The board of directors of Zhengye International Holdings Limited announce that the Budget Management Committee has been established with effect from 1 September 2018. The Budget Management Committee consists of three Directors of the Company, namely Mr. Hu Hanchao, Mr. Hu Zheng and Mr. Hu Hancheng in which Mr. Hu Hanchao has been appointed as the chairman while Mr. Hu Zheng and Mr. Hu Hancheng have been appointed as members of the Budget Management Committee. According to the needs of the Board, Mr.Hu Hanchao has resigned as the chairman of the Company and re-designated the Chairman of Budget Management Committee of the Group with effect from 1 September 2018.

Mr. Hu Hanchao remains as an executive director of the Company. Mr.Hu Zheng has re-designated from the Vice-Chairmen and Joint Chief Executive Officers to the Chairman to of the Company with effect from 1 September 2018. Mr. Hu Zheng, aged 55, is the Joint Chief Executive Officers, Vice Chairman and Executive Director of the Company and one of the founders of the Group.

Mr. Hu Zheng was the Chairman of the Company between March 2011 and March 2016. Mr. Hu Zheng is responsible for overseeing the overall corporate management, operation and development planning of the Group. Mr.Hu Hancheng has re-designated from the Vice-Chairmen and Joint Chief Executive Officers to the Co-Chairman to of the Company with effect from 1 September 2018.

Mr. Hu Hancheng, aged 59, has been appointed an Executive Director since 4 March 2011. Mr. Hu Hancheng is also the Joint Chief Executive Officers/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.

Prior to joining the Group, Mr. Hu Hancheng was the general manager of a PRC packaging products manufacturing factory from 1997 to 2003 responsible for the overall operational management of the business. Mr.Hu Jianpeng has appointed as Chief Executive Officer of the Company with effect from 1 September 2018. Mr. Hu Jianpeng, aged 31, joined the Group in 2014.

Mr. Hu Jianpeng held the post of the Group's general manager in procurement between 2014 and 2017, was responsible for the supply chain management and procurement strategy formulation in the Group. In 2018, Mr. Hu Jianpeng served as the chief operating officer of the Group and responsible for the overall operation and management in sales, raw materials and procurement of the Group.