The board of directors of Huabao International Holdings Limited announced that it has received a notification from Mr. LAU Chi Tak, executive director and chief executive officer of the company, who is now aged 56, that having been serving the company since April 9, 2008, he has, as part of his retirement plan, decided to step down from the executive position of the company with effect from April 8, 2013. By then, he will cease to serve as the company's CEO, executive director, an agent on behalf of the company for the purpose of accepting service of process in Hong Kong Special administrative region under section 333 of the companies ordinance, chapter 32 of the laws of HKSAR and authorized representative for listing rules requirements. To continue to contribute to the company, Mr. Lau has accepted the appointment as a senior consultant to the company with effect from April 9, 2013.

As an interim measure, starting from April 9, 2013, the position of CEO will be taken up by Ms. CHU Lam Yiu, Chairman of the board and executive director.