The board of directors of Tianjin Tianbao Energy Co., Ltd. announced that due to job arrangements, Mr. Gao Hongxin has tendered his resignation as an executive Director, chairman of the Board and chairman of the nomination committee of the company. His resignation will not become effective until the date on which the proposed appointment of a new executive Director is approved by the shareholders of the company (the "Shareholders"), prior to which Mr. Gao Hongxin will continue to perform his duties as an executive Director, chairman of the Board and chairman of the nomination committee of the company pursuant to the articles of association of the company and other relevant laws and regulations.