Zhejiang Shibao Company Limited announced that Mr. Zhang Shi Quan, an executive Director, Chairman and General Manager, the controlling shareholder of the Company, has agreed to acquire, and each of Du Chun Mao, Hui Yan, Wang Yu Jie, Zheng Yong Ping, Fu Zhong Xian, Zhang Qin Fang, Zhang Jun Yi and Wu Wei Xu has agreed to sell, in aggregate, 10,556,632 Domestic Shares, representing approximately 4.02% of the issued share capital of the Company as at the date of this announcement, at RMB2.64 per Domestic Share. After completion of the Share Transfers, each of Du Chun Mao, Hui Yan, Wang Yu Jie, Zheng Yong Ping, Fu Zhong Xian, Zhang Qin Fang, Zhang Jun Yi and Wu Wei Xu will cease to hold any Shares and Mr. Zhang Shi Quan will maintain his status as a controlling shareholder of the Company.