The Board of Tingyi Cayman Islands Holding Corp. announced that Mr. IC Wei will cease to be the chief executive officer of the company with effect from 1 January 2015 and will remain as the Chairman of the Board and an executive Director; Mr. James Wei, the chief executive officer of the Food Business Division of the Group, has been appointed as the chief executive officer of the company with effect from 1 January 2015. With the change, Mr. IC Wei will focus on the overall strategic planning, strategic positioning and strategy innovation planning, succession planning for the senior leadership of the Group, and growth of the group, whereas Mr. James Wei will be responsible for, among other things, managing the overall operations of the Group and overseeing the Group's business.