The board (the "Board") of directors (the "Directors") of Lapco Holdings Limited (the "Company", together with its subsidiaries, the "Group") announced that Mr. Ho Kin Wai ("Mr. Ho") has tendered his resignation as an independent non-executive Director, the chairman of the remuneration committee of the Company (the "Remuneration Committee"), and a member of each of the audit committee of the Company (the "Audit Committee") and the nomination committee of the Company (the "Nomination Committee") with effect from 12 May 2023 to focus on his new work commitment (the "Resignation"). The Board is also announced that, with effect from 12 May 2023, (i) Mr. Au Pak Lun Patrick ("Mr. Au") and Mr. Wang Rong ("Mr. Wang") have been appointed as executive Directors; and (ii) Ms. Wan Hoi Shan ("Ms. Wan") has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee. Mr. Au Pak Lun Patrick, aged 36, has more than 10 years of experience in global corporate structuring solutions for listed companies, mergers and acquisitions, venture capital, family offices, offshore funds, trust, finance and treasury.

From May 2013 to October 2015, he joined Oilco Asia Pacific Limited as assistant general manager and senior accountant. From January 2016 to May 2017, Mr. Au was an associate (financial accounting) at SBI Securities (Hong Kong) Limited, a subsidiary of SBI Holdings Inc., and the issued shares of SBI Holdings Inc. are listed on the Tokyo Stock Exchange. From September 2017 to April 2019, Mr. Au joined Hui Kai Financial Group Limited as assistant accounting manager.

From May 2019 to April 2021, he was appointed as vice president of GreenPro Holding Limited, a subsidiary of Greenpro Capital Corp. and the issued shares of Greenpro Capital Corp. are listed on the Nasdaq Stock Market.

From June 2021 to August 2022, Mr. Au served as president, chief executive officer and director of MSB Global Capital Corp, the issued shares of which are traded in the over-the-counter market in the US. Mr. Au is currently the director of QMMM Holdings Limited and the chief financial officer of ManyMany Creations Limited, both of which are engaged in the provision of Digital Media Advertising Service, Virtual Avatar & Virtual Apparel Technology Services. Mr. Au is currently the joint company secretary of CROSSTEC Group Holdings Limited, the issued shares of which are listed on the Stock Exchange.

Mr. Au is also a lecturer at the Hong Kong Management Association. Mr. Au is a member of the Hong Kong Institute of Certified Public Accountants and a member of the Institute of Chartered Accountants in England and Wales. He is also a member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute.

Mr. Au obtained a master degree of corporate governance from the Hong Kong Polytechnic University in September 2020. Mr. Wang Rong, aged 40, has extensive experience in the finance and private equities sectors. From March 2009 to July 2011, Mr. Wang was manager at Chief Securities Limited, a licensed securities firm that provides stock/securities trading solutions and wealth management services to clients.

From August 2011 to March 2013, he joined as senior manager at Essence International Securities (Hong Kong) Limited, a licensed securities firm that offers solutions in investment, assets management and cross-border mergers and acquisitions. From April 2013 to February 2021, Mr. Wang served as vice president at Fulbright Financial Group, a securities firm that provides stock/securities trading solutions to clients. From April 2021 to April 2023, he was a director, of Zhong Zi Xin Rong (Hainan) Private Equity Fund Management Co., Limited, and is responsible for strategic development and investment and fund management.

Upon his appointment as an executive Director of the Company, he will be responsible for managing the Group's investment profile, strategic development and business expansion in the PRC. Mr. Wang obtained a diploma in English language education from Yunyang Teachers' College (currently known as Hanjiang Normal University) in June 2006. He further obtained a bachelor's degree in finance, through distance learning, from Dongbei University of Finance & Economics in July 2021.

Ms. Wan Hoi Shan, aged 42, has over 20 years in the accounting and finance industry. From July 2002 to June 2004, Ms. Wan worked at Moore Stephens CPA Limited with her last position as audit assistant. From June 2004 to March 2010, she worked at Deloitte Touche Tohmatsu with her last position as audit manager.

From September 2011 to November 2018, she was finance manager of AirMedia Group Inc., a company engages in the operation of out- of-home advertising platforms and travel Wi-Fi market in the PRC. Since May 2018, Ms. Wan has been serving as director of Master Professional Consulting Company Limited for the provision of consultation services in accounting and statutory and advisory matters. She is also a fellow of the Association of Chartered Certified Accountants, a member of the Hong Kong Institute of Certified Public Accountants and a member of CPA Australia.

Ms. Wan graduated with a bachelor's degree in accountancy from the Hong Kong Polytechnic University in November 2002. Ms. Wan has also been appointed as the chairman of the Remuneration Committee, and a member of each of the Audit Committee and the Nomination Committee with effect from 12 May 2023. The Board announced that Mr. Mak Kwok Kei has tendered his resignation as an authorised representative of the Company ("Authorised Representative") with effect from 12 May 2023 and Mr. Wang is appointed as an Authorised Representative.

Mr. Wang, as an executive Director, is qualified to act as an Authorised Representative as required under Rule 5.24 of the GEM Listing Rules. The Board announced that Mr. Au will also be appointed as the joint company secretary of the Company with effect from 12 May 2023. Mr. Au is qualified to act as the joint company secretary of the Company as required under Rule 5.14 of the GEM Listing Rules.