Jiangsu Xingyu Gets New General Manager (China)

Xiangyu Dredging Holdings Limited, the largest privately owned dredging company in China in terms of dredging volume in 2010, has announced that Jiangsu Xingyu Port Construction Company Limited, the main operating entity and subsidiary of the Company, appointed Mr. Yang Xianbo as its general manager.

Mr. Yang was the deputy director of Changjiang Wuhan Waterway Engineering Company. He has more than 20 years of experience in the dredging industry. Besides, he is a senior engineer of waterway engineering and a national registered construction engineer, as well as the bidding evaluation expert of the Ministry of Communications in Hubei Province. Over the years, he presided over the work of the construction and management of a number of national key projects, and all are well-reputed in the industry.

Mr. Yang will succeed Mr. Liu Kaijin as the the Jiangsu Xingyu’s general manager to be responsible for the production operations and daily affairs of Jiangsu Xingyu. On the other hand, Mr. Liu Kaijin will focus on the Group’s strategies, corporate governance etc.

According to reports, Jiangsu Xingyu also appointed a number of executives who were key personnel in the areas of equipment, technology and project management in large-scale dredging companies in the PRC.

Regarding the appointment of Mr. Yang and the other members of the team, Mr. Liu Kaijin, Chairman, Executive Director and Chief Executive Officer of Xiangyu Dredging, said, “Recently, to secure the Qingshui Lake Project which is a large national environmental project, the Company has set up a joint venture company. Also, with other backlogs and projects under negotiation, the order book of Xiangyu is well enhanced.

To strengthen the management capacity and conduct the increasing projects, the Group has taken serious consideration on enhancing the scale and efficiency of our managements and work teams. Thus, we are very pleased to have successfully appointed the new management led by Mr. Yang Xingbo. With the rapid development of the Company, we are in need of professional teams which are experienced and competent to implement our future development strategies and business objectives, as well as to achieve faster and better development of the Company.

Mr. Yang and the new management are all from large-scale dredging companies. They have good reputations and extensive experience in the dredging industry to accommodate to our Company. Believing that their capability, experience and network will make a huge boost on the further development of Xingyu and the Group, I am highly confident of the team.”

[mappress]

Press Release, November 8, 2012