Sun Xue Song and Xue Zhao Qiang Close of the Offers

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or 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 joint announcement.

This joint announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities of the Company.

SUN XUE SONG STEED ORIENTAL (HOLDINGS) COMPANY LIMITED AND 駿東（控股）有限公司 XUE ZHAO QIANG (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8277)

JOINT ANNOUNCEMENT

(1) CLOSE OF UNCONDITIONAL MANDATORY CASH OFFERS BY GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED

GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED

ON BEHALF OF THE JOINT OFFERORS;

(2) RESULTS OF THE OFFERS; (3) CHANGE OF DIRECTORS; (4) CHANGE OF CHAIRMAN AND APPOINTMENT OF CHIEF EXECUTIVE OFFICER; (5) CHANGE OF COMPOSITION OF BOARD COMMITTEES; (6) CHANGE OF AUTHORISED REPRESENTATIVES; AND (7) CHANGE OF COMPLIANCE OFFICER

Financial Adviser to the Joint Offerors

GUOTAI JUNAN CAPITAL LIMITED

CLOSE OF THE OFFERS

The Joint Offerors and the Company jointly announce that the Offers closed at 4:00 p.m. on Friday, 12 August 2016 and were not revised or extended by the Joint Offerors.

RESULTS OF THE OFFERS

As at 4:00 p.m. on 12 August 2016, being the latest time and date for acceptance of the Offers as set out in the Composite Document, the Joint Offerors received valid acceptances in respect of (i) 39,647,267 Offer Shares (representing approximately 19.79% of the total number of Shares in issue as at the date of this joint announcement) and (ii) 9,300,000 Share Options, representing approximately 100% of the Share Options outstanding under the Option Offer.

SETTLEMENT OF THE OFFERS

Remittances in respect of the cash consideration (after deducting the seller’s ad valorem stamp duty in respect of acceptances of the Share Offer) payable for the Offer Shares or Share Options (as the case may be) under the Offers have been or will be despatched to the accepting Independent Shareholders or Independent Optionholders (as the case may be) by ordinary post at their own risk as soon as possible or by other means as instructed by them, but in any event within seven Business Days after the date of receipt of a duly completed Form of Acceptance in accordance with the Takeovers Code.

SHAREHOLDING STRUCTURE OF THE COMPANY

Immediately after the close of the Offers and taking into account the valid acceptances in respect of 39,647,267 Offer Shares, the Joint Offerors and the parties acting in concert with either of or both of them are interested in an aggregate of 153,802,120 Shares, representing approximately 76.77% of the total number of Shares in issue as at the date of this joint announcement.

PUBLIC FLOAT

Immediately after the close of the Offers, subject to the due registration by the Registrar of the transfer of the Offer Shares, 46,531,213 Shares, representing approximately 23.23% of the total number of Shares in issue as at the date of this joint announcement, are held by the public (as defined in the GEM Listing Rules). Accordingly, as at the date of this joint announcement, the minimum public float requirement of 25% as set out under Rule 11.23(7) of the GEM Listing Rules is not satisfied.

As such, the Company will make an application to the Stock Exchange for a temporary waiver from strict compliance with the Rule 11.23(7) of the GEM Listing Rules. The Joint Offerors and the Directors will take appropriate steps to restore the required minimum public float as early as practicable. Further announcement(s) will be made by the Company regarding the restoration of public float as and when appropriate.

CHANGE OF DIRECTORS

The Board announces that with effect from the close of the Offers on 12 August 2016:

(a) Ms. Sun Xue Song and Mr. Xue Zhao Qiang have been appointed as executive Directors;

(b) Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as independent non- executive Directors; and

The Board further announces that:

(a) Ms. Wong Sut Keng and Ms. Wong Hang Kuen have resigned as executive Directors with effect from the close of the Offers on 12 August 2016;

(b) Mr. Chan Kai Nang, Mr. Ho Chee Mun and Mr. Yuen Kim Hung Michael have resigned as independent non-executive Directors with effect from the close of the Offers on 12 August 2016; and

CHANGE OF CHAIRMAN AND APPOINTMENT OF CHIEF EXECUTIVE OFFICER

Mr. Huang Dong Sheng has resigned as the chairman of the Company and Ms. Sun Xue Song has been appointed as the chairman of the Company and Mr. Xue Zhao Qiang has been appointed as the chief executive officer of the Company, all with effect from 12 August 2016.

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The Board announces that with effect from 12 August 2016:

(a) Mr. Yuen Kim Hung Michael has resigned as member and chairman of the Audit Committee. Mr. Chan Kai Nang and Mr. Ho Chee Mun have resigned as members of the Audit Committee;

(b) Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Audit Committee. Mr. Zhu Da has also been appointed as the chairman of the Audit Committee;

(c) Mr. Ho Chee Mun has resigned as member and chairman of the Remuneration Committee. Mr. Chan Kai Nang and Mr. Yuen Kim Hung Michael have resigned as members of the Remuneration Committee;

(d) Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Remuneration Committee. Ms. Dong Ping has also been appointed as the chairman of the Remuneration Committee;

(e) Mr. Chan Kai Nang has resigned as member and chairman of the Nomination Committee. Mr. Ho Chee Mun and Mr. Yuen Kim Hung Michael have resigned as members of the Nomination Committee; and

(f) Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Nomination Committee. Mr. Ding Hongquan has also been appointed as the chairman of the Nomination Committee.

CHANGE OF AUTHORISED REPRESENTATIVES

Ms. Wong Sut Keng and Mr. Yeung Hung Yuen have resigned as authorised representatives of the Company under the GEM Listing Rules and Ms. Sun Xue Song, the executive Director, and Mr. Lai Kin Wa, the company secretary of the Company have been appointed as authorised representatives of the Company under the GEM Listing Rules, all with effect from 12 August 2016.

Ms. Wong Sut Keng has resigned as authorised representative of the Company to accept service of process in Hong Kong pursuant to the Companies Ordinance with effect from 12 August 2016.

CHANGE OF COMPLIANCE OFFICER

Mr. Yeung Hung Yuen has resigned as the Compliance Officer and Ms. Sun Xue Song has been appointed as the Compliance Officer with effect from 12 August 2016.

Reference is made to the composite offer and response document (the “Composite Document”) jointly issued by Steed Oriental (Holdings) Company Limited (the “Company”, together with its subsidiaries, the “Group”) and Ms. Sun Xue Song and Mr. Xue Zhao Qiang (the “Joint Offerors”) dated 22 July 2016, in respect of the unconditional mandatory cash offers by Guotai Junan Securities (Hong Kong) Limited on behalf of the Joint Offerors to acquire all the issued shares and to cancel all outstanding share options of the Company (other than those already owned by the Joint Offerors and the parties acting in concert with either of or both of them) (the “Offers”). Capitalised terms used in this joint announcement shall have the same meanings as defined in the Composite Document, unless otherwise specified.

CLOSE OF THE OFFERS

The Joint Offerors and the Company jointly announce that the Offers closed at 4:00 p.m. on Friday, 12 August 2016 and were not revised or extended by the Joint Offerors.

RESULTS OF THE OFFERS

SETTLEMENT OF THE OFFERS

SHAREHOLDING STRUCTURE OF THE COMPANY

Immediately before the commencement of the Offers, the Joint Offerors and the parties acting in concert with either of or both of them owned, controlled or had direction over 114,154,853 Shares and save for the aforesaid, none of the Joint Offerors nor any of the parties acting in concert with either of or both of them owned, controlled or had direction over any Shares, derivatives, warrants, the securities convertible into Shares or any rights over the Shares.

Save for the valid acceptances under the Offers as set out in this joint announcement, none of the Joint Offerors or parties acting in concert with either of or both of them have acquired or agreed to acquire any relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) of the Company or any rights over the Shares during the Offer Period. None of Joint Offerors nor any of the parties acting in concert with either of or both of them have borrowed or lent any Shares or any other relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) of the Company during the Offer Period.

The following table sets out the shareholding structure of the Company immediately before the commencement of the Offers and immediately after the close of the Offers:

Immediately before the Immediately after the commencement of the Offers close of the Offers Number Approximate Number Approximate of Shares % of Shares %

The Joint Offerors and parties acting in concert with either of or both of them 114,154,853 56.98 153,802,120 76.77 – Ms. Sun 91,323,882 45.58 123,041,695 61.42 – Mr. Xue 22,830,971 11.40 30,760,425 15.35

Public Shareholders 86,178,480 43.02 46,531,213 23.23

Total 200,333,333 100 200,333,333 100

Note: Certain percentage figures included in this table have been subject to rounding adjustments. Accordingly, figures shown as totals may not be an arithmetic aggregation of the figures preceding them.

PUBLIC FLOAT

CHANGE OF DIRECTORS

The Board of the Company is pleased to announce that with effect from the close of the Offers on 12 August 2016, Ms. Sun and Mr. Xue have been appointed as executive Directors; Mr. Ding Hongquan（丁洪泉先生） (“Mr. Ding”), Ms. Dong Ping（董萍女士） (“Ms. Dong”) and Mr. Zhu Da（朱達先生） (“Mr. Zhu”) have been appointed as independent non-executive Directors; and Mr. Huang Dong Sheng（黃東勝先生）(“Mr. Huang”) has been re-designated from an executive Director to a non-executive Director. Set out below are the biographical details of each of the newly appointed Directors and the re-designated Director:

(I) Ms. Sun Xue Song has been appointed as an executive Director:

Ms. Sun, aged 26, completed a three year computerized accounting professional course offered by Hebei Radio and TV University*（河北廣播電視大學）in June 2011 and obtained her graduation certificate in regional economic development and management from Hebei Normal University of Science and Technology*（河北科技師範學院）in December 2014. Since January 2012 till present, she is the executive director and legal representative of Hebei Jieming Investments Limited Company*（河北傑明投資有限公司） , which carries out investment activities in projects which are not restricted or prohibited according to the laws of the People’s Republic of China.

As at the date of this joint announcement, Ms. Sun is interested in 123,041,695 shares of the Company, representing approximately 61.42% of the total issued shares of the Company, within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Ms. Sun has entered into a service agreement with the Company for a term of three years commencing from 12 August 2016 subject to termination by either party giving to the other not less than three months’ prior written notice. Ms. Sun will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

Under the service agreement, Ms. Sun is entitled to a fixed director’s fee of HK$20,000 per month subject to adjustment at the second and third years of her term of office, together with a discretionary year-end bonus which is to be determined by the Board with reference to the Company’s performance. The emoluments of Ms. Sun is determined with reference to, among other things, the prevailing market conditions, Ms. Sun’s experience and her roles and responsibilities with the Company.

* For identification purposes only

Save as disclosed above, as at the date of this joint announcement, Ms. Sun (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the appointment of Ms. Sun that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

(II) Mr. Xue Zhao Qiang has been appointed as an executive Director:

Mr. Xue, aged 42, completed a three year architecture professional course offered by Hebei University of Engineering*（河北工程大學科信學院）in June 1995 and since January 2010, is the chairman of Hebei Handan City Hejin Real Estate Development Company Limited*（河北邯鄲市合金房地產開發有限公司）, which develops and operates real-estate properties. He is also one of the directors of Hebei Handan City Rural Credit Bank*（河北邯鄲市農村商業銀行）since December 2015.

He previously had been selected as the deputy to the People’s Congress of the People’s Republic of China of Handan City in the 14th session.

As at the date of this joint announcement, Mr. Xue is interested in 30,760,425 shares of the Company, representing approximately 15.35% of the total issued shares of the Company, within the meaning of Part XV of the Securities and Futures Ordinance.

Mr. Xue has entered into a service agreement with the Company for a term of three years commencing from 12 August 2016 subject to termination by either party giving to the other not less than three months’ prior written notice. Mr. Xue will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

* For identification purposes only

Under the service agreement, Mr. Xue is entitled to a fixed director’s fee of HK$20,000 per month subject to adjustment at the second and third years of his term of office, together with a discretionary year-end bonus which is to be determined by the Board with reference to the Company’s performance. The emoluments of Mr. Xue is determined with reference to, among other things, the prevailing market conditions, Mr. Xue’s experience and his roles and responsibilities with the Company.

Save as disclosed above, as at the date of this joint announcement, Mr. Xue (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the appointment of Mr. Xue that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

(III) Mr. Ding Hongquan has been appointed as an independent non-executive Director:

Mr. Ding, aged 45, completed a professional course in Taxation at the Hebei Cadre Academy of Economic Management*（河北經濟管理幹部學院）in July 1991. In July 2000, he completed a two-year postgraduate course in the Communist Party of China Hebei Provincial Committee Party School*（中共河北省委黨校）.

* For identification purposes only

From July 1991 to November 1994, he worked as a deputy commissioner（副局長）in Chuiyang Branch of the Nangong City Tax Bureau*（南宮市稅務局垂楊分局）and from November 1994 to September 1998, he worked as a deputy commissioner（副局長）in the Nangong City Local Taxation Bureau*（南宮市地稅局）. From January 2004 to March 2010 and March 2010 to November 2011, he served respectively as the deputy manager（副主任）and veteran office manager（老幹部辦公室主任）of Xingtai City People’s Government State-owned Assets Supervision and Administration Commission*（邢臺市人民政府國有資產監督管理委員會）. From October 2011 to May 2016, he served as the chairman and general manager of Xintai Water Group Company Limited*（邢臺水業集團有限公司）. He currently is the chairman of Zhongjian Jiquan Water Supply Company Limited*（中建冀泉供水有限責任公司）since November 2012, the chairman of Hebei Jinhao Water Supply Company Limited*（河北金灝水務股份有限公司） since December 2014 and the director of Heibei Offshore Listed Equity Investment Fund Company Limited*（河北境外上市股權投資基金有限公司）since October 2015. He is also currently the chairman and general manager of Hebei Shunde Investment Group Limited Company*（河北順德投資集團有限公司）since October 2015.

Mr. Ding was a director of the following company which was established in the People’s Republic of China (the “PRC”) prior to its dissolution:

Principal business activity Date of Means of Name of company prior to dissolution dissolution dissolution Reason for dissolution

Xingtai Yinquan Shuiwu Investment, construction and 16 June 2014 Deregistration Acquisition by its parent company, Company Limited* operation of sewage treatment Xingtai Shuiye Group （邢台銀泉水務有限公司） facilities in Xingtai City, the PRC Company Limited* （邢台水業集團有限公司）

Mr. Ding has entered into a letter of appointment with the Company for a term of three years commencing from 12 August 2016 subject to termination by either party giving to the other not less than three months’ prior written notice. Mr. Ding will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

Under the letter of appointment, the Board and Mr. Ding mutually agreed that Mr. Ding will not receive any remuneration from the Company for serving as an independent non-executive Director but the expenses incurred reasonably in connection with his discharge of duties as an independent non-executive Director will be borne by the Company.

* For identification purposes only

Save as disclosed above, as at the date of this joint announcement, Mr. Ding (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the appointment of Mr. Ding that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

(IV) Ms. Dong Ping has been appointed as an independent non-executive Director:

Ms. Dong, aged 59, completed a three-year professional course in English language in December 1979 in Jiangxi Normal College (presently known as Jiangxi Normal University)（江西師範大學） (“Jiangxi Normal University”). Ms. Dong obtained a certificate of study at the Beijing English Language Centre of the Institute of International Economic Management in cooperation with the University of California at Los Angeles China Exchange Program in April 1984. She had completed a course of instruction in Enterprise Management Development Programme in November 1992 which was provided by the British Government as part of its Technical Co-operation Training arrangements. She completed a postgraduate course at the University of Liaoning*（遼寧大學） in June 1999. In November 1997, she obtained a certificate of senior economist issued by the Department of Personnel of Guangdong Province*（廣東省人事廳）. In June 2000, she obtained a master’s degree in management from Dongbei Agricultural University*（東北農業大學）. She also obtained a doctor of philosophy in economic studies at the Zhongnan University of Economics and Law*（中南財經政法大學）in June 2006.

Prior to joining the Company, she worked in the finance department of Jiangxi Province International Trust Investment Company Limited*（江西省國際信託投資公司）until 1990. She then worked in Shenzhen Development Bank（深圳發展銀行）since 1990 and was promoted to vice manager of the international business department in March 1994. In August 2000, she joined the Shenzhen branch of China Everbright Bank（中國光大銀行）as vice president. She retired in 2012 and she currently does not hold any positions in any companies.

* For identification purposes only

Ms. Dong has entered into a letter of appointment with the Company for a term of three years commencing from 12 August 2016 subject to termination by either party giving to the other not less than three months’ prior written notice. Ms. Dong will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

Under the letter of appointment, the Board and Ms. Dong mutually agreed that Ms. Dong will not receive any remuneration from the Company for serving as an independent non-executive Director but the expenses incurred reasonably in connection with her discharge of duties as an independent non-executive Director will be borne by the Company.

Save as disclosed above, as at the date of this joint announcement, Ms. Dong (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the appointment of Ms. Dong that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

(V) Mr. Zhu Da has been appointed as an independent non-executive Director:

Mr. Zhu, aged 29, completed a business professional course at Portobello College, Dublin and Griffith College, Dublin and received a bachelor’s degree of arts in accounting and finance from Higher Education and Training Awards Council, Ireland in July 2011. From July 2011 to March 2012, he was a project manager in the asset management department of Hebei Guofu Agricultural Investment Group Limited*（河北省國富農業投資集團有限公司）. He joined KPMG Huazhen Beijing Office in April 2012 and was later seconded to work in KPMG Hong Kong Office as an assistant manager from November 2013 to March 2015. Since March 2015, he joined Huajin Investment Company Limited *（華錦投資有限公司）as a business manager and financial manager.

Mr. Zhu has entered into a letter of appointment with the Company for a term of three years commencing from 12 August 2016 subject to termination by either party giving to the other not less than three months’ prior written notice. Mr. Zhu will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

* For identification purposes only

Under the letter of appointment, the Board and Mr. Zhu mutually agreed that Mr. Zhu will not receive any remuneration from the Company for serving as an independent non-executive Director but the expenses incurred reasonably in connection with his discharge of duties as an independent non-executive Director will be borne by the Company.

Save as disclosed above, as at the date of this joint announcement, Mr. Zhu (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the appointment of Mr. Zhu that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

(VI) Mr. Huang Dong Sheng has been re-designated from an executive Director to a non-executive Director:

Mr. Huang, aged 54, before his re-designation as a non-executive Director as disclosed herein was the chairman of the Company and was appointed as an executive Director on 7 August 2013. He completed Business Course I of the Department of Management in Tokyo School of Business in 1989 in Japan.

Mr. Huang has approximately 26 years of experience in the wood industry. From 1988 to 1992, Mr. Huang served as the head of the business department (China) of Yonago Group（米子組（株））, a company incorporated in Japan, which was principally engaged in sales of building materials for civil engineering and construction, and he was responsible for the trading of wood products in the PRC market. From 1992 to 2001, Mr. Huang joined Cheong Sing Merchanise Agency Limited (formerly known as Prosperity Merchandise Agency Limited), a limited company incorporated in Hong Kong and controlled by a Mr. Huang’s family member, and he was employed as sales manager and then from 2001, he was promoted as vice president until 2003. Mr. Huang was appointed as the director of Million Champ Trading Limited and Jiangmen Changda Wood Products Company Limited*（江門市昌達木業有限公司）, the Company’s subsidiaries, on 26 July 2003 and 18 August 2003 respectively. Since then, Mr. Huang commenced to pursue his career in the plywood manufacturing industry. At present, Mr. Huang is a director of Sunchance International Industrial Limited, CD Enterprises Company Limited, Profit Chance Trading (Asia) Limited, Million Champ Holdings (HK) Limited and Star Resources Trading (HK) Limited (formerly known as Chance Rich Trading (Asia) Limited) within the Group. He is also a director and the legal representative of Jiangmen Chance East Wood Products Company Limited, the Company’s subsidiary.

* For identification purposes only

Mr. Huang is the younger brother of Ms. Wong Sut Keng, an executive Director before the close of the Offers, and the elder brother of Ms. Wong Hang Kuen, an executive Director before the close of the Offers. Mr. Huang is also the cousin of Mr. Li Wen Jun, the assistant to the general manager of the Jiangmen Changda Wood Products Company Limted*（江門市昌達木業有限公司）, the Company’s subsidiary.

Mr. Huang was a director of the following companies which were incorporated in Hong Kong prior to their dissolutions:

Principal business activity Date of Means of Name of company prior to dissolution dissolution dissolution Reasons for dissolution

Fully Champ Limited Trading of building materials 13 February 2004 Deregistration Cessation of business

Hong Kong Reliance Provision of logistics services In liquidation Compulsory Insolvency Industrial Transportation in Hong Kong winding up Company Limited (Note)

Note:

On 28 January 2000, a petition was filed with the High Court in Hong Kong for the winding up of Hong Kong Reliance Industrial Transportation Company Limited (“HKRIT”) by a creditor who was owed HK$2.8 million together with costs and interest. The petition was filed on the ground that HKRIT was insolvent and that it was unable to pay its debt. In the absence of opposition, an order for winding up was granted by the court on 29 March 2000. On 31 May 2000, the Official Receiver was appointed by an order as the liquidator (the “Liquidator”). The order also provided that the liquidation should proceed in a summary manner.

According to court records, the Official Receiver conducted investigation into HKRIT’s affairs upon its appointment and filed a preliminary report dated 9 January 2001 (“Preliminary Report”). In the Preliminary Report, it was stated that “the Official Receiver and Liquidator considers that no further inquiry is necessary in connection with the promotion, formation and failure of the company (HKRIT) and the conduct of its business”. According to the search records which are publicly available, liquidation of HKRIT has ceased since filing of the Preliminary Report on 9 January 2001.

According to searches conducted against Mr. Huang Dong Sheng, no disqualification order or any application for such order has been made against Mr. Huang Dong Sheng personally in the 12-year period since the Preliminary Report was filed by the Official Receiver and Liquidator of HKRIT. There is also no record of any claim against Mr. Huang Dong Sheng personally as a defendant made by the Liquidator or a creditor of HKRIT.

Further details please refer to the Company’s prospectus dated 12 February 2015 under the section headed “Directors, senior management and staff”.

Mr. Huang has entered into a letter of appointment with the Company for a term commencing from 12 August 2016 and expiring on 30 April 2017 subject to termination by either party giving to the other not less than three months’ prior written notice. Mr. Huang will hold office until the next general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

Under the letter of appointment, Mr. Huang is entitled to a fixed director’s fee of HK$10,000 per month. The emoluments of Mr. Huang is determined with reference to, among other things, the prevailing market conditions, Mr. Huang’s experience and his roles of responsibilities with the Company.

Save as disclosed above, as at the date of this joint announcement, Mr. Huang (i) does not currently hold any other positions with the Company or other members of the Group; (ii) does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company; (iii) does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance; and (iv) had not held any other directorships in the last three years in public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Save as disclosed above, there are no other matters concerning the re-designation of Mr. Huang from an executive Director to a non-executive Director that need to be brought to the attention of the shareholders of the Company and there is no other information that needs to be disclosed pursuant to any of the requirements under Rule 17.50(2) of the GEM Listing Rules.

The Board further announces that (i) with effect from the close of the Offers on 12 August 2016, Ms. Wong Sut Keng and Ms. Wong Hang Kuen have resigned as executive Directors and Mr. Chan Kai Nang, Mr. Ho Chee Mun and Mr. Yuen Kim Hung Michael have resigned as independent non- executive Directors; and (ii) with effect from 16 August 2016, Mr. Yeung Hung Yuen will resign as an executive Director.

The abovementioned resignations of Directors are due to the change in control of the Company and each of the resigning Directors has confirmed to the Board that he/she has no disagreement with the Board and that there are no other matters in relation to his/her resignation that need to be brought to the attention of the holders of the securities of the Company. The Board would like to extend its sincere gratitude and appreciation in advance to each of them for their valuable contributions towards the Company during their tenure of office.

CHANGE OF CHAIRMAN AND APPOINTMENT OF CHIEF EXECUTIVE OFFICER

CHANGE OF COMPOSITION OF BOARD COMMITTEES

The Board announces that, with effect from 12 August 2016:

(a) Mr. Yuen Kim Hung Michael has resigned as member and chairman of the audit committee of the Company (the “Audit Committee”). Mr. Chan Kai Nang and Mr. Ho Chee Mun have resigned as members of the Audit Committee. Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Audit Committee. Mr. Zhu Da has also been appointed as the chairman of the Audit Committee;

(b) Mr. Ho Chee Mun has resigned as member and chairman of the remuneration committee of the Company (the “Remuneration Committee”). Mr. Chan Kai Nang and Mr. Yuen Kim Hung Michael have resigned as members of the Remuneration Committee. Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Remuneration Committee. Ms. Dong Ping has also been appointed as the chairman of the Remuneration Committee; and

(c) Mr. Chan Kai Nang has resigned as member and chairman of the nomination committee of the Company (the “Nomination Committee”). Mr. Ho Chee Mun and Mr. Yuen Kim Hung Michael have resigned as members of the Nomination Committee. Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da have been appointed as members of the Nomination Committee. Mr. Ding Hongquan has also been appointed as the chairman of the Nomination Committee.

CHANGE OF AUTHORISED REPRESENTATIVES

Ms. Wong Sut Keng has resigned as authorised representative of the Company to accept service of process in Hong Kong pursuant to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the “Companies Ordinance”) with effect from 12 August 2016.

CHANGE OF COMPLIANCE OFFICER

Mr. Yeung Hung Yuen has resigned as the compliance officer of the Company under the GEM Listing Rules (the “Compliance Officer”) and Ms. Sun Xue Song has been appointed as the Compliance Officer with effect from 12 August 2016.

By order of the Board SUN XUE SONG Steed Oriental (Holdings) Company Limited AND Ms. Sun Xue Song XUE ZHAO QIANG Chairman and executive Director

Hong Kong, 12 August 2016

As at the date of this joint announcement, the Board comprises 7 Directors. The executive Directors are Ms. Sun Xue Song, Mr. Xue Zhao Qiang and Mr. Yeung Hung Yuen; the non-executive Director is Mr. Huang Dong Sheng; and the independent non-executive Directors are Mr. Ding Hongquan, Ms. Dong Ping and Mr. Zhu Da.

The Directors of the Company and Ms. Wong Sut Keng, Ms. Wong Hang Kuen, Mr. Yuen Kim Hung Michael, Mr. Ho Chee Mun and Mr. Chan Kai Nang, being the resigning Directors of the Company with effect from the close of the Offers, jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than those relating to the Joint Offerors) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the Joint Offerors) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

The Joint Offerors jointly and severally accept full responsibility for the accuracy of information contained in this joint announcement (other than that relating to the Group and the Directors) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those made by the Group and the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

This joint announcement will remain on the “Latest Company Announcements” page of GEM website at www.hkgem.com for at least seven days from the date of its publication and will be published on the website of the Company at www.steedoriental.com.hk.