The board of directors of Mingfa Group (International) Company Limited announced that Mr. Chan Sing Lai has been appointed as an independent non-executive director of the Company with effect from 15 July 2019. Mr. CHAN Sing Lai is the founder and owner of Stanley S.L. Chan & Co. Certified Public Accountants (Practising). He is also the owner of a trust company. Mr. Chan has over 30 years of experience in accounting and finance. The Board announced that Mr. Wong Wun Ming has been re-designated from an executive Director to a non-executive Director with effect from 15 July 2019. The Board announced that the Board has established a risk management committee (the Risk Management Committee'') with effect from 15 July 2019. The Risk Management Committee comprises three independent non-executive Directors, including Mr. Chan Sing Lai, Mr. Lau Kin Hon and Dr. Lam, Lee G., and Mr. Chan Sing Lai has been appointed as the chairman of the Risk Management Committee. The main responsibilities of the Risk Management Committee include evaluating the risks, making relevant suggestions, considering and, if thought fit, giving pre-approval to the Board in relation to, among other things, (i) notifiable transactions and connected transactions of the Company; (ii) any acquisition or disposal transactions with a consideration exceeding certain thresholds; and (iii) any borrowings of the Group from non-bank or non-financial institution, and any provision of loans by the Group to any third party with an amount exceeding certain thresholds.