The board of directors of Shinsun Holdings Co., Ltd. announces with great sorrow that Mr. Chen Guoxiang, an executive Director, chairman of the Board, and chairman of the nomination committee of the Company, passed away due to illness in Zhuji, Shaoxing City, Zhejiang Province. Mr. Chen devoted much of his time and effort to the development of the Company. His leadership has made a valuable contribution to the success of the Group and his departure is a tremendous loss to the Group.

The Board announces that following Mr. Chen' s departure, Mr. Chen Hongni, the executive Director and chief executive officer of the Company, has been appointed as acting Chairman and Nomination Committee Chairman with effect from today. The Company will continue the Group's business operations by adhering to the business strategies laid down by the Board. A new Chairman and Nomination Committee Chairman will be appointed by the Board in due course and further announcement will be made by the Company as soon as practicable.