The board of directors of Zhengye International Holdings Company Limited announced that Mr. Hu Jianpeng (Mr. Hu) has tendered his resignation as alternate Director to Mr. Hu Zheng with effect from 8 February 2022 in order to cooperate with the company's business development. The board also announced that for the strategic development of the Group and the improvement of the company's organizational structure, Mr. Hu has been appointed as an executive director of the company with effect from 8 February 2022. Mr. Hu will be responsible for the overall operation and management of the Group's papermaking sector and supply chain division.

Mr. Hu Jianpeng joined the Group in 2014. Mr. Hu held the position of the Group's general manager in procurement between 2014 and 2017, was responsible for the supply chain management and procurement strategy formulation in the Group. In 2018, Mr. Hu served as the chief operating officer of the Group and was responsible for the overall operation and management in sales, raw materials and procurement of the Group.

Mr. Hu has served as the CEO of the Company from 1 September 2018 to 8 February 2022 and is fully responsible for the administrative management of the Group. Mr. Hu has also served as an alternate Director to Mr. Hu Zheng from 1 January 2020 to 8 February 2022.