The board of directors BaWang International (Group) Holding Limited announced that Mr. SHEN Xiaodi and Ms. GUO Jing have resigned as directors of the company with effect from 28 May 2013. Additionally, Mr. SHEN Xiaodi has resigned as Vice-CEO of the company at the same time. Mr. SHEN Xiaodi and Ms. GUO Jing have informed the company that they would like to step down as a director of the company due to their other business commitments.

Each of Mr. SHEN Xiaodi and Ms. GUO Jing has confirmed that he/she has no disagreement with the Board and that he/she is not aware of any matter relating to his/her resignation that needs to be brought to the attention of the shareholders of the Company. As a result of the resignation of Ms. Guo, Ms. GUO Jing will not be offered for re-election at the upcoming annual general meeting of the company to be held on 31 May 2013 and, accordingly Resolution 2(A)(ii) regarding the re-election of Ms. GUO Jing as a non-executive director of the Company will not be considered at the AGM. Also, as a result of the resignation of Mr. SHEN, his responsibilities as a Vice-CEO of the company will be assumed by Ms. WAN Yuhua, the CEO of the Company.

Following the resignation of Mr. SHEN and Ms. GUO, the Board comprises three executive directors and three independent non-executive directors and the company is in compliance with the relevant requirements under the Listing Rules.