Annual Report 2023

ANNUAL REPORT 2023 61 Mr. Xu Song 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 24 July 2023 due to a reallocation of responsibilities. Mr. Deng Renjie resigned as the Chairman of the Board and a Non-executive Director of the Company with effect from 24 July 2023 due to change of work arrangement. Mr. Wang Xiufeng resigned as the Vice Chairman of the Board, the Chief Executive Officer and an Executive Director of the Company with effect from 24 July 2023 due to change of work arrangement. Mr. Bong Shu Ying Francis retired as an Independent Non- executive Director of the Company with effect from 2 June 2023 as he wishes to devote more time to his other personal engagements and commitments. Mr. Kut Ying Hay resigned as an Independent Non-executive Director of the Company with effect from 21 March 2023 due to retirement. In accordance with Article 89 of the Articles of Association, Mr. Xu Song, Mr. Yang Guolin, Mr. Chan Hiu Fung Nicholas and Ms. Wong Pui Wah 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. Feng Boming and Mr. Wong Chi Wing will retire from office at the forthcoming annual general meeting and shall be eligible and offer themselves 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 22 June 2022; One Independent Non-executive Director’s appointment commenced on 1 June 2022; One Independent Non-executive Director’s appointment commenced on 2 September 2022; Two Executive Directors’, two Non-executive Directors’ and one Independent Non-executive Director’s appointments commenced on 8 December 2022; One Independent Non-executive Director’s appointment commenced on 21 March 2023; and One Non-executive Director and one Independent Non- executive Director’s appointments commenced on 24 July 2023. 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’ 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.