The board of directors of Sino Biopharmaceutical Limited announced that Mr. Xu Xiaoyang has tendered his resignation as an executive director, a member of the Executive Board Committee and the Chief Executive Officer of the company, in order to focus on his other business and personal commitments, with effect from 31 July 2016. Mr. Xu has confirmed that he has no disagreement with the Board and that there are no matters which need to be brought to the attention of the Stock Exchange of Hong Kong Limited or the shareholders of the Company in relation to his resignation. Following Mr. Xu's resignation, Mr. Tse Ping, an executive director of the company, has been appointed as the Chief Executive Officer of the company, with effect from 31 July 2016.

Mr. Tse is the founder of the Group and has more than 23 years of experience in the investment and management in pharmaceutical industry in China.