The board of directors of China Ruifeng Renewable Energy Holdings Limited announced that Mr. Zheng Xian Tao has resigned as an executive Director with effect from June 20, 2016 due to the need to devote more time for his other business development. The Board also announced that with effect from June 20, 2016, Mr. Peng Ziwei has been appointed as an executive Director. Mr. Peng, aged 29, graduated from Beijing Information Science & Technology University with a bachelor degree in financial management in July 2008, and further obtained a master degree in economics from University at Buffalo, the State University of New York in June 2010. Mr. Peng is currently a director of Diamond Era Holdings Limited. Mr. Peng is currently a project manager of the Group, and a director of Asia Renewable Energy Company Limited, a wholly owned indirect subsidiary of the company.