The board of directors of 1957 & Co. (Hospitality) Limited announced that Mr. Cai Weike (Mr. Cai) has tendered his resignation as the chairman of the Board, an executive Director, the chairman of the nomination committee of the Company (the Nomination Committee), the chairman of the strategic development committee of the Company (the Strategic Development Committee), and a member of the remuneration committee of the Company (the Remuneration Committee) in order to focus on his other business ventures. However, he remains as the controlling shareholder of the Company.

Mr. Cai confirmed that he has no disagreement with the Board, and there is no matter relating to this resignation that needs to be brought to the shareholders of the Company (the Shareholders) or The Stock Exchange of Hong Kong Limited. The Board announced that with effect from 19 December 2022, Mr. Wong Chi Wing Kinson (Mr. Wong), an existing executive Director and a member of the Strategic Development Committee, has been appointed as the chairman of the Board, the chairman of the Nomination Committee, the chairman of the Strategic Development Committee and a member of the Remuneration Committee. Mr. Wong, aged 48, was appointed as an executive Director on 19 August 2022 and a member of the Strategic Development Committee on 18 November 2022.

He is a licensed person registered under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the SFO) to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (Asset Management) regulated activity. He serves as the managing director and responsible officer in M&F Asset Management Limited since December 2022. He is also a managing director of M&F Capital Ltd. and being responsible to group institutional investment business.

Mr. Wong possess 20 years of banking experience and held various senior management positions in both Hong Kong and China. He was a general manager and the head of small and medium-sized enterprises (SME) and equipment finance in Dah Sing Bank Ltd. from October 2015 to August 2020. He served as a deputy general manager and the head of commercial banking from October 2014 to October 2015 and a deputy general manager and the head of SME and equipment finance from April 2012 to October 2014, respectively in Dah Sing Bank (China) Ltd, a subsidiary of Dah Sing Bank Ltd. Mr. Wong obtained his degree of Bachelor of Arts (Honors) from the Hong Kong Polytechnic University in 1997 and the degree of Master of Commerce in Finance from the University of New South Wales, Australia, in 1999.

The Board announced that with effect from 19 December 2022, Ms. Tsui Ngan Fun (Ms. Tsui) and Ms. Lin Huiqin (Ms. Lin) have been appointed as executive Directors and members of the Strategic Development Committee. Ms. Tsui, aged 64, has over 40 years of experience in banking sector. Ms. Tsui has joined M&F Capital Limited since 2020 as chief operating officer and is involved in investment and acquisition projects of the company to ensure smooth transition and overall co-ordination of the projects.

Ms. Tsui worked for Citibank Group from 1978 to 2003 and she left the bank as a vice president and the operations department head of the Citicorp commercial finance operations department in Citibank. Ms. Tsui joined the DBS Bank in 2004 as head of Business Support, Enterprise Banking, Greater China and extended her role to Corporate and Investment Bank (CIB), Greater China in 2006. From 2008 to 2019, Ms. Tsui served as deputy chief executive officer and chief operating officer of DBS Bank (China) Limited.

Ms. Lin, aged 29, has joined M&F International Development Company Limited since 2022 as business development manager and is involved in promoting the company's products and services to customers, building long-term relationship with existing and new customers, and helping the company develop the mainland China market. Prior to that, Ms. Lin was an assistant general manager at Shenzhen Bunianguowang Technology Company Limited from 2017 to 2021 and she was responsible for assisting the general manager in project planning, staff management and daily business operations. She also worked as a finance assistant for a retail company from 2015 to 2017.

Ms. Lin obtained a Master of Business Administration in 2022.