Zhejiang Shibao Company Limited announced that the board of directors of company has received the written resignation notice from Mr. Zhang Shi Quan, the Chairman and General Manager of the company. Given his age and for the benefit of the development of the company, he tendered his resignation as the General Manager of the company, with effect from the date of the Board's appointment of the new General Manager. After his resignation of the General Manager of the company, Mr. Zhang Shi Quan will remain as a Director and the Chairman of the company.

On 28 December 2017, upon the nomination by the Nomination Committee of the company, the thirty second meeting of the fifth session of the Board considered and approved the appointment of Mr. Zhang Bao Yi, a Vice Chairman and Deputy General Manager of the company, as the General Manager of the company, and Mr. Zhang Bao Yi would cease to be a Deputy General Manager of the company. Mr. Zhang Bao Yi is a Vice Chairman and the General Manager of the company.