Annual Report 2021

57 ANNUAL REPORT 2021 Mr. Zheng Shaoping resigned as Executive Director of the Company with effect from 10 August 2021 as he need to devote more attention to his other commitments. Mr. Bai Jingtao resigned as Executive Director and Managing Director of the Company with effect from 26 August 2021 due to change of work arrangement. Mr. Ge Lefu resigned as Executive Director of the Company with effect from 26 August 2021 due to change of work arrangement. Mr. Xiong Xianliang resigned as Executive Director of the Company with effect from 28 October 2021 due to change of work arrangement. Mr. Wang Xiufeng has been redesignated from Managing Director of the Company to the Vice Chairman of the Board and the Chief Executive Officer of the Company with effect from 3 November 2021 due to change of work arrangement. In accordance with Article 89 of the Articles of Association, Mr. Deng Renjie, Mr. Lee Yip Wah Peter, Mr. Kut Ying Hay and Mr. Bong Shu Ying Francis will retire from office by rotation at the forthcoming annual general meeting but, being eligible, will offer themselves for re-election. In accordance with Article 95 of the Articles of Association, Mr. Wang Xiufeng, Mr. Deng Weidong and Mr. Yim Kong will retire from office at the forthcoming annual general meeting and shall be eligible and offer himself for re-election. Each of the Directors has entered into an appointment letter with the Company for a term of three years. The appointment date of each of Directors are as follows: One Executive Director’s appointment commenced on 13 February 2020; One Executive Director’s appointment commenced on 22 March 2021; One Executive Director’s appointment commenced on 26 August 2021; One Executive Director’s appointment commenced on 28 October 2021; One Executive Director’s appointment commenced on 3 November 2021; One Executive Director’s appointment commenced on 18 February 2022; One Independent Non-executive Director’s appointment commenced on 1 June 2019; One Independent Non-executive Director’s appointment commenced on 14 July 2019; and Two Independent Non-executive Directors’ appointment commenced on 22 March 2020. The appointment of each of the Directors is subject to retirement by rotation in accordance with the Articles of Association. The Company has received annual confirmations from each of the Independent Non-executive Directors in relation to their independence to the Company and considers that each of the Independent Non-executive Directors is independent of the Company. DIRECTORS OF SUBSIDIARIES The Director of the Company who has also served as directors of the subsidiaries of the Company during the year ended 31 December 2021 and up to the date of this report is Mr. Wang Zhixian. DIRECTORS’ SERVICE CONTRACTS None of the Directors who are proposed for re-election at the forthcoming annual general meeting has a service contract with the Company which is not determinable within one year without payment of compensation, other than statutory compensation. DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS No transaction, arrangement or contract of significance in relation to the Group’s business to which the Company, its holding companies, its fellow subsidiaries or its subsidiaries was a party and in which a Director of the Company or his connected entities had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.