The Board announces that Mr. Zhu Bixin, due to job position transfer, has resigned as an executive director, co-chairman of the board and a member of the nomination committee of the Board with effect from 15 January 2016. Mr. Zhu has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the Shareholders. The board also announces that the following appointments have been made by the board, all with effect from January 15, 2016: Mr. Liu Wensheng being re-designated from a non-executive director to an executive director, and appointed as co-chairman of the board and a member of the nomination committee of the board; and Mr. Li Yongqian being appointed as an executive director.

Mr. Liu, aged 55, was a non-executive Director prior to the re-designation. He is also the secretary of the board of directors, the company secretary and the chief economist of CCCC. He also serves as the chairman of CCCC International Holding Limited and Friede Goldman United Ltd., as well as the director of CCCC Dredging (Group) Holdings Co.

Ltd. Mr. Li, aged 41, joined the group in March 2015 and is currently a director and the executive general manager of Greentown Real Estate. He is mainly responsible for the investment and development of the group.