RemeGen Co., Ltd. — Board/Management Information 2006

Mar 23, 2006

HUALI HOLDINGS (GROUP) LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3366)

CHANGE OF COMPLIANCE ADVISER

The board of directors (the “Board”) of Huali Holdings (Group) Limited (the “Company”) wishes to announce that the Company and China Merchants Securities (HK) Co., Ltd. (“CMS”) have mutually agreed to terminate the compliance adviser’s agreement dated 28th December, 2005 (the “Former Compliance Adviser Agreement”) with effect from 23rd March, 2006 due to fact that it has not been demonstrated to the satisfaction of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) that CMS complies with Rule 3A.19 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). Under the Former Compliance Adviser Agreement, CMS was appointed as the compliance adviser to the Company for a term commencing from 6th January, 2006 until the date on which the Company complies with Rule 13.46 of the Listing Rules in respect of its financial results for the first full financial year commencing after the date of its initial listing, i.e. being the financial year ending 31st December, 2006. Saved as disclosed in this announcement, the Board has confirmed that, as at the date of this announcement, it is not aware of any matters relating to the Company that need to be drawn to the attention of the shareholders of the Company.

The Board further announces that Tai Fook Capital Limited has been appointed as the replacement compliance adviser to the Company with effect from 23rd March, 2006 until the date on which the Company complies with Rule 13.46 of the Listing Rules in respect of its financial results for the first full financial year commencing after the date of its initial listing, i.e. being the financial year ending 31st December, 2006.

As at the date of this announcement, the Board comprises seven directors, namely: Mr. Zheng Fan, Mr. Ni Zheng and Mr. Zhou Guangneng are executive directors; Ms. Xie Mei is a non-executive director; Mr. Lee Kit Wah, Mr. Chen Xiangdong and Mr. Xiao Yongping are independent non-executive directors.

By Order of the Board Huali Holdings (Group) Limited Zheng Fan Chairman

Hong Kong, 23rd March, 2006

Please also refer to the published version of this announcement in The Standard.

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