The board of directors of Cornerstone Technologies Holdings Limited announced that with effect from 17 May 2023: (i) Mr. Yeung Chun Yue David has resigned as an executive Director due to his intention to devote more time on his personal or other business development; and (ii) Mr. Lau Wai Yan Lawson has resigned as an executive Director due to change of job duties, as he will focus on the business operation of certain subsidiaries of the Group which he will remain as the director of those subsidiaries. The Board also announced that with effect from 17 May 2023: Mr. Yip Shiu Hong, the chief executive officer of the Group, has been appointed as an executive Director. Biographical details of Mr. Yip: Mr. Yip, aged 46, is currently the CEO of the Group.

Mr. Yip is primarily responsible for carrying out executive functions including day-to-day business and operations management of the Group. Mr. Yip graduated from Keble College of the University of Oxford in 2000 with a Master's degree in Engineering and Computer Science. Mr. Yip has over 10 years of top management experience.

Prior to joining the Group, Mr. Yip started working for McKinsey & Company, Inc, an international management consultant firm, as a business analyst in 2000 and was subsequently promoted to associate principal. In 2011, Mr. Yip co-founded Malvern College International (Asia Pacific), a British-styled boarding school with campuses in Mainland China and Hong Kong, he acted as a management board member and steered the overall direction of the school. He joined the G2000 (Apparel) Limited, a leading apparel retailer based in Hong Kong with over 1,000 point-of-sales in China and 13 countries across Asia, as group chief executive officer in between 2015 and 2018.

From 2018 to 2021, Mr. Yip was appointed as the chief executive officer of K11 Cultural Enterprise Businesses by New World Development Company Limited (stock code: 0017). He was responsible for managing an ecosystem of family and children related businesses under the New World Group including family-focused shopping malls and education platforms. The Board is of the view that vesting Mr. Yip the roles of CEO of the Group and executive Director will facilitate the execution of the Group's business strategies and strengthen the effectiveness of its operation.