Extrawell Pharmaceutical Holdings Limited announce that Dr. Guo Yi (``Dr. Guo'') has been appointed as an INED of the Company, and a member of each of the audit committee, remuneration committee and nomination committee of the Board with effect from 14 April 2023. Dr. Guo, aged 42, obtained a bachelor degree in science (with a major in biology) and a doctorate degree in science (with a major in genetics) from the School of Life Sciences of Fudan University in 2003 and 2011 respectively. Dr. Guo has extensive experience in the fields of genetics, health care management, and investment management and development for venture in biomedicine. Dr. Guo was a non-executive director (from 8 June 2011 to 26 April 2012) and an executive director (from 27 April 2012 to 13 December 2015) of United Gene High-Tech Group Limited (now known as Innovative Pharmaceutical Biotech Limited) whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') (stock code: 399). Dr. Guo has been committing his time and working in investment management and project development in the fields of biomedicine, medical devices and diagnostic services since August 2015. He is currently the managing partner of Shanghai Rui Jian Venture Capital Management Co. Ltd., a company established in the People's Republic of China.
There is no service contract between Dr. Guo and the Company. Dr. Guo has entered into a letter of appointment with the Company as an INED with no fixed term. Pursuant to the letter of appointment and the bye-laws of the Company, Dr. Guo will hold office until the next annual general meeting of the Company but will then be eligible for re-election at that annual general meeting and thereafter he shall be subject to retirement by rotation and re-election at the Company's annual general meeting in accordance with the bye-laws of the Company. Dr. Guo is entitled to a director's fee in the amount of HKD 70,000 per annum, which was determined by the Board with reference to his roles and responsibilities within the Company and the prevailing market conditions and pursuant to the recommendation made by the remuneration committee of the Board. With effect from 14 April 2023, Dr. Guo was appointed as an INED and a member of each of the audit committee, remuneration committee and nomination committee of the Board. Following the above changes, the number of INEDs has satisfied the minimum number as stipulated under Rule 3.10(1) of the Listing Rules and as such, the Company has also complied with Rule 3.21 of the Listing Rules regarding the composition of the audit committee of the Board.