On October 27, 2014, Bin Nan Zhang, a member of the Board of Directors of Kingold Jewelry, Inc. notified the Board of the Company of his resignation from the Board and Audit Committee, Nominating Committee and Compensation Committee, effective as of October 27, 2014. On October 27, 2014, upon the recommendation of the Nominating Committee of the Board, the Board appointed Zhonghong Fu, age 46, to fill the vacancy created by the departure of Mr. Zhang and to serve as a director of the Company until the next annual meeting of stockholders or until his successor is elected and qualified. Mr. Fu was also appointed by the Board upon the recommendation of the Nominating Committee to serve as a member of the Audit Committee, the Nominating Committee and as the Chairman of its Compensation Committee.

Since 2006, Mr. Fu has been the Partner-in-Charge of the Shanghai Branch of Fortune Venture Capital Co. Ltd. From 2003 to 2006.