The board of directors of Zhengye International Holdings Limited announced that Mr. Hong Guanghua and Mr. Zhang Xiaoming have been appointed as executive directors of the company with effect from 1 January 2015; and Mr. Chen Weixin and Mr. Yin Wenxin have been resigned as executive directors of the Company with effect from 31 December 2014. Mr. Hong, aged 51, joined Group in 2003. Mr. Hong is the general manager of Zhongshan Yong Fa Paper Industry Company Limited, an indirectly wholly-owned subsidiary of the Company.

Mr. Hong was the production manager at Zhongshan City Zhong Fa Equipment Rental Company Limited from 2000 to 2003. Mr. Zhang, aged 51, joined Group in 2003. Mr. Zhang is the executive president of packaging business division of the Group responsible for the project and corporate management of the division.

Mr. Zhang worked for Guangdong Zhongshan Paper Factory and was the deputy general manager of a PRC packaging products manufacturing factory from 1995 to 2003.