Grand Field Group Holdings Limited (HKG:0115) announced that Zhonglei (HK) CPA Company Limited has been appointed as new auditors of the company with effect from 20 July 2012 to fill the casual vacancy occasioned by the departure of Baker Tilly Hong Kong Limited after the proposed resolution to re-appoint Baker Tilly as the auditors of the company was voted down in the annual general meeting of the company on 15 June 2012 and to hold office until the conclusion of the next annual general meeting of the company.

The board is not aware of any reasons and matters in relation to the departure. Baker Tilly has confirmed that there were no circumstances connected with its cessation of acting as the auditors of the company which should be brought to the notice of the shareholders or creditors of the company.

Trading in the shares of the company has been suspended since 27 March 2009 and will remain suspended until further announcement.