The board of directors of Geotech Holdings Ltd. announced that with effect from 15 January 2019 (the "Effective Date"), Mr. Kung Ho Man ("Mr. Kung") and Ms. Tang Ka Wa Danise ("Ms. Tang") have resigned as executive Directors and Mr. Cheung Wai Lun Jacky ("Mr. Cheung"), Mr. Chow Chun To ("Mr. Chow") and Mr. Wei Qianjiang ("Mr. Wei") have resigned as independent non-executive Directors. The resignation of each of Mr. Kung, Ms. Tang, Mr. Cheung, Mr. Chow and Mr. Wei (collectively, the "Resigned Directors") was due to change in control of the Company. The Board announced that with effect from 15 January 2019, Mr. Qiu Dong has been appointed as an executive Director and Mr. Chan Tsang Mo and Mr. Shen Zejing have been appointed as independent non-executive Directors.

Mr. Qiu Dong has over 7 years experience in the sales of construction stones and building decoration. Mr. Qiu Dong is a chief executive officer of a group company principally engaged in real estate construction and decoration projects of the Prince Real Estate (Cambodia) Group Co. Ltd. Mr. Qiu Dong will enter into a service contract with the Company for an initial term of three years commencing from the Effective Date subject to termination by either party giving to the other not less than six months' prior written notice.

Mr. Qiu Dong will hold office until the next following general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company. Mr. Chan will enter into a letter of appointment with the Company for an initial term of one year commencing from the Effective Date subject to termination by either party giving to the other not less than one month's prior written notice. Mr. Chan will hold office until the next following general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company.

Mr. Chan was an executive director of Ares Asia Limited. Mr. Shen Zejing is currently the Partner of the Hylands Law Firm. Mr. Shen will enter into a letter of appointment with the Company for an initial term of one year commencing from the Effective Date subject to termination by either party giving to the other not less than one month's prior written notice.

Mr. Shen will hold office until the next following general meeting of the Company and is eligible for re-election at the meeting, and shall be subject to retirement by rotation and re-election in accordance with the articles of association of the Company. The Board announced that, with effect from the Effective Date, Mr. Kung has resigned as the chief executive officer ("Chief Executive Officer") of the Company. Mr. Yau Kin Wing Sino, an executive Director, has been re-delegated as the Chief Executive Officer.

Mr. Yau Kin Wing Sino has previously entered into a service agreement with the Company for his appointment as an executive Director, for a fixed term of 3 years from the listing date (i.e. from 12 October 2017 to 11 October 2020). The Board announced that, with effect from the Effective Date, Mr. Yau Kin Wing Sino, an executive Director, ceased to act as the chairman of the Board ("Chairman"). Mr. Chen Zhi, an executive Director, has been appointed as the Chairman.

The Board announced that, with effect from the Effective Date, the compositions of the committees of the Board have been changed as follows: Audit Committee: Mr. Chow has resigned as the chairman of the audit committee of the Company ("Audit Committee"). Mr. Cheung has resigned as a member of the Audit Committee; and Mr. Chan Tsang Mo has been appointed as the chairman of the Audit Committee, and Mr. So Wai Man ("Mr. So") and Mr. Shen have been appointed as members of the Audit Committee; Remuneration Committee: Mr. Chow has resigned as the chairman of the remuneration committee of the Company. Mr. Cheung and Mr. Kung have resigned as members of the Remuneration Committee; and Mr. So has been appointed as the chairman of the Remuneration Committee, and Mr. Chen Zhi, Mr. Chan Tsang Mo and Mr. Shen have been appointed as members of the Remuneration Committee; Nomination Committee: Mr. Yau Kin Wing Sino has resigned as the chairman of the nomination committee of the Company.

Mr. Cheung has resigned as a member of the Nomination Committee; and Mr. Chen Zhi has been appointed as the chairman of the Nomination Committee, and Mr. So, Mr. Chan Tsang Mo and Mr. Shen have been appointed as members of the Nomination Committee. The Board announced that, with effect from the Effective Date, Mr. Yau Kin Wing Sino ceased to act as an authorised representative of the Company under the Listing Rules and an authorised representative of the Company under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (collectively, the "Authorised Representative"). The Board further announced that, Mr. Chen Zhi has been appointed as the Authorised Representative with effect from the Effective Date.