Yip's Chemical Holdings Ltd. announced that Mr. Li Wai Man, Peter will retire as an executive director of the company and will be appointed as a senior consultant of the company with effect from 31 December 2013; Mr. Kwong Kwok Chiu, currently a member of the Group Executive Committee, will be appointed as an executive director of the company with effect from 1 January 2014. Mr. Kwong, aged 48, joined the Group in 1987 and served in various subsidiaries of the company and/or departments thereof. He is currently responsible for the industrial paints business management of Hang Cheung group, a subgroup of the Group.

Mr. Ng Siu Ping, currently a non-executive director of the company, will be re- designed as an independent non-executive director of the company with effect from 1 January 2014. Mr. Ng, aged 55, joined the Group in 1991 and was appointed as an executive director of the company since 1992. Mr. Ng retired on 1 July 2011 and was thereafter re-designated as a non-executive director of the company.

Since 1 July 2011, Mr. Ng no longer involved in any daily operation, management and business of the company.