The board of directors of Zhengye International Holdings Company Limited announced that Mr. Hu Hancheng, an executive director and the Vice-Chairman of the company, has been appointed as the Chief Executive Officer of the Company; and Mr. Hu Hanchao, an executive director of the company, has been appointed as the Vice-Chairman of the company, with effect from November 15, 2012. Mr. Hu Hancheng was appointed as an executive director and the Vice-Chairman of the company on March 4, 2011. He is currently the vice-president of Zhongshan Association of Packaging Industry.

Mr. Hu Hanchao was initially appointed as a director of the company on September 3, 2010 and was subsequently designated as an executive director of the company on March 4, 2011. Mr. Hu Hanchao joined the Group in 2003 and is responsible for the operational management of Zhongshan Yong Fa Paper Industry Company Limited.