The board of directors of China Chengtong Development Group Ltd. announced that Mr. Ba Shusong has resigned as an independent non-executive director and a member of the audit committee of the company due to his other public service commitment with effect from 1 January 2013. Mr. Ba confirmed that he has no disagreement with the board of directors of the company and he is not aware of any matters that need to be brought to the attention of the shareholders of the company in relation to his resignation. The Board also announced that Mr. Chang Qing has been appointed as an independent non-executive director and a member of the audit committee of the company with effect from 1 January 2013.

Mr. Chang, aged 55, is the chairman of Jinpeng International Futures Co. Ltd.