The board of directors of Zhengye International Holdings Limited announced that, (1) Mr. Hu Hanchao has been redesignated from vice-chairman to the chairman of the Company; (2) Mr. Hu Zheng has been redesignated from the chairman to vice-chairman and joint chief executive officer of the Company; and (3) Mr. Hu Hancheng has been redesignated from the chief executive officer to joint chief executive officer of the Company, all with effect from 1 April 2016. The above re-designation is due to the re-division of functions of the Company so as to enable them to focus their attention on work relating to the day to day operations of the Company. Mr. Hu Hanchao, aged 58, joined its Group in 2003 and he was appointed as a Director in September 2010 then was designated as an executive Director in March 2011 and appointed as vice chairman in November 2012.

Mr. Hu Hanchao is responsible for the daily operations management of the Group and supervised the daily comprehensive operation management in paper division. He has been involved in corporate management for more than 28 years. Mr. Hu Zheng, aged 53, is the chairman of the Board and one of the founders of the Group.

Mr. Hu Zheng is responsible for overseeing the overall corporate management, operation and development planning of the Group. Mr. Hu Hancheng, aged 56, has been appointed an executive Director since 4 March 2011. He is also the chief executive officer and vice-chairman of the Company.

Mr. Hu Hancheng is also the president of the packaging division of the Group in charge of the management and operation of the packaging division.