The board of directors (the " Board ") of Hung Fook Tong Group Holdings Limited announced that the title of Dr. Szeto Wing Fu ("Dr. Szeto"), an executive director of the Company, has been redesignated from general manager to chief executive officer with immediate effect. Dr. Szeto Wing Fu, aged 58, is an executive director of the Company, a member of Nomination Committee and the chairman of Strategy and Development Committee. Dr. Szeto currently serves as a director of various subsidiaries of the Group. He is responsible for the day-to-day management of the Group's business, recommending strategies to the Board, and setting and implementing corporate and operational decisions. Dr. Szeto is currently a member of the Hong Kong Tourism Board, a member of the committee on Employees Compensation Assistance Fund Board, a member of executive committee of the Hong Kong Retail Management Association, a member of the executive committee and the chairperson of the committee on Social Enterprise and Employment of The Hong Kong Society for Rehabilitation, and a professor of practice (finance) and a member of Center for Economic Sustainability and Entrepreneurial Finance Advisory Committee of the School of Accounting and Finance in The Hong Kong Polytechnic University.