The board of directors of Bolina Holding Co., Ltd. announced that Mr. Xiao Zhiyong has resigned as chairman of the Board, executive director and chief executive officer of the Company, and chairman of the Nomination Committee of the Board with effect from 17 February 2017 due to other business engagements which require more of his dedication. The board also announced that Mr. Xiao has been appointed as Consultant to the Board. Mr. Xiao confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the company.

The board announced that Mr. Zheng Zhihong, its existing executive director, has been appointed as chairman of the board, chief executive officer of the company and chairman of the Nomination Committee with effect from 17 February 2017. Mr. Zheng Zhihong has over ten years' experience in trading and wholesaling ceramic sanitary ware products, and has extensive business and investment experience in trading of agricultural produce and property investment.