Far East Holdings International Limited announced that Mr. Lam Cheung Shing, Richard has been appointed as an independent Non-Executive Director, the Chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee of the Company with effect from 17 November 2023. Mr. Lam, aged 65, was the deputy chairman and chief executive officer of EverChina Int'l Holdings Company Limited. Currently, Mr. Lam is an independent non-executive director of Lajin Entertainment Network Group Limited.

He is also an independent non-executive director of China Water Industry Group Limited and Legend Strategy International Holdings Group Company Limited. Mr. Lam is a fellow member of Hong Kong Institute of Certified Public Accountants. Mr. Lam was admitted to the Master Degree of Business Administration in the Chinese University of Hong Kong in 2006.

Mr. Lam spent over ten years in PricewaterhouseCoopers, an international accounting firm and promoted to a senior audit manager, and is equipped with extensive experience in accountancy, taxation and corporate finance. Mr. Lam held senior positions in a number of listed companies in Hong Kong, including Sun Hung Kai & Co., Limited, Kingsway SW Asset Management Limited and U-Cyber Technology Holdings Limited. Besides, Mr. Lam was appointed as either an independent non-executive director or an executive director in various companies whose shares are listed on the Main Board of the Stock Exchange during the period from 2001 to 2014, including Eagle Legend Asia Limited, Kai Yuan Holdings Limited and China Pipe Group Limited.

Following the appointment of Mr. Lam, the Board comprises three executive Directors and three independent non-executive Directors. As a result, the number of independent non-executive Directors meets with the requirements under Rule 3.10 of the Listing Rules. Since Mr. Lam has been appointed as the member of the Audit Committee of the Company, the Company is in compliance with Rule 3.21 of the Listing Rules.

Since Mr. Lam has been appointed as a chairman of the Remuneration Committee of the Company, the Company is in compliance with Rule 3.25 of the Listing Rules. The Board would like to take this opportunity to extend a warm welcome to Mr. Lam on taking up his new positions.