The board of directors of BaWang International Holding Company Limited together with its subsidiaries has been notified by Dr. WANG Qi, an independent non-executive Director, that he intends to resign as an independent non-executive Director, the chairman of Environmental, Social and Governance Committee, a member of each of the Audit and Risk Management Committee, the Remuneration Committee and the Nomination Committee, all with effect from June 30, 2024. Dr. WANG has informed the Company that his plan to resign is due to his intention to devote more time to his research pursuits and professional responsibilities, and has also confirmed that he has no
disagreement with the Board, and has confirmed that he is not aware of any matters in relation to his resignation that needs to be brought to the attention of the shareholders of the Company. In accordance with the Nomination Policy and the Board Diversity Policy of the Company, the Board announced that Mr. CHU Tat Hoi has been appointed as an independent non-executive Director with effect from June 30, 2024. Mr. CHU, aged 50, joined the financial industry since 1996 and has gained extensive practical experience in the corporate finance advisory and capital markets of Mainland China and Hong Kong. Mr. CHU previously worked at various licensed corporations in Hong Kong, including Capital 9 Limited, where he was the managing director from 2020 to 2024; Celestial Capital Limited, where he was a director from 2019 to 2020; Convoy Capital Hong Kong Limited, where he was the managing director from 2015 to 2018; and Kingsway Capital Limited from 2000 to 2015 where he last served as a director. He also served Oriental Patron Asia Limited from 1996 to 2000. Mr. CHU obtained a bachelor's degree in business
administration from The Chinese University of Hong Kong in 1996. Mr. CHU has entered into a letter of appointment with the Company for a term of three years commencing from 30 June 2024, which can be terminated by either party by giving to the other party not less than three months' notice in writing. Pursuant to the articles of association of the Company, Mr. CHU will hold office as a Director until the next annual general meeting of the Company and will be subject to the re-election at that meeting. With effect from the appointment of Mr. CHU, he will be appointed as a member of each of the Audit and Risk Management Committee and the Environmental, Social and Governance Committee. At the same time, Dr. LIU Jing, an independent non-executive director, has been appointed as the chairlady of the Environmental, Social and Governance Committee and also a member of each of the Nomination
Committee and the Remuneration Committee, all with effect from June 30, 2024.