The board of directors of AM Group Holdings Limited announced that Mr. Chung Kwok Hoe (Mr. Chung) will retire from office by rotation at the conclusion of the forthcoming annual general meeting of the Company to be held on 29 November 2022 (2022 AGM'). Mr. Chung informed the Company that, in order to devote more time on his other business commitments, he will not seek for re-election and will retire as an independent non-executive Director (INED'). Accordingly, Mr. Chung will cease to act as the chairman of each of the Board's audit committee (AC') and the nomination committee (NC), as well as a member of the Board's remuneration committee (RC) (Retirement) at the conclusion of the 2022 AGM.

Following the Retirement of Mr. Chung with effect from the conclusion of the 2022 AGM, (i) the Board will comprise only two INEDs, which will not fulfil the requirement of having three INEDs representing at least one-third of the Board members under Rules 3.10(1) and 3.10A of the Rules Governing the Listing of Securities on the Stock Exchange (Listing Rules); (ii) there will be no INED having appropriate professional qualifications or accounting or related financial management expertise, which will not fulfil the requirement set out in Rule 3.10(2) of the Listing Rules. the AC will comprise only two members, which will not fulfil the requirement of comprising a minimum of three members who are non-executive Directors and at least one of whom is an INED with appropriate professional qualifications or accounting or related financial management expertise under Rule 3.21 of the Listing Rules; and the NC will comprise only two INEDs as members, which will not fulfil the requirement of chaired by the chairman of the Board or an INED under Rule 3.27A of the Listing Rules.