The board of directors of Kai Yuan Holdings Limited announced that Mr. Xue Jian, an executive director of the Company, has been appointed as the chief executive officer of the Company with effect from 1 June 2016; and Mr. Hu Yishi tendered his resignation as a non-executive director and chairman of the Company, all with effect from 1 June 2016. Mr. Xue Jian (Mr. Xue), aged 50, was appointed as a non-executive director on 7 January 2009, and was re-designated as an executive director on 6 January 2011. Mr. Xue also serves as director to a number of subsidiaries of the Company.

Mr. Xue received his masters degree in business administration from Zhongnan University of Finance, Economics, Politics and Law. Mr. Xue has over two decades of experience in the steelmaking industry and in the commercial sector in the PRC. He was the legal representative of Rizhao Steel Co., Limited, and is a director of Rizhao Steel Holding Group Co., Limited.

The Rizhao Steel group of companies is one of the largest private steel makers in the PRC. Mr. Xue has also been appointed as the manager and legal representative of Jinghua Rigang Holding Group Co., Limited. Apart from his engagement in the private sector, Mr. Xue is active in the pursuit for public causes, holding positions included the deputy director of Center for Studies on Chinas Circular Economy and Environment, and the senior consultant of China Health & Medical Development Foundation.