The board of directors of Zhejiang Shibao Company Limited announced that at the Board meeting held on 12 May 2015, Mr. Lou Run Zheng has informed the Board his retirement as a non-executive Director; Mr. Chau Kam Wing, Donald and Mr. Zhao Chun Zhi have respectively informed the Board their retirement as independent non-executive Directors; the Board proposed to elect Mr. Shum Shing Kei ("Mr. Shum") as an independent non-executive Director for a term commencing upon approval at the upcoming annual general meeting (the "AGM") to the conclusion of the annual general meeting of the Company to be held in 2018; Mr. Wang Kui Quan ("Mr. Wang") has informed the Board his retirement as a supervisor of the Company (the "Supervisor"); and the Board proposed to elect Ms. Feng Yan ("Ms. Feng") as a Supervisor for a term commencing upon approval at the AGM to the conclusion of the annual general meeting of the Company to be held in 2018. The above proposals are subject to the approval by the shareholders of the Company (the "Shareholders") at the AGM.