The board of directors of Vestate Group Holdings Limited announced that Ms. Zhao Hong ("Ms. Zhao") resigned as an independent non-executive Director and ceased to be the chairman of the audit committee, remuneration committee and nomination committee of the Board with effect from 5 November 2020 in order to devote more time for her personal commitments. Mr. Yu Lei ("Mr. Yu"), independent non-executive Director, was appointed as the chairman of the audit committee, the nomination committee and the remuneration committee, all with effect from 5 November 2020.