The Board of Huabao International Holdings Limited announced that Mr. XIA Li Qun, currently an Executive Director and President of the company, will be appointed as Vice Chairman of the company with effect from 18 November 2015 while the role of President currently taken by him will be cancelled. Besides, Mr. Xia will continue to serve as Chief Financial Officer of the company. The Board further announced that as part of retirement arrangement, Mr. WANG Guang Yu, Executive Director and Vice President of the company, will cease to serve as Executive Director and Vice President of the company with effect from 18 November 2015.

To continue to contribute to the company, Mr. Wang will be appointed as a consultant of the company in the area of strategic development. Mr. XIA Li Qun the Vice Chairman (appointed with effect from 18 November 2015), Executive Director, Chief Financial Officer and a member of Remuneration Committee of the company. He has been a member of the Board since September 2006.

Mr. Xia has been serving the Group for many years and managing different business sectors of the Group. He also acts as a director and legal representative of certain subsidiaries of the company (details of which are set out in the 2014-15 annual report of the company) and is familiar with the overall operation of the Group.