The company recently received a written notice from Guotai Jun'an Securities Co., Ltd., the company's sponsoring institution, stating that Ni Yuming, the company's sponsor representative, would no longer hold his position. Wan Jian has been appointed as his replacement and will henceforth be responsible for the supervision and oversight of sponsorship matters with Niu Guofeng.

Board of Directors
16 Jul 2008

Source: Shanghai Stock Exchange

Date: 16 Jul 2008

CN01/JZ/DM/AR/KM