The board of directors of CPMC Holdings Limited announced that with effect from 19 July 2016, Mr. Zhang Xin, the chairman of the Board, an executive Director and the general manager of the company shall cease to serve as the General Manager but remain as the chairman of the Board and an executive Director. Following Mr. Zhang Xin's cessation to act as the General Manager, the Board has resolved to appoint Mr. Zhang Ye as the General Manager with effect from 19 July 2016. Mr. Zhang Ye, is primary responsible for the daily operation and management of the Group. Mr. Zhang Ye joined the Group in April 1995, and had served as sales manager, sales director, general manager of the subsidiaries of the Company, assistant to the General Manager, deputy General Manager, etc. successively. He also served as the chief legal consultant of the Group concurrently during the period from July 2011 to January 2016. He currently serves as directors of certain subsidiaries of the Company.