The board of directors of Sinoref Holdings Limited announced that with effect from 20 January 2016, Mr. Wu Ye has been appointed as an executive Director of the Company. Mr. Wu has over 5 years of experience in financial investment and project management. Currently Mr. Wu is the general manager of Zhongjin Equity Investment Fund Management Co.

Ltd., which is a wholly owned subsidiary of Guotai Investment Holdings (Group) Co. Ltd.