The board of directors of Baoye Group Company Limited announced that Mr. Zhao Rulong has retired as independent non-executive director of the company with effect from the conclusion of the annual general meeting of the company held on 14 June 2014 and will not seek for re-election. Accordingly, Mr. Zhao Rulong ceased to be an independent non-executive Director and members of the Board's remuneration committee and nomination committee. The Board further announced that Mr. Chan Yin Ming, Dennis, Mr. Pang Baogen and Ms. Jin Juxian be appointed as members of the Remuneration Committee, with Mr. Chan Yin Ming, Dennis being the chairman of the Remuneration Committee; Mr. Wang Youqing, Mr. Gao Jiming and Ms. Jin Juxian be appointed as members of the Nomination Committee with Mr. Wang Youqing being the chairman of the Nomination Committee.