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completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or
in reliance upon the whole or any part of the contents of this announcement.




            FONG’S INDUSTRIES COMPANY LIMITED
                      立信工業有限公司*
                         (Incorporated in Bermuda with limited liability)
                                        (Stock Code: 641)

                   STREAMLINED MANAGEMENT STRUCTURE

 The Board of the Company would like to announce the implementation of a new streamlined
 management structure aimed at enhancing organizational efficiency and unlocking valuable
 synergies within the Group. To implement our new management structure, the Board of the
 Company announces the following changes:

 •     Mr. Fong Sou Lam, currently the Honourable Chairman of the Company, has resigned from
       the position as Executive Director of the Company with effect from 31 December 2012.

 •     Mr. Wan Wai Yung will resign as Chief Executive Officer, a member of each of the
       Remuneration Committee and Nomination Committee of the Company but remains an
       Executive Director of the Company due to his reassignment to a new role within the Group
       with effect from 1 January 2013.

 •     Mr. Ji Xin, currently the Chief Operation Officer and an Executive Director of the Company,
       will be appointed as the Chief Executive Officer, a member of each of the Remuneration
       Committee and Nomination Committee of the Company with effect from 1 January 2013.

 •     Mr. Zhao Chuancong has resigned from the positions as Executive Director and an
       authorized representative of the Company for the purpose of the Listing Rules due to his
       reassignment to a new role within the Group with effect from 31 December 2012.

 •     Mr. Du Qianyi, Mr. Tou Kit Vai and Dr. Tsui Tak Ming, William have also resigned from
       the position as Executive Director of the Company due to their reassignment to a new role
       within the Group with effect from 31 December 2012.

 •     Mr. Lee Che Keung, the company secretary of the Company, has been appointed as an
       authorised representative of the Company for the purpose of the Listing Rules with effect
       from 31 December 2012.


                                               - 1 -
 As a result of these appointments and resignations, the Board of the Company will comprise four
 Executive Directors, one Non-executive Director and four Independent Non-executive Directors.
 The position of Chief Operation Officer will be eliminated.


The board of directors (the “Board”) of Fong’s Industries Company Limited (the “Company”, together
with its subsidiaries, the “Group”) would like to announce the implementation of a new streamlined
management structure aimed at enhancing organizational efficiency and unlocking valuable synergies
within the Group. To implement our new management structure, the Board of the Company announces
the following changes:

RESIGNATION OF MR. FONG SOU LAM (“MR. FONG”)

Mr. Fong, currently the Honourable Chairman of the Company, has resigned from the position as
Executive Director of the Company with effect from 31 December 2012. Mr. Fong remains the
Honourable Chairman of the Company and a director of certain subsidiaries of the Group. In his new
role, Mr. Fong’s major responsibilities are to assist the Chairman of the Company to formulate the
overall corporate strategies and product development direction of the Group.

CHANGE OF CHIEF EXECUTIVE OFFICER

Mr. Wan Wai Yung (“Mr. Wan”) will resign as Chief Executive Officer (“CEO”), a member of each
of the Remuneration Committee and Nomination Committee of the Company due to his reassignment
to a new role within the Group with effect from 1 January 2013, but he remains an Executive Director
of the Company. Mr. Wan’s major responsibilities will include the management of the daily operations
of the newly acquired Monforts branded dyeing and finishing machinery business. The Board is
confident that Mr. Wan’s unique insight and knowledge of the business of the Monforts Group that
have been built up over many years will help him in the consolidation of the Monforts branded dyeing
and finishing machinery business within the Group in a timely and effective manner.

Mr. Ji Xin (“Mr. Ji”), currently the Chief Operation Officer (“COO”) and an Executive Director of the
Company, will be appointed as the CEO, a member of each of the Remuneration Committee and
Nomination Committee of the Company with effect from 1 January 2013. The position of COO will be
eliminated on the same day. Mr. Ji will be responsible for the overall day-to-day management of the
Group under the direct supervision of the Board of the Company. The Board would like to express its
warmest welcome to Mr. Ji on his appointment.




                                                - 2 -
RESIGNATION OF MR. ZHAO CHUANCONG (“MR. ZHAO”)

Mr. Zhao has resigned from the positions as Executive Director and an authorized representative of the
Company for the purpose of the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the “Listing Rules”) due to his reassignment to a new role within the Group with
effect from 31 December 2012. Mr. Zhao remains a director of certain subsidiaries of the Group and a
member of the new management team under the direct supervision of the CEO. In his new role, Mr.
Zhao’s major responsibilities are to assist the CEO of the Company to formulate and implement the
overall corporate strategies and policies of the Group.

RESIGNATION OF MR. DU QIANYI (“MR. DU”)

Mr. Du has resigned from the position as Executive Director of the Company due to his reassignment
to a new role within the Group with effect from 31 December 2012. Mr. Du remains the Chief
Financial Officer of the Company, a director of certain subsidiaries of the Group and a member of the
new management team under the direct supervision of the CEO. In his role as the Chief Financial
Officer of the Company, Mr. Du's major responsibilities are in charge of the overall financial
management of the Group.

RESIGNATION OF MR. TOU KIT VAI (“MR. TOU”)

Mr. Tou has resigned from the position as Executive Director of the Company due to his reassignment
to a new role within the Group with effect from 31 December 2012. Mr. Tou remains a director of
certain subsidiaries of the Group and a member of the new management team under the direct
supervision of the CEO. In his new role, Mr. Tou’s major responsibilities are in charge of the material
planning of our dyeing and finishing machinery manufacturing business in the PRC, the ERP function
of the Group and to assist the Chief Financial Officer of the Company in the financial management of
the Group.

RESIGNATION OF DR. TSUI TAK MING, WILLIAM (“DR. TSUI”)

Dr. Tsui has resigned from the position as Executive Director of the Company due to his reassignment
to a new role within the Group with effect from 31 December 2012. Dr. Tsui remains a director of
certain subsidiaries of the Group and a member of the new management team under the direct
supervision of the CEO. In his new role, Dr. Tsui’s major responsibilities are in charge of the research
and development of dyeing and finishing machines of the Group.

APPOINTMENT OF AUTHORISED REPRESENTATIVE

Mr. Lee Che Keung, the company secretary of the Company, has been appointed as an authorised
representative of the Company for the purpose of the Listing Rules with effect from 31 December
2012.



                                                  - 3 -
Each of Mr. Fong Sou Lam, Mr. Wan Wai Yung, Mr. Zhao Chuancong, Mr. Du Qianyi, Mr. Tou Kit
Vai and Dr. Tsui Tak Ming, William has confirmed to the Board that they have no disagreement with
the Board and that there are no other matters in relation to their resignations which need to be brought
to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company.
The Board would like to express its gratitude to all of them for their valuable contributions to the
Company during their tenure of service.

As a result of these appointments and resignations, the Board of the Company will comprise four
Executive Directors, one Non-executive Director and four Independent Non-executive Directors. The
position of COO will be eliminated.

The Board believes that the new management structure will make us a more agile company, better
positioned to move quickly in a dynamic market. Our new structure is targeted to unlock additional
synergies from our operations, particularly following the Company’s recent acquisition of the Monforts
Group in Germany. It will facilitate the delivery of our comprehensive, world-class products and
customer services as efficiently as possible, ultimately for the benefit of the Group, our staff members
and our shareholders as a whole.

                                                                      On behalf of the Board
                                                                Fong’s Industries Company Limited
                                                                           He Fengxian
                                                                             Chairman

Hong Kong, 31 December 2012

As at the date of this announcement, our Chairman and Executive Director is Ms. He Fengxian; our
Vice-Chairman and Non-executive Director is Mr. Ye Maoxin; our other Executive Directors are Mr.
Wan Wai Yung (Chief Executive Officer), Mr. Ji Xin and Mr. Fong Kwok Leung, Kevin; and our
Independent Non-executive Directors are Mr. Zhou Yucheng, Mr. Ying Wei, Dr. Yuen Ming Fai and
Dr. Keung Wing Ching.

*   For identification purpose only




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