On January 8, 2013, Mr. Ningfang Liang tendered his resignation as Chief Financial Officer of China Gengsheng Minerals, Inc. for personal reasons. On January 11, 2013, the board of directors of the company resolved to accept Mr. Liang's resignation, effective as of January 8, 2013 and appointed Ms. Shuxian Li as interim Chief Financial Officer, effective January 11, 2013. Ms. Li, 54, has over twenty years of finance and accounting experience.

She has been working with CHGS since July 2005, serving as financial officer, audit committee chair and director of internal control office and women's committee chair. Prior to joining the Company, Ms. Li worked at Henan Xinzheng Tobacco Co. from April 1983 through June 2005, holding various finance and accounting positions in its financial, management, audit and cost management departments.