The board of directors of Grand Peace Group Holdings Limited announced that Mr. Chin Kwan Lam, Raymond has resigned as an Independent Non-executive Director, chairman and member of the Audit Committee, members of each of the Remuneration Committee, the Nomination Committee and the Investment Committee of the Company with effect from 23 March 2020 in pursuit of his personal career development. Following the resignation of Mr. Chin, the Board and the Audit Committee comprise of one Independent Non-executive Director only. As such, the Company failed to comply with the requirements as set out in Rules 5.05(1), 5.05(2) and 5.28 of the GEM Listing Rules.