In his new role, Mr. Tou's major responsibilities are in charge of the material planning of dyeing and finishing machinery manufacturing business in the PRC, the ERP function of the Group and to assist the Chief Financial Officer of the company in the financial management of the Group.

Dr. Tsui Tak Ming, William has resigned from the position as Executive Director of the company due to his reassignment to a new role within the Group with effect from 31 December 2012. Dr. Tsui remains a director of certain subsidiaries of the Group and a member of the new management team under the direct supervision of the CEO. In his new role, Dr. Tsui's major responsibilities are in charge of the research and development of dyeing and finishing machines of the Group.

Mr. Lee Che Keung, the company secretary of the company, has been appointed as an authorized representative of the company for the purpose of the Listing Rules with effect from 31 December 2012.