On 10 October 2015, the board of directors of Shanghai Prime Machinery Company Limited received Mr. Wang Qiang's resignation as an executive director of the company and chairman of the board, as well as the member and chairman of Nomination Committee and Strategic Committee of the board due to change of work arrangement. Mr. Wang Qiang's resignation became effective from the receipt date of the resignation of the board. On the same date, after the consideration and discussion of the board, the board has elected Mr. Zhou Zhiyan, an executive director, as the chairman of the Board of the company.

The board hereby also announced that Mr. Zhou Zhiyan has been appointed as the member and chairman of the Nomination Committee of the fourth session of the board and the chairman of the Strategic Committee of the fourth session of the board.