The board of directors of Far East Horizon Limited announced that Mr. Liu Deshu has tendered his resignation as a non-executive director and the chairman of the Board with effect from 30 March 2016 due to his retirement. The Board also announced that Mr. Ning Gaoning has been appointed as a non-executive director and the chairman of the Board with effect from 30 March 2016. Mr. Ning currently serves as the chairman of the board of directors of Sinochem Group.

Mr. Ning served as the chairman of the board of directors of COFCO Corporation (COFCO) from December 2004 to January 2016, and also served as a director of certain subsidiaries of COFCO. Before joining COFCO, Mr. Ning held various positions such as vice chairman, director and general manager at China Resources (Holdings) Company Limited and certain of its subsidiaries.