The board of directors of Alco Holdings Limited announced that Mr. LIU Hoi Keung ('Mr. Liu') resigned as Chairman of the Board, Executive Director of the Company with effect from 9 August 2022, as Mr. Liu wants to devote more time to the family and other personal commitments. The Board of the Company announces that Mr. LEI Kam Chao (Mr. Lei), aged 66, is appointed as Chairman of the Board and ED of the Company with effect from 9 August 2022. Mr. Lei has over 40 years of business experience.

He was an ED of Diamond Square Investment & Management Company Limited, a company incorporated in Hong Kong, and was primarily responsible for the overall management and supervision of the company's resources and administrative functions. Mr. Lei had been the ED and vice chairman of Century Entertainment International Holdings Limited, however, Mr. Lei does not hold any position in any listed companies at present. In addition, Mr. Lei is also the President Honorario of Ma-Kuoc-Mio-MacauDevelopment Committee and the President Honorario of Macau Yacht Club.

In general, Mr. Lei has extensive experiences in business and as an ED and vice chairman of listed company, and he is also active in public benefit activities. Save as disclosed above, Mr. Lei does not hold any other directorship in the last three years in any listed public companies the securities of which are listed on any securities market in Hong Kong or overseas preceding the date of this announcement. In addition, he does not hold any other positions with the Company or any of its subsidiaries.