BEIJING, China, July 12, 2018 -- China New Borun Corporation (NYSE: BORN) (the “Company”), a leading producer and distributor of corn-based edible alcohol in China, today announced that the special committee of the Board of Directors (the “Special Committee”) has recently received a notice from Mr. Jinmiao Wang (“Mr. Wang”), Chief Executive Officer and Chairman of the Board of Directors, and King River Holding Limited (“King River”), a British Virgin Island company and a majority shareholder of the Company, stating that they have withdrawn the non-binding going private proposal (the “Proposal”) dated January 10, 2018. The notification stated that Mr. Wang and King River had determined not to proceed with the Proposal. As a result, the Special Committee was dissolved on July 12, 2018.

Beijing, China, July 13, 2018 – China New Borun Corporation (NYSE: BORN; “Borun” or the “Company”) today announced that Mr. Yuanqin Chen, the company’s Chief Financial Officer, has resigned to accept a position with another company, effective as of July 13, 2018. Mr. Chen confirmed that his resignation did not result from a disagreement with the Company on any matter relating to its financial policies or practices, including its internal controls or audit related matters.

The Company’s board of directors is proactively seeking Mr. Chen’s replacement. Meanwhile, the Company also announced that Ms. Jijuan Wang will act as Chief Financial Officer in the interim. Ms. Wang, who joined Borun since 2010, is now the finance manager of the Company, with more than 12 years’ experience in finance and accounting, strategic financial planning and budgeting.

China New Borun Announces Receipt of Preliminary Non-binding Going Private Proposal

BEIJING, January 10, 2018 -- China New Borun Corporation (NYSE: BORN) (the “Company”), a leading producer and distributor of corn-based edible alcohol in China, today announced that its Board of Directors (the “Board”) has received a non-binding proposal letter, dated January 10, 2018, from Mr. Jinmiao Wang (“Mr. Wang”), Chief Executive Officer and Chairman of the Board, and King River Holding Limited (“King River”), a British Virgin Island company and a majority shareholder of the Company, proposing a “going-private” transaction to acquire all of the outstanding ordinary shares of the Company not already owned by Mr. Wang or King River for US$1.67 in cash per American depositary share (“ADS”), or US$1.67 per ordinary share, which represents approximately 32.6% above the average closing price of the Company’s ADSs over the last 30 trading days up to and including January 9, 2018. A copy of the proposal letter is attached as Annex A to this press release.

The Board intends to form a special committee consisting of independent directors to consider this proposal. The Company cautions its shareholders and others considering trading in its securities that the Board only recently received the non-binding proposal letter and no decisions have been made with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

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