New Sparkle Roll International Group Limited announced the retirement of Mr. Liu Hongqiang ("Mr. Liu") as an independent non- executive Director with effect from the same date. The Board announced that Mr. Li Min ("Mr. Li") has been appointed as an independent non-executive Director with effect from 15 December 2023 to fill the vacancy caused by the retirement of Mr. Liu. Mr. Li, aged 56, obtained a Graduation Certificate in 2000 after studying the Tour English at the Tour Guide Translation Faculty of the Shanghai Institute of Tourism and a Master degree of Business Administration in 2005 after completing the joint program of the Shanghai University of Finance and Economics and the Webster University. Mr. Li has more than 33 years' experience in sales and management relating to international tours and premium consumer products and luxurious brands in textile and apparel industry, including Zegna, YES OR NO/CAMPUS, Dunhill, Trussardi and Corneliani. He had been appointed as the country manager-Greater China of Corneliani (Shanghai) Commercial Co. Ltd. from October 2013 to October 2023. Currently, Mr. Li is the general manager (Greater China) of Paul & Shark (Shanghai) Trading Co. Ltd. Mr. Li does not hold any directorships in other public companies the securities of which are
listed on any securities market in Hong Kong or overseas in the past three years or other major appointments and professional qualifications. Mr. Li does not hold any other positions in the Company or any of its subsidiaries; and does not have any relationship with any other Directors, senior management or substantial or controlling shareholders of the Company. Mr. Li has entered into an appointment letter with the Company as an independent non- executive Director for a fixed period of two years, renewable for one year, and subject to the retirement by rotation and re-election in accordance with the Bye-laws of the Company (the "Bye-laws"). The appointment letter is terminable by either party by serving the other party
a three-month prior written notice before the expiry of the initial two-year term. According to the Bye-laws, Mr. Li shall hold office only until the first annual general meeting of the Company after his appointment and shall then be eligible for re-election. Mr. Li will be entitled to a director's fee of HKD 240,000 per annum. The same has been recommended by the remuneration committee of the Company and approved by the Board based on his
qualifications, experience, and level of responsibilities undertaken, the prevailing market conditions and the Company's remuneration policy.