<strong>China: Qinhuangdao Tobacco Machinery Holds Shareholders'' Meeting</strong>

Source from:  Qinhuangdao Tobacco Machinery Co., Ltd.  07/05/2013

Qinhuangdao Tobacco Machinery Co., Ltd. in north China's Hebei Province – a leading Chinese tobacco machinery manufacturer – held on May 7 its 30th Shareholders' Meeting and also the 2nd Meeting of its 4th Board of Directors, discussing and approving general targets for production and operation of the enterprise in 2013.

Presided over by Board of Directors Chairman Guo Dongqing, the meetings were attended by representatives of shareholders and members of the Board of Directors and the Board of Supervisors.

The 2nd Meeting of the 4th Board of Directors reviewed and adopted the report on key points of the work of the enterprise for 2013, approved a package of targets and tasks for systemic transformation and readjustment of the enterprise and the general working guidelines and operation targets of the enterprise for 2013, reviewed and adopted the report on fulfillment of performance targets of the enterprise in 2012 and the report on analysis of the economic operation of the enterprise in the first quarter of 2013, and reviewed and approved a number of relevant proposals.

The 30th Shareholders Meeting reviewed and adopted the report on the work of the Board of Supervisors, the report on changes of members and the chairman of the Board of Supervisors, the amendment to the constitution of the enterprise, and the 2012 annual final financial statement and the 2012 profits distribution plan submitted by the Board of Directors.

The meetings affirmed the achievements made by the enterprise, and believed that Qinhuangdao Tobacco Machinery Co., Ltd., by taking advantage of its project of relocation and technological transformation and by means of cooperation with Hauni, has succeeded in strengthening the work of basic management, and has scored year-on-year improvement of both the economic efficiency and management, with the making of delightful progress and outstanding performance.

The meetings believed that so far in 2013, the general working guidelines of Qinhuangdao Tobacco Machinery Co., Ltd. generally have been clearly defined, and that the development targets have been specific and have been in close coordination with the general development policies of the enterprise, with accurate definition.

The meetings pointed out that while registering better and better development situations, Qinhuangdao Tobacco Machinery Co., Ltd. needs to be more prudent in product quality control and after-sales service; needs to make efforts to lower the cost of manufacturing equipment for cut tobacco expansion and for leaf tobacco threshing and redrying, and lower the cost of coordination with other enterprises and the cost of procurement; needs to pay attention to the development of high-end products; needs to earnestly consider issues concerning the development of international markets; and needs to strengthen market reserves. Enditem