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Chemspec International announces election of new directors

Staff writer | Shanghai, China | December 1, 2010
Chemspec InternationalDecember 1, 2010, Shanghai, China - Chemspec International Limited, a contract manufacturer of highly-engineered specialty chemicals, announced the resignation of Ted Tak Tai Lee from the board of the directors and the independent committee of the board as of November 29, 2010 and the election of new directors.
Mr. Lee became our independent director and chairman of our audit committee in June 2009. Mr. Lee is managing director of T Plus Capital Ltd. Since September 2008, he has served as senior advisor to Duff & Phelps, a global financial valuation firm, and, from September 2007 until April 2009, served as executive director at Prax Capital, a private equity firm specializing in China-focused investments.

Prior to his current professional activities, Mr. Lee was a senior partner at Deloitte Touche Tohmatsu, or Deloitte, where he worked for 31 years in the United States and Asia, including heading the opening of Deloitte’s first China office in Shanghai in 1992, serving as office managing partner of their Hong Kong, Guangzhou and Beijing offices, and practicing in the firm’s Los Angeles and Taipei offices.

Mr. Lee is a U.S. certified public accountant and holds an MBA in finance and accounting from the University of Southern California and a B.S. in accounting from California State University, Fresno.

The Company also announced the election of Zixin Wang, Qian Zhao and Dr. Hai Mi to the board of directors, effective as of December 1, 2010, to replace Mr. Lee and David Yunhung Tang, who announced his retirement on November 11, 2010.

The board has designated Qian Zhao and Dr. Hai Mi as independent directors and members of the Independent Committee. Dr. Hai Mi was also elected to be a member and the chairman of the audit committee of the board.

Mr. Zhao is a founding partner of CXC China Sustainable Growth Fund, a private equity fund that makes investments in China-based companies. Mr. Zhao is a lawyer by training and is admitted to practice law in both China and New York. Mr. Zhao co-founded Haiwen & Partners in 1992, a preeminent corporate finance law firm in China and previously worked as an attorney at Sullivan & Cromwell and Skadden, Arps, Slate, Meagher & Flom LLP.

Mr. Zhao is currently a director and member of the audit committee of Trina Solar Limited and SouFun Holdings Limited, both of which are NYSE-listed companies, and CXC Capital, Inc., which is the management company of CXC China Sustainable Growth Fund.

Mr. Zhao received a J.D. degree from the New York University School of Law in 1998 and an LL.B degree from University of International Business & Economics, Beijing, in 1990.

Dr. Mi has a broad range of experiences in his professional career in the pharmaceutical and related industries. From 2005 to 2009, Dr. Mi was a Senior Director of Strategic Planning and Vice President of Corporate Communications at WuXi PharmaTech in Shanghai, China.

From 2003 to 2004, Dr. Mi served as an independent consultant to Pfizer Inc. in New York, and from 1999 to 2001, he worked as a research scientist at Pfizer in Ann Arbor, Michigan. His other work experience included serving as a general manager, financial advisor and business development consultant for biotech companies.

Dr. Mi obtained a Ph.D. in Organic Chemistry from New York University in 1999, an MBA with a concentration in finance and strategic management from The University of Chicago Booth School of Business in 2003 and a B.S. in Material Science from Fudan University in Shanghai in 1989.

Mr. Wang has served as a Vice President of Chemspec, responsible for finance, administration and human resources, since 2007. From 2006 to 2007, he was the Financial Controller of Chemspec. Prior to joining the Company, Mr. Wang served as a project manager of Shanghai Boning Finance Advisory Limited, where he was responsible for advising on offshore initial public offerings of Chinese companies and investment activities in China of foreign companies.

Mr. Wang received a master's degree in Accounting in 2004 and a bachelor's degree in International Accounting in 2001, both from Shanghai Jiaotong University.